The story goes that the most successful entrepreneurs are risk takers that are always full of bright ideas – or are they?
Over 80 per cent of the 450 Australian business owners and managers surveyed by Servcorp ranked sheer hard work as the most important trait for an entrepreneur looking for success. Drive and determination followed close behind, while just 31 per cent of respondents identified risk taking as important.
Marcus Moufarrige, chief operating officer of Servcorp, said that while we often hear stories about people making millions by running with a risky idea, the every day reality is difference.
“It’s actually the Aussie battler attitude, those traits of hard work, drive, and determination, that make up the DNA of Australia’s most successful business people,” Moufarrige said.
Of course, it’s not just personality traits that are important. According to the survey, local business owners believe staff, investment in new technology, and having agile operations are key to success.
“Building a team of talented staff that shares your vision and is willing to go the extra mile can often be the difference between success and failure,” Moufarrige said.
Lack of preparation was cited as the main reason why businesses fail, with over 70 per cent of business owners highlighting poor decision making due to inexperience and owners not doing their homework before starting a business as major factors. Not paying attention to cash flow, poor recruitment and training decisions, and government bureaucracy and red tape were also identified as reasons businesses fail.
“A lot of businesses fail simply due to poor planning. Setting up a company is a big step so you need to do your homework and build a solid business plan,” Moufarrige said.
“You also need to make sure you’ve got the basics covered, whether that’s having the right office space to meet with prospective clients, leveraging new technology to improve productivity, or getting help with book keeping to ensure good cash flow.”
