Lack of self-belief is limiting Aussie start-ups
New research from business management platform, MYOB, has revealed more than three in four Australians (76 per cent) have had at least one business idea, however, only 35 per cent have started one.
The 2023 MYOB Belief Barometer provides a snapshot on the current state of the entrepreneurial spirit and self-belief in business and comes as MYOB draws sharp focus to MYOB’s strategic and technological transformation to a business management platform.
The survey of 1,000 Australians revealed that fear of failure was a barrier, with almost half (42 per cent) of those surveyed having had a business idea that they never brought to life.
Emma Fawcett, general manager for SME at MYOB says the survey highlighted that finance is still the biggest challenge when it comes to starting a business, but that self-belief was a vital component to getting a business idea off the ground.
“It is exhilarating to think of the untapped potential sitting amongst Australian’s right now, many of whom are actively thinking about new business ideas and how they might turn this into reality,” she says.
“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.”
Encouragingly, seven in 10 Australians believe they can start a business and more than eight in 10 (83 per cent) believe they could learn with the right help, but only 21 per cent agree starting a business is easy.
Of those that did start a business, 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 adds.
“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.”
In recent years MYOB’s transformation has been significant, undergoing a substantial evolution from accounting software to a business management platform, with a focus on bringing together key workflows through one, flexible platform.
This has been accompanied by the creation a next-generation technology platform offering access to integrated business management solutions, proven to be the most critical for new and growing businesses.
“Our experience with businesses in Australia and New Zealand over many years has allowed us a deep understanding of what matters most. We have built our new business management platform around the critical workflows that support businesses owners as they start up a new enterprise, and anticipate the capabilities they’ll need in the future as they look to grow,“ she says.
“Great ideas need great support. MYOB’s 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.”