Final answer:
A small business owner must possess an understanding of the market, necessary skills, and passion for the business, but not necessarily a 'sequential formula'.
Step-by-step explanation:
The question asks which of the given options is not required for a small business owner to possess. An in-depth understanding of the market, the necessary skills to run the business, and a passion for starting a business are all essential traits for an entrepreneur.
However, a 'sequential formula' is not commonly listed among the requirements for a small business owner. There isn't a one-size-fits-all sequence or method that guarantees success in entrepreneurship, as each business has its unique challenges and opportunities.