Risk taking and creativity are far less important to running a successful company than good old fashioned hard work.
New research has revealed hard work (82 per cent), drive (70 per cent) and determination (66 per cent) have topped the list of what Aussies think are the most important personal traits to safeguard business success.
The Servcorp DNA of Business Success report paints a picture of true Aussie grit — with characteristics such as risk-tasking (31 per cent) and creativity (59 per cent), often associated with entrepreneurial success, identified as being far less important than hard graft. Servcorp chief executive, Marcus Moufarrige, said he had often heard stories about people making millions by thinking up that risky, blue sky idea that catapults them into business superstardom.
"What we've found is that it's actually the Aussie battler attitude — those traits of hard work, drive and determination — that make up the DNA of Australia's most successful business people." The survey of Australian business owners and managers also revealed other factors including staff (55 per cent), investment in new technology (37 per cent) and having nimble, agile operations (39 per cent) as being key ingredients in today's recipe for business success. "Running a business is tough, so don't go it alone," Moufarrige said.
"Building a team of talented staff that shares your vision and is willing to go the extra mile can often be the difference between success and failure." When it comes to views on why Australian companies fail a number of common problems were identified in the study.
These included poor decision making due to inexperience (76 per cent), owners not doing their homework before starting their business (74 per cent), not paying attention to cash flow (71 per cent), poor recruitment and training decisions (28 per cent), and government bureaucracy and red tape (28 per cent).
Moufarrige said a lot of companies failed simply due to poor planning.
"Setting up a company is a big step so you need to do your homework and build a solid business plan," he said.
"You also need to make sure you've got the basics covered — whether that's having the right office space to meet with prospective clients, leveraging new technology to improve productivity or getting help with book keeping to ensure good cash flow — it's the simple things that count."
Sign up for MIS Asia eNewsletters.