From bush fires to COVID-19, the last 12 months have presented challenge after challenge for small businesses. So you might be surprised to learn the results of a new poll of small and medium size business (SME) owners in Australia.
The nationwide study, which surveyed 400 business owners between March 5th and March 10th, 2020, showed Australia’s entrepreneurs relish nothing more than a good challenge.
60% of business owners say they are most satisfied when conquering an obstacle.
The numbers are even higher for young entrepreneurs, with 80% of survey respondents between 18 and 29 saying they love rising to a challenge even more than reaching a business milestone.
But that’s not all. According to the study, conducted by Edentify on behalf of GoDaddy, Aussie business owners love working for themselves.
A whopping 63% attribute their personal happiness and satisfaction to being their own boss. When asked what exactly they like about it:
- 56% said they like being able to choose the kind of work they want to do
- Nearly as many (55%) pointed to having control over all aspects of their business
“Starting a business is really challenging,” says David Narunsky, co-founder of online men’s healthcare provider, Mosh. “And one of the hardest decisions was quitting a nine to five job. But when you believe passionately in something, you’ve just got to take a leap of faith and give it a go.”
Related: Embracing digital technology: 3 SMBs transform themselves
The moments that matter
For Australian entrepreneurs, the value of owning a small venture is measured not in dollars but in ‘firsts.’ According to 44% of respondents, their first sale, customer or job was their most satisfying business milestone to date.
25% of startups surveyed landed their first big client or sale within their first week of doing business.
Based on survey data, things tend to take off quickly from there, with more than 60% creating business websites within the first month. Roughly 83% reported hiring their first employee within the first year.
“I’ll always remember my first customer,” says Miki Kanamaru of Pet PA in Greenwich NSW. “Not just because it was a key milestone, but because it was the most challenging customer I’ve had. It was really rewarding, as it gave me a belief in using my own skills to succeed and overcome anything.”
For others, the most memorable moment happens earlier in the business startup process. Nearly three quarters of those surveyed (72%) stated that registering their domain name made them happy because it made their new venture feel official.
Want to feel happy too? See if the name you want is available now
“Many people romanticise about starting their own business, believing that ultimately they’ll be happier and more satisfied for it, and our data suggests they’re right,” comments Suzanne Mitchell, Marketing Director at GoDaddy Australia.
“However, it’s not without challenges, and the last six months have presented an extraordinary challenge. It’s inspiring to see that, for so many resilient Aussie entrepreneurs, conquering these challenges is contributing to their satisfaction.”
GoDaddy is empowering everyday entrepreneurs around the world by providing all of the help and tools to succeed online. With 19 million customers worldwide, GoDaddy is the place people come to name their idea, build a professional website, attract customers and manage their work. Our mission is to give our customers the tools, insights and the people to transform their ideas and personal initiative into success. To learn more about the company visit www.au.GoDaddy.com.
