Aussies are ready to quit their jobs, start a business

New research reveals that only half of us are happy with our current job, and that 45 per cent of us would consider quitting a well-paid position to start a business, despite the ongoing global pandemic.

According to GoDaddy’s Project Resolution survey, only 51 per cent of Aussies like their job, 40 per cent are ambivalent, and 10 per cent actively dislike what they do every day. And over a third of respondents  38 per cent  have made a New Year’s resolution towards a career direction change, with a 33 per cent of those surveyed saying that they would consider leaving their job and start their own business in 2021.

The research also revealed that Australians are motivated less by financial security and more by the pursuit of a passion or a career that provides purpose or meaning, with 70 per cent of them saying they would be willing to forgo a third of their income to do so.

The entrepreneurial sentiment is backed up by data from the Australian Securities and Investments Commission (ASIC) revealing that business registrations in 2020 increased 5.72 per cent Year-on-year compared to 2019, with a further increase likely for 2021.

“It’s well documented that innovation, entrepreneurship and disruption thrive during times of global financial crisis,” Suzanne Mitchell, Senior Director of Marketing at GoDaddy Australia, said.

“Our research  supported by increasing business registrations over the last 12 months  demonstrates a very exciting groundswell of young entrepreneurial spirit among Australians that developed over the last year and appears to be continuing into 2021.”

The research highlighted that heading this entrepreneurial revolution this 2021 are the millennials, with almost half of those surveyed aged 18-24 (46 per cent) saying they would consider starting a business this year. That number comes down to 20 per cent for those aged 45 and older.

Millennials are also noted to be the bigger believers in the importance of being passionate about their work  80 per cent of 18-24-year-olds, 78 per cent of 25-34-year-olds and 77 per cent of 35-44-year-olds say it’s more important to pursue a passion. Only 62 per cent of those aged 45 and older believe the same.

Of those who would consider starting their own business in 2021, 76 per cent of respondents said they would do so in a different industry to that of their current employment. Retail (14 per cent), and creative and professional services and cafes and restaurants (all eight per cent) are the most popular industries for budding entrepreneurs.

“Many people dream about starting their own business and the autonomy, freedom and work/life balance it can provide,” Mitchell said. “There’s a very strong appetite for business ownership. Thanks to technology lowering the cost of entry, it is now more affordable and faster than ever before to create, grow and run an online presence for a venture.”

This article was first published on Inside Small Business, a sibling website to Inside Franchise Business Executive.