At some stage in life, most people entertain the idea of starting a business. The attraction of being your own boss offering more freedom and potentially a higher income is almost irresistible. While there’s no magic potion or secret formula that guarantees business success, highly successful businesses have some common characteristics that we will explore across a series of articles.
Are You Suited to Entrepreneurship?
Before we explore the common denominators of successful businesses, let’s look at whether you have the right DNA to run a business. People go into business for a multitude of reasons, but some people almost fall into business by accident. While entrepreneurship sounds attractive, it isn’t for everyone and the traits of successful business owners often include being disciplined, organised, passionate, skilled and creative. If you want to go into business you need to be prepared to make sacrifices including working longer hours plus selfemployment comes with added pressure, stress and risk. The survival rate in the first five years isn’t encouraging with around 50% of Australian small businesses disappearing in that timeframe.
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