Australian entrepreneurs credit their instincts as a driving force behind their decision to start their business, according to research released by GoDaddy.
The research sought to understand the role instincts play in launching and running a business, and found that the majority of respondents rely on their instincts daily and that they’ve had an overwhelmingly positive impact on their business success.
According to GoDaddy’s ‘Go For It’ research, 85% of surveyed Australian entrepreneurs and business owners said that their instincts were either ‘important or very important’ in their decision to start their business. Three quarters (78%) believe that trusting their instincts has positively impacted their business, while only 1% of respondents believe it has had a negative impact.
More than two-thirds (68%) trust their instincts to make business decisions ‘most days’, while 84% do so at least once a week. One-third (31%) said they made an instinct-based decision every single day. Around half (53%) feel they’ve relied on their instincts more since the global pandemic started.
Some of the most common decisions business owners make based on instinct are pricing changes (reported by 30%), business strategy (30%), investments (28%) and hiring (24%).
Resilience, adaptability and innovation are just some of the many characteristics associated with Australian small businesses, according to GoDaddy Australia managing director, Tamara Oppen.
“One of the biggest, but often overlooked traits, is instinct. While there are numerous ingredients that contribute to a successful entrepreneur, from industry skills and business acumen to diligence and planning, turning a dream into reality and a passion into a purpose ultimately requires decisiveness and a leap of faith,” she said.
“Many of us have had business ideas, but our moment of inspiration is often curbed by self-doubt. Whether it’s the decision to start a business or to overcome challenging situations, our research shows that instinct and assuredness are crucial for Australia’s entrepreneurs.
“The last two years have presented some of the toughest challenges entrepreneurs have ever faced, yet data from ASIC (The Australian Securities and Investments Commission) revealed that business registrations were higher than pre-pandemic levels. Empowered by instinct and driven by the pursuit of their dreams, entrepreneurial Australians are demonstrating the power of possibility when ‘we go for it’.”
The research coincides with the launch of GoDaddy’s ‘Go For It’ campaign, which seeks to inspire prospective and current entrepreneurs by showing the things that can be achieved if Australians feel more confident to trust their instincts and back themselves.