New research from business management platform MYOB reveals that 76 per cent of Australians have had at least one business idea, however, only 35 per cent have started one. The research shows that fear of failure has been the major barrier to them acting on their ideas.
Emma Fawcett, General Manager for SME at MYOB said that the survey highlighted the fact that finance is still the biggest challenge when it comes to starting a business, but that self-belief is also a vital component to getting a business idea off the ground.
“It is exhilarating to think of the untapped potential sitting amongst Australians right now, many of whom are actively thinking about new business ideas and how they might turn this into reality,” Fawcett said. “We want to provide the support for every business owner starting out on their business journey or looking for new ways to evolve for the future. We want more of these amazing ideas to move from concept stage to become fully-fledged, successful businesses.”
In spite of the challenges, the report found that seven in 10 Australians believe they can start a business and 83 per cent believe they could learn with the right help, though only 21 per cent think that starting a business is easy.
Of those surveyed who have launched their own enterprise, 48 per cent said their number one believer in their first business was themselves followed by their partner at 37 per cent.
“There’s no denying that starting a business is a big commitment and it takes an incredible amount of self-belief, particularly as we navigate current economic headwinds,” Fawcett said. “For many, a business idea is an opportunity to pursue a passion project or the creation of something to help others, but it comes with many other responsibilities such as keeping the books, managing inventory, or tracking sales leads, which is where doubt can creep in.
“Great ideas need great support,” Fawcett added. “A business management platform brings all key business workflows, from finance and inventory management to employee onboarding and payroll, into one place, saving time and providing unparalleled visibility so business owners can feel confident about making decisions that will help them unleash their business potential.”
