Given the lack of consensus on how to measure success, this paper explores the meaning of business success as perceived by SME business owners in Australia and Malaysia. A qualitative methodology was adopted whereby semi structured interviews were conducted with ten entrepreneurs each from both countries. A content analysis of the interview data identified 20 criteria of defining success; broadly categorised into (1) financial, (2) lifestyle, (3) social responsibility, and (4) customer satisfaction criteria. Interestingly, the answers provided by Australian entrepreneurs were largely similar to the Malaysians. However, slight differences were identified relating to aspects of financial, lifestyle, and social responsibility. Overall, this study finds evidence for the utilisation of multidimensional measures of business success in Australia and Malaysia.http://acquire.cqu.edu.au:8888/access/)