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10 Traits of Successful Business Owners

Many Massachusetts residents wonder what it takes to be a successful entrepreneur. As jobs become scarce, a business formationgains in appeal to those who have always dreamed of owning their own company. However, venturing into the business world without the right tools can be disastrous.

There are common traits among successful entrepreneurs, and it pays to study them so that you can evaluate your own personality and determine whether you have what it takes to run your own company. For example, one trait that most successful business owners share is passion for their work, which serves as a strong motivating factor. It is likewise imperative that they are also resilient and able to change with evolving realities in their field. Business owners must have a strong sense of themselves and be willing to listen to others who disagree.

Additionally, if you are going to be successful at running a business, you must be able to make good decisions and implement them quickly. Successful entrepreneurs must be able to sell themselves and their companies and see the "big picture" of how their company fits into the current business landscape. They must also be able to balance work and family or personal life. Most importantly, a business owner must be financially prepared to weather initial start-up costs and difficult times until the business is generating profit.

Seeking advice from a business attorney may be part of the formula for starting a business successfully. Business lawyers may help you incorporate and set up your company to confer the best tax advantages. A business attorney may also represent you if you need legal help because of a lawsuit, employee problem or other issue that growing companies may face.

Source: Business Insider, "10 personality traits every successful entrepreneur has," Jim Price, Feb. 15, 2013

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