Make Time: What Data Tells Us About Business Success

Описание: Make Time host, Sam Hurley, CEO, 25eight explores the multifaceted nature of entrepreneurship, emphasising that it is not a universal path for everyone. She delves into global and Australian data on entrepreneurship, highlighting the challenges, isolation, and the psychological traits that contribute to success.
The discussion also redefines what success means in entrepreneurship, advocating for a more sustainable and fulfilling approach to business ownership.

Takeaways
-- Entrepreneurship accounts for approximately 12-13% of the workforce globally (Australia is 10-12%).
Entrepreneurs are mainly driven by opportunity or necessity.
Isolation is a common experience for entrepreneurs.
Access to business support systems, peers and mentors increases chances of success.
Survival rates for small businesses vary significantly by industry but across the globe follow a similar pattern of 70-80% surviving their first year and 50% their fifth with only 30-35% reaching their tenth
Cash flow issues are a leading cause of business failure (followed by marketing and execution ability) and is often due to capability gap
Digital adoption can significantly enhance business performance.
Australian businesses that invest in digital capability and explore interstate or export markets out perform domestic-only peers, particularly in knowledge-intensive services and nice manufacturing.
Building business skills helps you fill capability gaps that increase chances of success. A growth mindset ensures you benefit from the learning when things go wrong.
Experience and industry knowledge contribute to higher success rates.
Success in entrepreneurship can mean stability and meaningful work, not just growth
Gen X currently own the largest share of small business
Melbourne is the fastest growing area for new business (followed by Sydney)
Successful Australian SMEs often sit in services with strong recurring demand or differentiated consumer niches rather than highly commoditised offerings


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Sound Bites
"Entrepreneurship is not for everyone."
"Have you got what it takes?"

Chapters
00:00 Understanding Entrepreneurship: A Global Perspective
02:23 The Motivations Behind Entrepreneurship
03:51 Challenges and Isolation in Entrepreneurship
06:28 Factors Influencing Business Survival
09:11 Key Traits of Successful Entrepreneurs
11:48 The Australian Small Business Landscape
14:26 Psychological Traits and Support Systems
16:03 Lessons Learned: Is Entrepreneurship for You?

entrepreneurship, small business, success factors, challenges, isolation, global data, Australia, business survival, psychological traits, support networks