Tips to being a successful entrepreneur

Tips to being a successful entrepreneur


Being a successful entrepreneur is hard work, in Australia only 40 per cent of small businesses are still operating three years after starting according to the Australian Bureau of Statistics.

If you want to make it as an entrepreneur and want to be successful as a small business owner, you can work on developing particular strengths.

Consider the following tips:

View money the right way

Those who are slaves to money will never truly feel they have ‘made it’ financially. The way in which you view money greatly impacts upon your success and satisfaction. How many times have you heard people say things like ‘I can’t afford it’, ‘the bills are stacking up again’, ‘If I won the lotto’ or ‘I just need to make an extra $10,000′? These are all negative views of money; people who make statements like these will always be prisoners to money, and will never have enough. You need to view money not as the answer to all your problems, but rather as only one of the tools to help you achieve your goals.

Never let fear get in the way

Many people are stunted by their fear of failure; they choose never to take a risk in case they don’t succeed. This attitude of playing it safe and never taking risks is more problematic as it prevents you any opportunity to take a chance and learn from your mistakes. If you let fear stop you, you will never have what it takes to be the leader of your industry.

Recognising toxic situations and toxic people

The ability to recognise when a situation turns from challenging to toxic is paramount for entrepreneurial success. It is important you know when to cut ties and distance yourself from a particular situation or person. Deciding to start again or to let a specific venture go does not mean you have failed; it means you can realise when it is no longer leading you to success and is only interfering in a negative way. When you feel you need to cut ties with an individual because the relationship has become toxic, be sure to do so strategically and avoid burning bridges to prevent them speaking negatively about you within the industry.

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If you believe the matters discussed above are relevant to your business, please contact Darren Smith of our office to discuss further.


Darren is a Chartered Accountant with extensive experience, including working in the big 4 and medium sized firms before becoming a partner of a city based firm in 2000.

He has gained much experience and has extensive knowledge in providing business and taxation advice, superannuation planning, negotiation of sales and acquisitions of businesses and property development. His client base covers a wide range of industry groups.

Darren works with business owners to grow their businesses and create personal wealth within and outside of their business.


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