Virtues Developed Running a Business
Starting and successfully running a business can have an incredible impact on the lives of many people. Being a good boss and/or a good owner can be a force for good in the lives of employees, customers, vendors and others associated with the business. Company leaders develop, if humble, can develop a number of virtues. Some of those are:
- Vision and Purpose
- Resilience
- Discipline
- Adaptability
- Perseverance
- Leadership
- Integrity
- Creativity and Innovation
- Empathy and Emotional Intelligence
- Accountability
- Financial Prudence
- Patience
- Community and Social Responsibility
- Self-Improvement and Lifelong Learning
- Confidence and Courage
- Humility
- Focus on Customer-Centricity
- Gratitude
Thoughts on the Virtues
1. Vision and Purpose
Every business effort starts with a purpose for what needs to be accomplished and a vision of the outcome. In the Bible, the Book of Proverbs chapter 29 verse 18 says, “Where there is no vision, the people perish…”. Many companies have spent a lot of time and effort defining a mission statement. I equate that mission statement with the purpose. A clear vision and a strong sense of purpose empower leaders and employees at the company to leverage their experience and skills to move the company forward. No single leader can know the details of each part of the company to sufficiently make all decisions. When leaders and employees have bought into the vision, they set short-term goals, long-term goals, drive strategic decisions, and keep the company on track, especially during challenging times. When the vision and purpose inspire leaders and employees it motivates them to align in a common purpose and builds unity within the team.
2. Resilience
Starting a business involves facing numerous gut-wrenching decisions, challenges, setbacks, and uncertainties. The resilience to bounce back from these tough situations is essential to learn from failures and mistakes. Without the learning and the growth, these challenges are largely wasted. Resilience helps the company leaders maintain the headspace to adapt to those challenges and continue moving forward regardless of the ups and downs.
3. Discipline
Successfully managing a business requires a lot of self-discipline. From setting goals and meeting deadlines to managing finances and following up with clients, discipline ensures that leaders and employees maintain focus and productivity. A key aspect of discipline is accountability, which is discussed below. To hold yourself accountable when you could let yourself off the hook takes discipline. Discipline also promotes consistency, which is critical for building a trustworthy brand and ensuring steady growth.
4. Adaptability
A business’ landscape is constantly evolving, influenced by technology, market trends, and economic factors. Successful companies must be adaptable and willing to change direction when necessary. Adaptability allows businesses to respond to market needs, seize new opportunities, and stay competitive.
5. Perseverance
The journey of building a business is rarely straightforward. It often requires years of hard work, dedication, and sacrifice. Perseverance—the ability to keep going despite challenges—is essential for seeing a business through tough times and remaining committed to long-term success.
6. Leadership
Strong leadership is the backbone of a successful business. Effective leaders are able to motivate their teams, set clear goals, and foster a positive and productive work environment. Leadership also involves making difficult decisions, setting an example for others, and embodying the company’s values.
7. Integrity
Integrity is crucial for building trust with employees, customers, stakeholders, and other leaders. Everyone involved with the company needs to be honest , transparent, and ethical in all business dealings. A reputation for integrity attracts loyal customers, encourages employees to act ethically, and builds credibility in the industry.
8. Creativity and Innovation
Successful businesses often stand out due to their ability to innovate. Creativity allows companies to find unique solutions to problems, develop new products or services, and improve customer experiences. Innovation keeps the business relevant and can provide a competitive edge.
9. Empathy and Emotional Intelligence
Running a business requires dealing with people—employees, customers, investors, and partners. Empathy and emotional intelligence help companies understand and respond to the needs and emotions of others, leading to better relationships and more effective communication. This virtue fosters a positive company culture and enhances customer satisfaction.
10. Accountability
Accountability is essential for building trust and maintaining a good reputation. Companies must be accountable for their decisions and actions, taking responsibility for successes and failures alike. By fostering a culture of accountability within the business, leaders encourage their teams to take ownership of their work and perform at their best.
11. Financial Prudence
Effective financial management is critical to business success. Financial prudence involves budgeting wisely, managing cash flow, controlling expenses, and planning for the future. Companies who exercise financial discipline are better able to navigate economic downturns, invest in growth opportunities, and ensure the long-term sustainability of their businesses.
12. Patience
Building a successful business takes time, and results don’t happen overnight. Patience is essential to withstand the long hours, delayed rewards, and gradual growth typical of most businesses. A patient company remains committed to their vision without rushing decisions or sacrificing quality for quick gains.
13. Community and Social Responsibility
A successful business often contributes positively to its community and society at large. Social responsibility involves giving back, treating employees fairly, supporting sustainable practices, and operating in an environmentally and socially responsible manner. Businesses that prioritize social impact build goodwill, attract loyal customers, and create a positive legacy.
14. Self-Improvement and Lifelong Learning
Companies must constantly adapt, learn, and grow to stay competitive. Running a business encourages self-improvement, as companies seek to acquire new skills, expand their knowledge, and improve their decision-making. This commitment to personal growth enhances both the individual and the business.
15. Confidence and Courage
Starting and running a business requires courage and self-belief. Companies need the confidence to take risks, make bold decisions, and stand by their ideas. Confidence instills trust in employees, customers, and investors, while courage enables business leaders to pursue ambitious goals and innovate.
16. Humility
Humility is an often-overlooked virtue in business. Successful companies understand that they don’t know everything and are open to learning from others, whether that’s employees, customers, or industry peers. Humility also allows companies to recognize their own limitations, seek help when needed, and appreciate the contributions of their teams.
17. Focus on Customer-Centricity
Successful businesses are built on satisfying customer needs and providing value. Customer-centricity involves actively listening to customers, responding to feedback, and consistently delivering excellent products or services. This focus fosters customer loyalty, positive reviews, and repeat business.
18. Gratitude
The journey of running a business can be tough, but it can also be deeply rewarding. Cultivating gratitude helps companies appreciate their achievements, their team, and the support of their customers. Gratitude encourages a positive outlook, builds resilience, and improves well-being.
Final Thoughts
The virtues of starting and running a successful business extend beyond financial rewards. They shape individuals into better leaders, problem-solvers, and community members. These virtues also contribute to a thriving organizational culture that attracts top talent, builds strong customer relationships, and creates lasting value for society. Embracing and nurturing these virtues can lead not only to business success but also to personal fulfillment and a positive impact on others.
