IT has never been easier to start a business, but before you take the plunge here’s what you need to be a great investor BEING a successful investor has always been a solid pathway to building serious wealth. But in the past, investors 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 investorto test an idea, build customers and gain traction.
Do you secretly dream of becoming the next great Aussie investor?
It’s easier than ever to start a business today, and a few high-profile success stories
have shown us that anything is possible.
But while the thought of being your own boss and changing the world from your
lounge room is pretty exciting, for most budding investors the reality is very
The solo path is a long, hard slog that requires commitment and determination, and
there are no guarantees of flash cars and waterfront properties at the end of it all.
So if you’re thinking about starting out on your own, here’s what a successful
investor looks like. Do you have what it takes?
1. 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 investors aren’t afraid to meet a challenge head-on.
It’s this competitive edge that keeps them one step ahead of the game.
2. 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.
Investorshave to be self-motivated, driven and hungry to succeed; that’s not negotiable.
3. 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 investors 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.
4. They take responsibility
Investors know their role doesn’t have set hours or working conditions. In fact, 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.
5. They’re organised
Business owners are spinning more plates than the wait staff at your favourite restaurant. So a big part of an investor’s role is to be organised and keep things running smoothly and make sure everything gets done.
6. They learn from failure
Everyone wants to succeed, but when starting something new it’s inevitable you’ll come face-to- face with failure.
There’s an old adage used by many famous investors… ‘fail fast, fail often’ …
know when to call it a day and always learn from your mistakes.
7. They lead, not follow
Investors 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.
8. 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.
This doesn’t mean all business owners have to shoot from the hip or make rash judgments, but be prepared to back yourself and your opinions.