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Do you have what it takes to be your own boss?

July 26, 2012

Imagine setting your own hours, earning your own salary and living out your passion? Welcome to the world of entrepreneurship. Running your own business can be one of life’s most rewarding experiences with plenty of opportunities for professional triumphs and personal growth.
Not everyone is cut out for self-employment, though. Running your own business takes time, money and a lot of energy. And there’s no guarantee of success. So how do you know if you’ve got the makings of an entrepreneur? Here are three tell-tale signs that you may have what it takes:

  • You’re passionate. Whether it’s growing organic vegetables or repairing cars, the one thing all successful entrepreneurs have in common is a passion for what they do. After all, self-employment calls for long hours and challenging work. But if you’re truly passionate about your work, committing to your business will feel more rewarding than burdensome.
  • You’re organized. Remember your last employer’s accounting department, human resources manager and technical help desk operator? Well, guess what? Now you’re all of them – and more. Being your own boss means taking responsibility for every aspect of your company’s operations. Strong organizational skills can help you get the job done on time and within budget.
  • You have strong money-management skills. Payroll, billing, invoices, taxes – they’re only a handful of money matters you’ll need to address as an entrepreneur. Do you have enough in your to purchase new inventory? Being in charge of your company’s finances requires careful attention to your company’s cash flow.

Provided you have what it takes, running your own business can be one of the most rewarding experiences of a lifetime—both financially and personally. Thinking of starting a business? Looking to expand your operation? We're here to help. Scotiabank offers a wide array of seminars and workshops catered to the Small Business community. Come into your nearest branch and find out what’s possible.