Monday, 28 May 2018

Information and commentary for the small business banking industry

Becoming a small business owner – what it takes

14 Feb

Banks and their customers often form quite personal relationships. That’s why most people, when they’re thinking of starting their own business, will go to their bank not just for questions around finance, but about entrepreneurship in general. “I have a great idea for a business,” they’ll say. “What do you think of it?”

And yes, they might indeed have a truly great idea. But the question that they need to ask themselves is not whether or not the idea will succeed, but if they have the personal attributes needed to become a small business owner. It’s the absolute first hurdle to cross, and it needs to be figured out before they do anything else.

Key questions to ask: are you passionate about what you do? Will that passion sustain you through long hours and financial stresses?

Are you willing to make sacrifices? Running a business takes all your energy, especially at the start. Have you talked with your family about what it will mean and are they behind you?

Are you ready to face risk and uncertainty, and do you have an abundant supply of persistence and patience?

If someone can’t answer yes to those questions, then running a small business might not be for them. The below article looks at personal attributes in more detail

Read the full article at:

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