New research from Intuit Australia has outlined the key things that drive entrepreneurial Australians to start a new small business.
Conducted by Galaxy Research, the survey involved 500 small business owners throughout Australia who employ 20 people or less, generate annual turnovers of $2 million or less, and who have been in business for less than five years.
According to the findings from Intuit, the company behind accounting software solution QuickBooks Online, the answers are many and varied, and success isn’t only measured in dollar terms. What’s more, the study also highlights that only 44 per cent of the owners of small start-up businesses are very satisfied with the way they run their companies. Key takeaways from the survey are outlines below.
Age and gender have an enormous influence on why people look to start a business
- Women want to be their own boss (50 per cent) or to supplement their or their family’s income (23 per cent).
- 21 per cent of Baby Boomer entrepreneurs started their own business because they were laid off.
- Millennials are more likely to be driven by the passion for an idea (35 per cent) or a hobby (19 per cent).
Patience and regrets
It is clear from the study that you’ll need to be patient and expect success to take upwards of two years. 27 per cent of those who start a business have not been able to get their companies to really hum and 58 per cent wish they had done some things differently as they established their businesses. For Millennial business owners, that figure rises even higher to 70 per cent. They regret not:
· Learning to better manage and track their finances (21 per cent).
· Preparing an effective business plan (18 per cent).
· Spending more money on marketing (15 per cent).
“This research is key to better understanding how Australia’s entrepreneurs are approaching their small start-up businesses,” Nicolette Maury, Managing Director of Intuit Australia, says.
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