The 4 main reasons Australians quit their jobs to become their own boss

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This article has been sponsored by Oracle NetSuite.

Despite the ongoing challenges caused by COVID-19, Australian and New Zealand (ANZ) entrepreneurs are feeling rather optimistic about their respective businesses, according to a new study by Frost & Sullivan in collaboration with Oracle NetSuite.

The study examined 233 entrepreneurs from ANZ to gain insight into attitude shifts brought on by the pandemic, concluding that 83% of the Australian entrepreneurs surveyed emerged from the last year feeling “confident about their businesses and next stage of growth.” This is promising news for future and emerging entrepreneurs.

“Taking the leap of faith can pay off in the long term, but it’s not always an easy ride to get there,” Jason Toshack, VP and general manager of ANZ at Oracle NetSuite said. “Before they start, entrepreneurs should first set their purpose, establish a north star, and understand the problem their business is solving.”

So why is it that some people choose to leave behind their nine-to-fives, and start their entrepreneurial journey? Here are the main reasons, according to the study and what you can do to get the ball rolling.

Gaining control

For many former employees, a lack of control over their career is enough motivation for them to enter self-management. It might be that an individual responds better when they’re not given orders or they simply aren’t comfortable with being a subordinate, being able to dictate your own outcome and the opportunity to be your own boss — whether you succeed or fail — is an enticing proposition for many.

Overall dissatisfaction

Regardless of where an employee falls on the company ladder, underlying unhappiness with your job may be the last nudge needed to pursue a different path.

Outside of the main offenders such as low pay and being overworked (or as previously mentioned, a lack of control), factors such as boredom, toxic workplace culture and a lack of acknowledgment can all play a large part in an employee’s decision to quit. If the feelings harboured are that negative, it can drive individuals to avoid wanting to be part of any business where they’re not their own boss for the remainder of their career.

Greater work-life balance

Getting your own business off the ground requires immense time and effort, which most entrepreneurs are already aware of, however, the desire for an improved work-life balance isn’t a short-term goal but a future one.

Sure, you’ll likely be working far more hours than you ever did at your day job, but the overarching goal for a good portion of entrepreneurs is to reach a point where the business is turning over a profit and steadily growing, so they can start to dictate how often they work and when. This flexibility gifts business owners the ability to move responsibilities around and spend more time with loved ones when they see fit.

Financial success

It’s important to note that this last point is truly dependent on the processes adopted when you do finally take the leap and start your own business.

“Many business owners don’t generate enough revenue for a substantial salary until years into running their business,” Toshack says. “You’ll need to create a forecast or business plan to give a clear idea of what finances will look like after leaving your job.”

As well as ensuring you have a safety net, the technology you rely on can also be instrumental to future profits.

The aforementioned study found that 58% of the Australian entrepreneurs surveyed ranked their core business software as “important or very important for business success”, so setting up the foundation for your business requires the utmost attention if you’re planning to not only keep your business afloat, but make it a financial success and grow into the future.

As Toshack succinctly puts it: “Hard work won’t cut it without the right approach.”

Read more about the findings in Oracle NetSuite’s Resource Guide for Entrepreneurs and Business Leaders.