Australia and New Zealand lead in entrepreneurial spirit

Entrepreneurs in Australia and New Zealand are some of the most confident about their businesses than their peers in other Asia Pacific (APAC) markets, with 83% emerging from the last year feeling confident and 75% assertive in their next stage of growth, a new study by Frost & Sullivan and Oracle NetSuite has revealed.

The study found that Australian entrepreneurs have 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.

Despite differences between economies, the study found that entrepreneurs across APAC regard technology as an important factor in their business success. Following last year, 52% of entrepreneurs across the region are planning to make investments and improvements in their core business software.

The results of this study show that we can feel confident about the state of entrepreneurship in the APAC region, according to Frost & Sullivan director, Mark Dougan.

“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. 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 said.

Oracle NetSuite Australia and New Zealand general manager, Jason Toshack said entrepreneurs are the engine-room of the business eco-system and are vital for a healthy economy in Australia, New Zealand and across APAC.

“In this study, we found that Australian entrepreneurs are encouragingly positive, and a lot of that is down to not only their grit and determination, but also the tools and software they now have to manage their businesses and adapt to change,” he said.

“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.”