An entrepreneur could have the perfect business plan, but if they don't have a few key traits, success is a long shot, according to serial entrepreneur and investor Marcus Lemonis, who rescues failing businesses on CNBC's "The Profit."
We asked Lemonis about the most important characteristics of successful business owners, and he boiled them down to three top traits.
1. They put the business first.
"They have to be willing to put the business in front of themselves," Lemonis said.
"If they really believe that they're going to be on this perch, this ivory tower, and they have the appetite or the desire or the ego to do that, it's probably not going to work out," he added.
2. They recognize their team.
"They have to really understand that the people that are around them are ultimately the reason that they are successful," he said.
People leave bosses, not jobs. Some of the most effective management strategies — saying "thank you," showing you care, and providing feedback and praise — don't cost a dime.
3. They are open to new ideas.
"If you want your business to grow," Lemonis said, "you have to have the ability and the appetite to bring on new people with new ideas that may be different from yours."
In fact, he said, this is the most important trait of successful entrepreneurs.
"They may think about things differently, they may push you," Lemonis said, and that's what will make you and your business better.
Video by Brandon Ancil. CNBC's "The Profit" airs Tuesdays at 10 p.m. EDT.
