You're considering starting a small business. What key characteristics should you embody for success?

To truly thrive in a small business, passion isn't just an asset—it's the foundation. It’s the force that pushes you to persevere when obstacles arise, and it’s what gives purpose to the grind. Passion isn't just for you; it resonates with those around you. When customers see your genuine excitement for your craft, they trust you. When employees sense your commitment, they’re inspired to work harder. Investors, too, are drawn to people who live and breathe their mission. Ultimately, passion turns the pursuit of profit into something more meaningful: it becomes about building something you love that impacts others. Without it, the road feels longer, but with it, every step is an opportunity.

I love developing & managing small businesses. Of course any business is about money, but also important that we enjoy the process - putting the foundation, see it growing from nothing, especially seeing that we can make a place for other people to grow. For me, it's not about being "the boss"; it's more about being able to make something valuable for the people that matters for me - the employee.

Launching a small business requires embracing risk with careful calculation. Success hinges on your ability to evaluate situations, anticipate potential outcomes, and make informed choices. Risk management doesn't mean avoiding risks entirely, but rather understanding which ones are worth pursuing. It’s about finding the right balance between boldness and caution—having the courage to seize opportunities, while steering clear of unnecessary dangers. This skill is essential to navigating the unpredictable terrain of entrepreneurship, ensuring your business can weather challenges and reach solid ground. Ultimately, smart risk-taking leads to growth and resilience.

Remember that we are having the "burden" of other people livelihood and hopes.The risks are not just for me personally, but for the company and the people working in it. There will always be risks in any decision we make. and I think there is no such thing as "the best decision" - only the ones that are appropriate during a certain time, for a certain situation. I am not a big risk taker, but rather a conventional to moderate risk taker because I want to have a balanced results in the end. I don't think it's worth it to take too much of a risk for something you don't know. For short - don't gamble on your business.

In the constantly shifting world of small business, adaptability is your greatest asset. Markets change, customer preferences evolve, and new technologies emerge—your success depends on your ability to pivot and adjust as needed. Staying current on industry trends, actively seeking customer feedback, and being open to refining your business model are all key to thriving in this environment. The entrepreneurs who rise to the top are those who embrace change, using it as an opportunity for innovation and growth, rather than resisting it. In this fast-paced landscape, the ability to adapt sets you apart and keeps your business moving forward.

"Financial understanding is crucial to running a successful small business." Master Budgeting: I track every expense and income, making sure that we stay within budget and make adjustments as necessary. Plan for the Future: I can create forecasts by anticipating cash flow needs, preparing for growth, and avoiding surprises. Price Correctly: I learned to know our costs and margins so I can price correctly-fair, but profitable. Demonstrate Financial Acumen: I do proper bookkeeping and financial projections, hence making it rather easier to get loans or the interest of investors. These approaches ensure that my business remains not only financially healthy but responsive to new opportunities.

Financial acumen is something that I learn overtime and adapting to which business I am managing. It is quite challenging especially because I have no basic in finance nor accounting. It is possible; don't be afraid to consult with people that can help you - especially regarding taxes! By understanding financial aspects, it will be much easier to navigate your business - which to innovate, what marketing should you be working on, etc.

Having a strong understanding of the financial side of running a business is essential. While you don’t need to be an accountant, mastering the basics of budgeting, forecasting, and financial planning is non-negotiable. This financial knowledge empowers you to make wise investments, set competitive yet profitable pricing, and maintain your business’s financial health. It's also a key factor in securing funding—whether from banks or investors—who will closely examine your financial competence before committing their resources. Ultimately, financial acumen helps you steer your business toward sustained growth and stability.

As I came to learn, "Perseverance is what keeps your vision alive through challenges." What worked for me: Accept Failure: Every failure was learning for me, and I never stopped taking the next step. Stay Committed: Whenever things got really hard, I always thought about my big picture and remembered why I started. Adapt and Overcome: I changed course to pursue new methodologies when the old ways no longer worked, but my core vision remained central to the work at every turn. Central in all this has been relentless drive to force through each obstacle that may arise and build up resilience within the business.

Welche Schlüsseleigenschaften man als Gründer mitbringen sollte? Sicherlich Beharrlichkeit - aber nicht im Sinne von "Ich gehe jetzt mit dem Kopf durch die Wand", sondern im Sinne von "Ich lerne und gebe mein Bestes, egal wie die Situation ist." In Wahrheit gibt es keine Hindernisse und Rückschl?ge. Vielleicht ist die Situation nicht so, wie ich sie gerne h?tte. Dann lerne ich daraus und gebe mein Bestes. Und wenn die Situation so ist, lerne ich daraus und gebe auch mein Bestes. Also ist die Situation v?llig egal. Finde Freude im Lernen und dein Bestes geben. Dann ergibt sich alles andere. Und zwar ohne die Wand mit dem Kopf zu zerlegen ??

Entrepreneurship is a journey filled with challenges and setbacks, but perseverance is what will carry you through. It’s about having the grit to keep going when things don’t go as planned and the resilience to learn from failures and emerge stronger. Every obstacle becomes a stepping stone when you approach it with determination and refuse to let setbacks define your path. By staying committed to your vision, no matter the difficulties, you lay the foundation for your business’s long-term success. Perseverance isn’t just about enduring—it’s about growing, adapting, and pushing forward with unwavering resolve.

Relentless perseverance is an absolute must for anyone considering starting a small business. You have to be willing to accept people saying "No", you have to be willing to be ignored & be willing to follow up with prospective clients 20 times if that is what it takes. Lastly, be ready to work 7 days a week. Sounds fun doesn't it? I wouldn't trade it for the world.

Never underestimate the value of strong people skills in business. Whether you're networking, negotiating, or leading a team, your ability to connect with others is a critical asset. Good communication builds trust and cultivates relationships that can drive your business forward. Being empathetic, approachable, and respectful fosters a positive work environment and strengthens your brand, making it one people want to support. At the end of the day, businesses are built on relationships, and yours will be no different. The stronger your people skills, the more success you'll find in building meaningful, lasting connections.