How to Identify Your Strengths & Weaknesses as a Business Owner

Before you begin putting your business together, or even if you’re years into it and you’re ready to finally take a good hard look at getting things together, it’s important to understand how aspects of who you are and how you do things will affect your success. Some will help drive you to succeed, while other will likely trip you up along the way. There’s a standard interview question asked all the time; ‘what are your strengths and weaknesses?’ While people often try to spin their supposed weaknesses as strengths, like “I’m a perfectionist” or something along those lines, you’re not trying to impress an employer here. It’s time to dig deep and really be honest with yourself about your own strengths and weaknesses. Self-awareness is the first step in amplifying your great behaviors and habits, correcting the bad ones, and growing in a way that makes you the business owner you need to be in order for your business to be a success. 

I’m going to walk you through a thought exercise that I think is really powerful in helping you identify and understand your strengths and weakness so that you can then make a plan to move forward accordingly. So grab a pen and piece of paper or open up a note on your phone because I’m going to be asking you some questions and you’re going to be keeping track of your answers.

Keep in mind that some of these answers will be based on business, and some will be based on personal experiences. Your personal life and achievements will transfer into business achievements, so don’t feel like this all has to be 100% business related. 

#1 What are 3 things you feel you’re good at?
#2 What are 3 things you feel you struggle with?
#3 What hobbies do you enjoy?
#4 What is it about that hobby exactly that makes you happy?
#5 What do others compliment you on?
#6 What’s your favorite business task?
#7 What’s your least favorite business task?
#8 The last time you had to do something you didn’t like, what motivated you to do it?
#9 What kind of things can you “get lost” in, so time seems to fly by?
#10 What is the worst professional insult someone could say to you?

Your answers to these say a lot about your motivations, your insecurities, your passion, and your skillset. So take a good hard look at your answers. What insight does this give you into what makes you tick, what pushes you forward, and where your drive really lies.

Now, one more section…
I want you to rate yourself in the following categories. Let’s say a scale of 1 to 10, with 1 being terrible and 10 being excellent.

Patience
Self-motivation
Hands-on Skills
Technical, Computer, and Digital Skills
Financial Management
Communication
Conflict Resolution
Managing Others
Time Management
Performance under Pressure
Self-Regulation
Organization
Storytelling
Punctuality
Creativity
Stress Management
Mental Health
Physical Health

Based on your ratings, you can determine a few things.
So, list out those qualities you rated yourself a 9 or 10. These are probably some of your greatest strengths. How is this going to help you succeed? How does this give you an edge? What does this mean for the business tasks that you should retain control of, because that’s where your strength lies?

Now, list out the qualities that you rated yourself a 6, 7, or 8.
These are strengths that still need some work. So what will be most important to nurture and improve to better your chances of success?

And last, list those qualities that you rated yourself a 5 or below.
These are your weaknesses. That doesn’t mean that you’re incapable of improving these, it just means that right now, they’re not your strong suit. So how can these hinder your success? Which ones can you take an active approach to improve? And which ones will you need to delegate things out to compensate for?

You’re never going to score yourself a 10 on all of these, and if you do, you’re probably lying to yourself. And identifying your strengths and weaknesses is only part of it; now it’s time to build a plan of action to improve, delegate, and overcome. Part of doing this is developing healthy habits around each characteristic you want to work on, with specific means of measuring those habit shifts and a clear deadline on when you will reach your goal. So, look back at all your answers and piece together what you need to work on. Whether it’s daily reminders in your phone to complete certain tasks, habits of gratitude or journaling, learning specific techniques and skills to help you grow, or anything else; create a specific plan and stick to it!

Running a successful business and being a great business owner means being objectively self-reflective and analyzing the necessary changes you need to make within yourself, your mindset, your habits, and your daily life. So get to work making those necessary changes and you’ll be amazed at how quickly your business will start showing signs of improvement too.

 

Get on track with your goal setting and keep track of your achievements with our newest Business Planner available right now!