Take control of your future
Becoming a young entrepreneur is a great way to take control of your future and start making money on your own terms. But it’s not just about having a cool product or service – there are some key skills you must possess to really excel and unleash your full potential.
As Australia’s biggest business lender , NAB is in a unique position to observe the traits which are common to many successful businesses. Using this knowledge, we have prepared a list of the 5 skills which we consider are important for a young entrepreneur to succeed .
The 5 critical skills all young entrepreneurs need
To succeed as a young entrepreneur, you need to master specific abilities that will help you overcome obstacles, make informed decisions, and stand out in a competitive market. These skills can be crucial for turning your dreams of business success into a reality.
Hustle and drive
Many successful entrepreneurs demonstrate an insane work ethic and drive to make their vision a reality. You must be willing to put in long hours, make sacrifices, and push through obstacles and setbacks. Believe in yourself and your idea, and most importantly, never give up!
Financial literacy
Did you know that the number one cause of corporate insolvency in Australia is inadequate cash flow or high cash use?
Understanding money is critical if you want your business to survive and thrive. You should learn how to create budgets, track expenses, price your products or services correctly, pay taxes, and manage your cash flow. Having a firm grasp on accounting, investing and building wealth will also go a long way to helping you achieve success.
Creative problem solving
You’ll face new challenges and unexpected situations every day as an entrepreneur. You must think creatively to come up with innovative solutions. Don’t be afraid to be bold in your approach, think outside the box, and continuously experiment with new strategies and ideas. Maintaining an open mind while looking at things from unconventional perspectives are absolute musts.
Communication skills
Whether you’re pitching to investors, marketing to your customers, managing your employees, or negotiating deals, being a great communicator will be a significant plus. Practice public speaking, write clearly, listen actively, and be aware of your body language – these skills will take you far.
Tech and social media savvy
In today’s digital world, mastering technology and social media can be a critical cornerstone to being a successful entrepreneur. Building websites and apps, understanding analytics, creating amazing content, and staying on top of the latest trends and tools is essential.
The entrepreneurial path isn’t easy and it’s certainly not for everyone, but if you develop these 5 critical skills, we believe you’ll be way ahead of the pack! Start working on them today and nothing can stop your hustle!
You might also be interested in
Starting a new business
Tools, tips and resources to help you with planning and setting up a small business.
Checklist for the first steps in starting a business
Tips, links and calculators to cover the basics.
Small business ideas for teens
See our list of business ideas for teenagers and young entrepreneurs.
Related business products and services
Business bank accounts
Get your business banking set up with business accounts that suit your different needs.
EFTPOS, payments and merchant services
Find out how your business can take online payments with ease through our range of merchant products and services.
Small Biz Explorer
Use our Small Biz Explorer to find the right small business banking products for your business.
Get in touch
Contact us
Explore our business banking contact information and get support with a wide range of products, services and topics.
Visit a NAB branch
Our business bankers are located all around Australia.
Terms and Conditions
Apologies but the Important Information section you are trying to view is not displaying properly at the moment. Please refresh the page or try again later.
The information contained on this page was prepared in July 2024 and is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, NAB recommends that you consider whether it is appropriate for your circumstances. NAB recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.