Study says Australians have great small business ideas, but don’t follow through
Almost 70 percent of all Australians have great small business ideas, but most of them just forget them and never follow through, a report says.
The report was based on a survey made to 1000 Australians and same number of small businesses and shows that while Aussies have an agile mind to come up with great new concepts that could turn up to be very useful and profitable business ideas, only 22 percent of them actually act on them.
“It’s difficult to bring ideas to life in Australia”
Surprisingly, 75 percent of existing business owners who are familiar with the process of bringing good ideas to reality say it’s particularly difficult to do it in Australia. The most common reasons why it’s difficult? Lack of time, not enough capital and poor access to technology top the list.
Laura Downie agrees. The Sydney native wanted to start her own interior design small business in Australia while working in a 9 to 5 job. “I had a pretty clear idea of what I needed to do, but it’s almost impossible to start a new business while working, even part time.”
Problems, discipline and vision, the small business requirements
Still, there are plenty of small business ideas in Australia that come to fruition, and many of them by 9 to 5 workers that have managed to bring them to the market.
“I was working in a tech company and hours were a bit long. I didn’t really have any time for anything else, but every chance I got I would further my business plan, come up with a logo idea or establish a new relationship,” says Adam Fletcher, owner of a small firm that offers time-saving solutions to entrepreneurs and people who want to create their own small business. I had almost no time left, and then it hit me: If people had so little time left to think about their own ideas, why don’t I offer them a solution to their time issues?
How to follow through your small business idea?
As an old mentor of mine used to say, “Ideas are cheap.” It is only after substantial investment of time, energy, and resources, that those ideas create change. Getting the big idea is half the battle, but actually implementing it is the other 50 percent. Here are some steps you can take to follow through your small business ideas and make them a reality.
Learn to lead yourself: If you are not following through your idea is probable that you don’t have the drive or passion required to bring it to life. And if you lack that passion, you might not be the best solo entrepreneur. Successful business people have an unbreakable faith in themselves and are their own bosses, which is what makes them successful. Learn to assume responsibility, take on other tasks at your office and test yourself. When you realize that you are capable to do the hard work, your confidence will increase and the drive to follow through your ideas wont be that difficult to find.
Share your idea: As with Mr. Fletcher’s case, there are businesses that can help in your unclear path from idea generation to implementation. You can also share your idea with a relative or a friend so that you get the support and the required push in case you start to slack off.
Start creating business relationships: When you start creating business relationships and contacts for your new business, you begin to establish the foundations that will allow you to go from idea to reality.
Get the fear: Some people are more daring and only respond when the stakes are really high or there is a huge incentive to begin working. If you have been working in your small business idea for a while and you need the final push, you can start thinking about quitting your job and remove yourself from the safe net that is holding you back.