New research from GoDaddy reveals that Australian entrepreneurs credit their instincts for helping them take the path of starting their own businbesses. In the website provider’s Go For It research, 85 per cent of surveyed Aussie entrepreneurs and business owners said that their instincts were either “important or very important” in their decision to start their business, while 78 per cent believe that trusting their instincts has positively impacted their business, and only one per cent of respondents believe it has had a negative impact.
Over two-thirds of respondents, 68 per cent, said that they trust their instincts to make business decisions “most days”, while 84 per cent do so at least once a week. Meanwhile, 31 per cent said they made an instinct-based decision every single day and 53 per cent feel they’ve relied on their instincts more since the global pandemic started. Just three per cent reported that they’d used their instincts less during the pandemic.
The research coincides with the launch of GoDaddy’s Go For It campaign, which seeks to inspire prospective and current entrepreneurs by showing the things that can be achieved if they feel more confident to trust their instincts and back themselves.
The report highlighted the importance of instinct not just in tackling challenges but in pursuing growth. It noted that some of the most common decisions business owners make based on instinct are pricing changes (reported by 30 per cent); business strategy (30 per cent); investments (28 per cent); and, hiring (24 per cent). When asked about their hiring and upskilling plans, 41 per cent prioritise soft skills such as critical thinking and problem solving, which can contribute to instinct, compared to hard skills like a degree or digital skills.
“Resilience, adaptability and innovation are just some of the many characteristics associated with Australian small businesses,” Tamara Oppen, Managing Director at GoDaddy Australia, said. “One of the biggest, but often overlooked traits, is instinct. While there are numerous ingredients that contribute to a successful entrepreneur, from industry skills and business acumen to diligence and planning, turning a dream into reality and a passion into a purpose ultimately requires decisiveness and a leap of faith.
“Many of us have had business ideas, but our moment of inspiration is often curbed by self-doubt,” Oppen added. “Whether it’s the decision to start a business or to overcome challenging situations, our research shows that instinct and assuredness are crucial for Australia’s entrepreneurs. The last two years have presented some of the toughest challenges entrepreneurs have ever faced, yet data from ASIC (The Australian Securities and Investments Commission) revealed that business registrations were higher than pre-pandemic levels. Empowered by instinct and driven by the pursuit of their dreams, entrepreneurial Aussies are demonstrating the power of possibility when ‘we go for it’.”
In 2021, the so-called “Yolo Economy”, the social phenomena where young people threw caution to the wind and started businesses during the pandemic, gained traction across the globe. However, the research found that not only was instinct important to all demographics (not just those who identify with the Yolo Economy), it was actually more prevalent in older entrepreneurs. Over three-quarters, 76 per cent, of 18-24-year-olds reported starting their business based on instinct, compared with 93 per cent of those aged 65 and over. Furthermore, 54 per cent of 18-24-year-olds said they relied on instincts “most days”, compared to 75 per cent of those aged 45-64.
