Believe in yourself

While New Zealand is known for its Kiwi ingenuity and number 8 wire mentality, new research has shown that conversations with friends, family or colleagues about new business ideas could be happening more than we think.

The MYOB Belief Barometer – a survey of 1000 New Zealanders (adults 18+) from across the country – investigated entrepreneurial spirit and the role of self-belief in starting up a business. It found that eight out of 10 Kiwi adults have had an idea for a business, and more than three quarters believe they’re capable of starting a business, but most ideas don’t make it past a chat around the barbecue.

What is primarily holding potential entrepreneurs back is not having the financial backing or support to pursue the idea, followed by time commitments, and a fear of failure.
Similarly, greater financial security (67 percent) and the confidence to back themselves (47 percent) were the top two choices when respondents were asked what would have made the most difference to them pursuing their idea to start their own business.

MYOB spokesperson, Jo Tozer, says that it’s no surprise that finances were the biggest hurdle. She adds that acting on the strength of their belief in their idea and exploring avenues to overcome barriers, could unleash the opportunities that many people are hoping for.

“Innovation is part of our DNA in New Zealand, and we see this every day in the range of SMEs that provide the backbone to our economy – but it’s brilliant to see that more widely, such a significant proportion of New Zealanders have considered starting a business.

“What’s key is having that confidence to back themselves. When armed with self-belief and the right tools and support, we could easily see more of these ideas make it past a chat around the barbecue,” says Jo.

Success stories

More than a third (37 percent) of business founders who took the plunge to start a business said they were extremely or very confident that their first business would succeed, followed by 40 percent who were moderately confident.

Highlighting the importance and value of mindset and self-confidence, self-belief was also ranked consistently by those respondents who have started a business, as one of the top three factors influencing how well their first business did.

Also credited as being influential to their business success were loyal customers, and their work ethic/commitment.