A picture of success

Starting a business is easier than ever thanks to the digital age, but the solo path requires slog and determination

BEING a successful entrepreneur has always been a solid pathway to building serious wealth. But in the past, entrepreneurs have needed serious financial resources to build their business dream in retail or financial services.

The digital age is changing those parameters as the internet reduces the cost of entry for entrepreneurs to test an idea, build customers and gain traction.

It’s easier than ever to start a business today, and a few highprofile success stories have shown us anything is possible.

While the thought of being your own boss is pretty exciting, for most budding entrepreneurs the reality is very different.

The solo path is a long, hard slog that requires commitment and determination.

So if you’re thinking about starting out on your own, here’s what a successful entrepreneur looks like. Do you have what it takes?

THEY (GENUINELY) LOVE A CHALLENGE

Whether it’s coming up with an innovative way of doing something or carving out a niche in a crowded market, great entrepreneurs aren’t afraid to meet a challenge headon. It’s this competitive edge that keeps them one step ahead of the game.

THEY’RE SELF-MOTIVATED

Sure, being your own boss means no one can tell you what to do. But no one will call you out for slacking when you should be putting in the hard yards, either. Entrepreneurs have to be self-motivated, driven and hungry to succeed; that’s not negotiable.

THEY SEE THE BIG PICTURE

A successful business is more than just a product or a service; it’s a web of interconnected macro and micro forces.

So while it’s great to be talented or a specialist in a particular field, to make a venture work it’s important to see the big picture, too.

That’s why entrepreneurs need to act as their company’s head of sales, marketing, finance, technology and strategy, as well as fully understand their industry, competitive advantages and opportunities for growth.

THEY TAKE RESPONSIBILITY

Entrepreneurs know their role doesn’t have set hours or working conditions. They’re on call 24 hours a day, 365 days a year. In your own business the buck stops with you, so it’s crucial to be able to take responsibility.

THEY’RE ORGANISED

A big part of an entrepreneur’s role is to be organised, keep things running smoothly and make sure everything gets done.

THEY LEARN FROM FAILURE

Everyone wants to succeed, but when starting something new it’s inevitable you’ll come faceto- face with failure. There’s an old adage used by many famous entrepreneurs … “fail fast, fail often”… know when to call it a day and always learn from your mistakes.

THEY LEAD, NOT FOLLOW

Entrepreneurs genuinely believe they can do things better and make a difference, and they’re able to sell that vision to other people, whether employees, clients or investors . Toeing the party line is for people who pull in a salary, so get used to being a leader.

THEY MAKE DECISIONS

Have you ever noticed that successful people always seem to act quickly? For better or for worse, they make tough decisions fast ... because they know if they don’t the world will move on without them. Be prepared to back yourself and your opinions.

THEY CONTROL FEAR

Starting a business is a daunting prospect. But for great entrepreneurs, that fear is a good thing. It motivates them to try harder, innovate and strive to be better every single day.

It’s important to be able to control fear, otherwise it will end up influencing your actions and controlling the business.

Tick all the boxes? You could be the next great Aussie entrepreneur.