More new businesses are started in periods of recessions than in strong economic markets. This makes logical sense because people who have been laid off search for other avenues to earn money to support their families. Every entrepreneur is driven by something different and they have a varied skill sets. There is no one “right” personality type for a small business owner. But there are a few traits an entrepreneur should possess that help propel them toward their success. Here is a short list of possible skills and traits necessary to start a new business in any economy.

• Decision Maker. The ability to make decisions timely and effectively is a requirement. There may be times when you will have to decide which employees to hire, fire, lay off, etc. What about a customer that actually hurts your bottom line rather than contributes to it – would you have the guts to fire a customer? If you don’t your company may continue to service a customer that takes up your company’s resources in lieu of new customers who might prove to be much more profitable.
• Willing to ask for help. Many small business owners are hesitant to ask for help or outsource their operational functions, such as bookkeeping or sales. Asking for help or outsourcing is different than delegating to an employee. When you ask for help you admit that you cannot do it all yourself or that something is outside your area of expertise. This is okay. No one is an expert at everything and entrepreneurs shouldn’t expect to be any different.
• Communicator. How would you describe your communication skills? How about your listening skills? How would your co-workers describe your communication style? The ability to communicate clearly is a must for any small business owner.
• Leader. Are you a natural leader? While leadership skills can be learned through training and experience, some people have a natural ability to lead. How would you describe your leadership skills? Don’t worry if you are not a natural leader, sometimes this skill evolves as your business grows. They key is to knowing your strengths or weaknesses in this area so you can make improvements.
• Technical Skills. In order to start a new business either you or one of your partners must have the technical skills for the business offerings. Just because you are good at web design doesn’t guarantee your success as an entrepreneurial web designer, but it helps. While this is obvious, I’ve seen a few small business owners operating businesses where they lacked technical skills to do so. It makes the battle to succeed that much more difficult.
• Business Know-How. Operating a new business isn’t just about providing a product or service to your customers. You need to know how to run a business. The simple things like hiring, firing, scheduling employee shifts, ordering inventory, sales, filing applicable sales or income tax returns, etc. There is so much more to owning a business than just providing your product/service.
• Planner. Planning for your business before you open your doors is a great idea. Once you open your doors the planning must continue. If you don’t have the patience for details, hire someone who does. Your business is going to need on-going planning as you establish and change your strategic and tactical goals.
• Trustworthy. Do people trust you? You’ll be establishing relationships with customers, employees, vendors, the community, etc. It’s important that people think you are looking out for their best interest and that they can trust you. Sometimes trust takes a long time to build, but when trust is broken it’s almost impossible to rebuild it. While you may be a person with very high integrity, how you are perceived by others will determine if they trust you.
• Motivated. Starting a new business takes time and patience. Few new businesses are profitable in the first year of operations. That doesn’t mean you won’t be able to take home a salary, but it might. In your first year it is possible you’ll change your business strategy two or three times until you find what really works in your market. Know that you will be working long hours and the monetary results might not be what you expect yet you’ll still have to give your business your full effort every day.
• Adaptability. Customers preferences change, the economy fluctuates, new regulations are established, etc. You need to adapt. Quickly. Most people do not like change, but as a small business owner you need to be able to change frequently, efficiently, and effectively to remain competitive.

The prediction is that more millionaires will be born out of this economic recession than in any previous downturn. Will you be one of them?