Entrepreneurs in Australia and New Zealand (ANZ) emerged last year “feeling confident about their businesses”, a new study conducted by Frost & Sullivan and Oracle NetSuite revealed.
The study surveyed 233 entrepreneurs in ANZ, and almost 300 entrepreneurs across six other APAC economies, and examined their attitudes, beliefs, and aspirations following the COVID-19 pandemic.
The study found “Australian entrepreneurs have a number of key differences to their peers in other economies, as they are starting businesses later in life, are more likely to be serial entrepreneurs, and are more motivated by a better work-life balance.”
The study pointed that APAC entrepreneurs regard “technology as an important factor in their business success.”
“Entrepreneurship is a lifelong journey of learning, and following the uncertainties of last year, the most important lesson learned is having a flexible business model”, he added.
“Most entrepreneurs feel they have managed to respond well and feel confident in their own success, as well as in the growth and future success of their businesses”, he explained.
ANZ entrepreneurs are confident about their next stage of growth
Entrepreneurs in ANZ are more confident about their businesses than their peers in other APAC markets.
• Australian and New Zealand entrepreneurs emerged from the last year feeling confident about their businesses and next stage of growth (83% and 75% respectively).
• The study disclosed “entrepreneurs in China (98%) were the most positive, followed by India (87%), while Japan were the least confident (67%).”
Entrepreneurs from ANZ are not your typical APAC entrepreneur
Australian entrepreneurs are starting businesses later in life, while entrepreneurs from ANZ are more likely to start multiple businesses.
61% of Australian entrepreneurs were 35 or older when they started their business, compared to nearly half being under 35 across APAC.
ANZ entrepreneurs are more likely to be serial entrepreneurs than their peers in other APAC countries, with 63 percent starting three of more businesses.
Entrepreneurs in ANZ start businesses for very different reasons
Australians turned to “entrepreneurship to gain control and flexibility, while entrepreneurs in New Zealand started businesses to earn money for themselves and their families.”
• 37% of Australian entrepreneurs said the biggest driver to becoming an entrepreneur was a better work-life balance or the opportunity to be their own boss.
• 36% of New Zealand entrepreneurs said the biggest driver to becoming an entrepreneur was to make money for themselves and their families.
Entrepreneurs across APAC agree: Technology is key to success
Entrepreneurs across the region regard “technology an important factor in their business success.”
Australian (58%) and New Zealand (66%) entrepreneurs ranked “their core business software as important or very important for business success.”
The study highlighted “57% of entrepreneurs are now using SaaS for most or all of their key business applications.”
Following last year, 52% of entrepreneurs across the region “are planning to make investments and improvements in their core business software.”
Jason Toshack, General Manager, Oracle NetSuite ANZ, declared: “Entrepreneurs are the engine-room of the business eco-system and are vital for a healthy economy here in Australia, New Zealand and across APAC.”
Toshack said they found “Australian entrepreneurs are encouragingly posivtive, not only for their grit and determination, but also the tools and software they now have to manage their businesses and adapt to change.”
“2020 dealt a challenging set of cards, but with Australia leading in serial entrepreneurship, female entrepreneurship, and most importantly showing confidence, there’s a feeling that anything is now possible”, he concluded.