New study by Print, Design and Websites specialist, Snap, reveals that confidence in the Australian economy is high for those wanting to launch or grow their startups, while the most fertile time is expected to be 2016. The study also looks into the steps entrepreneurs are taking to start a business.
Out of the 200 Australian entrepreneurs that were questioned in the survey, 10 percent said they would be ‘extremely’ confident that their business would success if launched tomorrow, while the majority (48 percent) were ‘fairly confident’. Only 3 percent were ‘unconfident’.
Similarly, 9 percent rated the current opportunities for entrepreneurs in Australia as ‘excellent’, 43 percent considered them ‘good’ and 46 percent rated them as ‘average’. Only 2 percent considered the opportunities as currently poor.
The most buoyant sectors for entrepreneurs emerged as tech (67 percent), leisure (42 percent), food (45 percent) and business services such as HR or marketing (38 percent). At the opposite end of the spectrum were fashion (12 percent), retail (12.5 percent) and manufacturing (11.5 percent). Of those questioned, a third said they planned to start a new business within the next 12 months, while 20 percent were thinking about it.
Respondents also predicted when the best opportunities to start a business would exist, and while 56 percent thought that would be in 12 months, the most fertile market was predicted as being in three years’ time (2016) with 79 percent of respondents opting for that.
Reflecting on these results, Stephen Edwards, Snap CEO, said in the media release, “Anecdotal evidence suggestions we are a nation of entrepreneurs, but this research really sheds light on those starting, or thinking about starting their own business. It’s very encouraging to see such confidence in the market, and while 2016 is predicted as the best time to do this, with the right preparation, there’s no reason why it can’t be successful today.”
More interestingly, the study examined the process entrepreneurs went through when starting their own business for the first time. Nearly a quarter (23 percent) claimed they rented and set up a new office while still an employee, 23 percent freelanced on the side, 15 percent actively prospected for business and 6 percent prospected to existing company clients. Only 4 percent spent the time preparing marketing collateral and websites.
“It’s also surprising to see so few entrepreneurs considering their marketing collateral, brand or website prior to launch. Getting this right can often set the right impression from the earliest stages. We plan to make the Snap “entrepreneur index” an annual occurrence, so it will be fascinating to see how attitudes have changed in 12 month’s time,” said Edwards in the media release.
Entrepreneurialism also proved to not be everyone’s cup of tea, with 9 percent of those questioned admitting they’d consider a return to working as an employee. The top reason for this emerged as inability to earn enough money (44 percent), stress (22 percent), loneliness (17 percent) and too many hours (11 percent).
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