The vast majority of small businesses and entrepreneurs are not taking advantage of government initiatives available to them, according to a new study by cloud and domain hosting company, GoDaddy.
The study found that 85 per cent of small business owners aren’t sure how the Federal Government’s National Innovation and Science Agenda (NISA) - touted as a major booster for small businesses – could support future growth
The study, which surveyed more than 500 respondents from Australia, investigated the current attitudes of the local small business and entrepreneur community, outlining key traits and aspirations, the impact of technology and awareness of available support.
GoDaddy A/NZ country manager, Tara Commerford, said in addition to only 15 per cent of small businesses utilising available government initiatives, more than half of SMBs and entrepreneurs (67 per cent) were unaware of how the newly-introduced NISA could potentially impact their business.
In addition, it reported that SMB owners believe more government backing (34 per cent) and industry collaboration (32 per cent) will shift Australia’s entrepreneurship culture forward.
“While their tenacity and resourcefulness serve Australian small businesses and entrepreneurs well, they don't have to go it alone when it comes to maximising the potential of their business - they can better leverage the government initiatives put in place to help start-ups,” Commerford said.
“Australian small business owners and entrepreneurs must also be careful not to limit their horizons as many resources exist to help them get their ideas off the ground and achieve continuous growth.”
The study also found that technology is viewed as a key enabler in the development of growth of business – close to 70 per cent of respondents said technology has made it easier to become an entrepreneur.
“Digital technology makes it easier and more cost-effective to extend any successful business idea to new markets without compromising on flexibility and maintaining the operating principles they value,” Commerford mentioned.
Many small businesses and entrepreneurs (more than half ) also said their ideal business size is five or less; while less than 20 per cent consider overseas expansion to be an essential part of business success.
Australian small business owners and entrepreneurs also value resilience and self-sufficiency in how they operate, with 44 percent of respondents indicating they would try again if their business failed.
“They are content to remain small, rather than adopting a more bullish approach to growth that we're seeing in many other parts of the world," Commerford added.
"This pragmatic, well-principled approach ensures that Australia’s national economy grows in a sustainable way."