You’ve had a great idea for your business. You’re also pretty confident that there’s a demand and that you can make money. These are important steps, but it’s just as important to make sure you have what it takes to become a successful entrepreneur.
What being your own boss really means
Being your own boss might sound like it is the ultimate ticket to freedom and financial success – and it can be. But don’t be fooled into thinking you’ll be able to put in a few hours each morning and spend the afternoons networking over a round of golf. The reality is that most businesses require a lot of hard work. Typically more work than a standard 9–5 job. And, it’s usually a number of years before they start to make a reasonable profit.
Potential small business owners should sit down with their family and discuss what starting their own business will entail. Essentially, as an entrepreneur you’re looking at committing to a lot of working hours with little time for anything else. And while the idea is that it’ll pay off in the end and you’ll have more freedom, the beginning requires sacrifices from everyone. Often it requires financial sacrifices too.
Our checklist looks at the essential attributes that are needed to become a successful business owner:
Our “am I suited to running a business” checklist (Excel 36 KB) will help you rate yourself on each one of these, and then add up the score at the end. That score will be a pretty good indicator if you have what it takes to run a business.
National Australia Bank Limited. ABN 12 004 044 937 AFSL and Australian Credit Licence 230686. MLC Limited uses the MLC brand under licence. MLC Limited is a part of the Nippon Life Insurance Group and not part of the NAB Group of Companies. The information contained in this article is intended to be of a general nature only. Any advice contained in this article has been prepared without taking into account your objectives, financial situation or needs. Before acting on any advice on this website, NAB recommends that you consider whether it is appropriate for your circumstances.
Any information provided by the author detailed above is separate and external to our business and our Licensee. Neither our business nor our Licensee takes any responsibility for any action or any service provided by the author.
Any links have been provided with permission for information purposes only and will take you to external websites, which are not connected to our company in any way. Note: Our company does not endorse and is not responsible for the accuracy of the contents/information contained within the linked site(s) accessible from this page.