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MYOB – Pride Factor In Starting Up Outshone By Personal Milestones: Business Planning
Pride factor in starting up outshone by personal achievements: Report
By Michelle Hammond
More than 40% of business owners say starting their own business made them “very proud”, new research reveals, but business milestones are outshone by personal achievements.
According to MYOB, which surveyed more than 1,000 small to medium business owners and managers, having a child/children is regarded as the proudest moment among business owners.
More than half (54%) of the business owners surveyed said having children made them “very proud”, while 12% said it made them “quite proud”.
Almost 50% of business owners said seeing their children do well in their studies and/or sports made them very proud, while 16% felt quite proud.
This was followed by getting married or settling down with a partner – 48% were very proud while 19% were quite proud.
Almost 30% were very proud about buying their first property, while 43% were quite proud.
Starting their own business came in fifth – 31% were very proud, while 41% were quite proud – followed by growing their business to a level that offers a comfortable living (36% and 34%).
This was followed by paying off most or all of their mortgage (23% and 43%), and reaching their first month or year of profit in their business (32% and 33%).
In ninth place was making their first sale (29% and 32%), followed by graduating from university (17% and 24%).
Interestingly, 21% said they were very proud to help others start their own business, while 12% said they were quite proud.
MYOB chief executive Tim Reed says the survey results show there is more pride in achieving personal milestones than business milestones, although the latter still ranks highly.
“For Australia’s business owners, business isn’t business – it’s personal,” Reed says.
The findings come on the back of a Telstra report, which shows more than 70% of SMEs would be happy to start up a business again, partly for the sense of pride, suggesting this is a common motivator for entrepreneurs.
The Telstra report is based on a survey of 1003 SMEs. It shows 72% of business owners would be happy to start up a business again.
The survey found the most common reasons for setting up a small business are gaining independence, freedom and flexibility, and a sense of pride.
Meanwhile, 53% of the business owners surveyed said their business is their passion. According to Will Irving, group managing director of Telstra Business, the results are “heartening”.
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