Call it the true Aussie spirit!
It’s the intangible thing readily seen in athletes and others, but not quite spotted in entrepreneurs.
A survey has found that Aussie entrepreneurs are quite the unstoppable force, notwithstanding the many economic obstacles that are often our way. These findings should warm our cockles. (Editor’s note: this might be the bivalve variety)
In the survey by Regus, 77 per cent of the Aussie entrepreneurs said they would do it all over again despite apparent lack of government support, funding headaches and much more.
Vital for economic growth but facing serious challenges, Australian small businesses are displaying unwavering entrepreneurial spirit, according to new research commissioned by Regus, the world’s largest provider of flexible workplaces.
“Who knows what state the economy would be in if entrepreneurs decided to play safe and downsize like a lot of their larger and arguably better resourced competitors,” asked Jacqueline Lehmann, country head of Regus Australia.
SMEs are “engines of growth” accounting for 99% of Australian businesses. Globally, they also account for between 40 to 50 per cent of GDP and 50 per cent of jobs.
So, what did the Australian entrepreneur say in the survey?
- 75% cited lack of access to credit as the biggest deterrent;
- 67% blamed red tape;
- 56% lamented the state of the economy (56%);
- 56% listed lack of government support; and
- a majority cited “market domination by large corporations” as a serious hindrance.
“The challenges they face are not new, but they are clearly saying that little impact has been felt from state support initiatives, despite the best efforts of government,” she added.
The Regus study surveyed over 26,000 business managers and owners in 90 countries. It also found that a majority of the entrepreneurs believe the sector most likely to expand in the next year is small businesses.
“Entrepreneurial firms will need to remain nimble to navigate choppy waters and succeed. The lack of institutional support means that business owners will continue to increasingly favour flexible working in order to avoid lengthy leases and free up their working capital so they can concentrate on growing their business,” she said.
Regus provides flexible workplaces, with products and services ranging from fully equipped offices to professional meeting rooms, business lounges and a network of video communication studios. Its clients include Google, GlaxoSmithKline and Nokia, besides hundreds of thousands of growing SMEs.