Certain traits and talents are essential to the success of anyone wishing to own and operate a small business. A prospective business owner should be:
1. Experienced in the type of business being started—preferably with some management or supervisory background.
2. Farsighted—having the ability to set goals and plan ahead.
3. An organizer who can develop and establish routines and procedures for the efficient execution of plans.
4. A natural leader who can direct the activities of others and accept responsibility for the results.
5. An effective decision maker.
6. Self-disciplined—able to get things done on time.
7. Willing to work long hours.
8. A self-starter.
9. Healthy, with the stamina and energy to do everything that the business requires.
10. Able to work with customers, employees, and suppliers.
11. Willing to learn new techniques and procedures and able to adapt to change.
These are some of the Personal Qualifications that you and/or your business team should have, not only to qualify for a Business Loan, but also to ensure your business success. Besides these above qualifications, other factors that influence the Loan decision of a bank include the type of business, the type of organization – Sole Proprietor, Corporation, LLC, a business plan, past business records, and past personal records, credit history and collateral.