Most "How to start a new business" books will include a list of personal characteristics the author feels are necessary for the entrepreneur to have in order to be a successful small business owner.
The personal traits that I've included on my list aren't those that might "come in handy" down the road sometime. These are essential must-have elements that are the basis of the owner's persona and they will become the foundation of his/her management ability and capacity.
1. The first trait I consider essential to every successful business owner is personal motivation - the ability to get off dead center and make things happen. In a solo business capacity, the owner is the catalyst that sets everything else in motion. If you have difficulty finding the motivation to accomplish sometimes mundane tasks, even though you know they must be done, then putting yourself on the business hot-seat (i.e. being responsible for all actions that lead to success) may not be a good idea.
2. Characteristic number two is the ability to pay close attention to details. There are few other human endeavors that are filled with so many small, boring, and seemingly insignificant little action items as running a small business. If your attitude about taking care of details is usually "don't sweat the small stuff" or "I'll get to it someday," you will not last long as a solo operator.
3. Personality trait number three is the love of work and the ability to enjoy and find satisfaction in the "journey." If payday is the only day of the month you look forward to, you're going to be a miserable Lone Wolf. There is a reason why the Lone Wolf chooses a niche that he has passion for and experience in. If you love the subject of your business and find great pleasure and fulfillment working in this space, you will have a much higher tolerance for the sometimes boring and mundane tasks that have to be done. You won't have to force yourself to get out of bed and fire up the computer. Your enthusiasm for the subject will carry you through the typically lean early months (or even years) of establishing your business in the market place.
4. The fourth characteristic I believe you must have in order to be successful is adaptability. The business world is in a state on continuous change, evolution, and upheaval. Customers change preferences, competitors change strategies, technology changes rapidly, economics and politics change the business environment, and you must be in a position to change your thinking, your products, your marketing, and all your business operations very rapidly.
5. Finally, I would say that all great business operators generally rely upon their persistence to become a success. If you tend to hop around endlessly between projects, get bored easily with one task, or are ready to throw in the towel at the first sign of failure or discouragement - then solo business may not be right for you. Persistence, by itself, is responsible for more business success than any other principle or trait I know of.
Yes, there are other personal qualities and characteristics that will be important for you to have or develop as you plan and execute your business, but these five I consider to be essential ingredients for the Lone Wolf strategy.
Yes, any of these traits can be learned or acquired through mentoring, practice, and daily use or exercise. But if you are not willing to go after them, they are not likely to come looking for you.
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