Entrepreneurs are the engine room of the business and vital ecosystem for a healthy and prosperous economy.
Photo of Mika Baumeister a Unsplash
Australians are known around the world for their “doing” spirit, but what distinguishes our local entrepreneurs from their global counterparts?
Entrepreneurs are a key component of the Australian business ecosystem, contributing more than $ 400 billion annually to national GDP. In collaboration with Frost & Sullivan, We has recently conducted a study of entrepreneurs from across the Asia Pacific region to understand what drives them. About 200 business people in Australia responded, sharing what makes them get out of bed in the morning and drive them to success.
Here’s what we found:
Among the crowd are Australian businessmen
The study found that, compared to its global counterparts, Australian entrepreneurs do not fit the usual mold. The majority (61%) of Australian entrepreneurs were 35 or older when they started their business, compared to almost half who were under 35 in the rest of APAC. The saying “with age comes wisdom” comes to mind, as 85% of Australian entrepreneurs say their business is successful.
Struggling for gender equality is a global issue, and while Australia tends to distort men a little more, 46% of Australian employers are women, compared to an average of 38% in the rest of the world. Asia Pacific region. Just look at the powerful Australian company, Canva. Melanie Perkins, who has led the graphic design business from creation to the unicorn.
Work to achieve a better work-life balance
Australians have resorted to entrepreneurship for very different reasons. The study found that the motivating factor for launching their own businesses was very different in Australia compared to the rest of the region. The most important engine was gaining control and flexibility, with 37% saying it was inspired by a better work-life balance or the opportunity to be their own boss.
One entrepreneur who is definitely responding to the usual 9-5 trend is Mark Kelly, who quit his corporate job to pursue his passion for surfing and launched Global Surf Industries. With all his basic business systems in the cloud, Mark has completely shunned the office and chosen to work on a yacht until the middle of the year. By making sure you have the right tools, you can manage Global Surf Industries operations in more than 70 countries.
Technology is the key to success
Last year, when companies around the world were hit by uncertainty, digital tools became key to keeping the lights on. The study found that more than half of Australian entrepreneurs consider their core business software to be crucial to the success of their overall business. The reasons set out included the possibility of maintaining control, even when working remotely while maintaining visibility throughout the company.
A great example of a company that thinks and adapts to change is Bladnoch Distillery. Around the world, when hospitality companies traditionally sold in Bladnoch were forced to close their doors to customers, the company quickly switched from online operations to continue the growth of its business. Although global whiskey sales fell 25%, the distillery increased its revenue by more than 20% during that time.
The future looks bright
There is no doubt that last year was a challenge. However, one of the most encouraging findings of the study was the strong optimism of Australian entrepreneurs for the future.
After a turbulent year, more than 80% of entrepreneurs in Australia have emerged confident in their business and in the next stage of growth. Half have gained new customers since the start of the pandemic and 40% have become more profitable.
In the last year, countless examples have come out of companies that got creative and came up with ingenious ideas to adapt to new challenges. Earp Distillery in Newcastle is a good example. They quickly went on to make hand sanitizers to try to help other Australian companies stay safe from COVID when disinfectants were scarce.
Entrepreneurs are the engine room of the business and vital ecosystem for a healthy and prosperous economy. In this study, we found that Australian entrepreneurs are encouraging for positives, and this is due not only to their importance and determination, but also to the tools and software they use to manage their businesses. Last year was a tough letter challenge, but with Australian businessmen showing such great optimism and confidence for the future, there is a sense that anything is possible.
Jason Toshack, ANZ CEO of Oracle NetSuite.