SMEs are often described as the engine room of Australia’s economy. There are nearly 2.6 million SMEs actively trading in Australia, accounting for more than 97 per cent of all businesses operating in the country. Yet, the ability of SMEs to thrive in this constantly changing and competitive environment is a stark reminder of how difficult it is to get an idea off the ground. In fact, the survival rate for SMEs in Australia sits at a concerningly low 60 per cent.
Often, the budding entrepreneurs behind these SMEs are limited by the resources they have access to in terms of budget and manpower to be able to grow their business. In fact, many of these entrepreneurs live double lives. In addition to chasing the success of their own business, many are also gig economy workers. They use platforms like Uber to generate extra income, so they can focus on studying or pursuing their entrepreneurial opportunities while ensuring they can still make ends meet.
There is an opportunity for corporate Australia, however, to play a role in helping support this next generation of budding entrepreneurs to succeed through a mentoring program.
A mentoring program, like our latest bespoke program Business Booster created for Uber, can offer business owners the opportunity to develop the confidence and growth mindset they need to see their business grow. Sometimes, all it takes for a business to succeed is just that little push. Other times, it’s about learning the right methodologies and being encouraged to look at things from a different angle. This can help ignite a new way of thought-provoking entrepreneurial thinking, offer new perspectives, provide clarity, and encourage more innovation. At the same time, it can also propel them to read and seek additional learnings in areas of weaknesses.
Being an entrepreneur can also often be an isolating experience. It’s usually down to an individual who has the vision and the dream of making their business successful, but this same person is also wearing multiple hats to ensure the smooth operation of their business – from marketing to sales and accounting. However, being involved in a mentor program, with a mentor – somebody who is in their corner – can help these start-ups succeed even if they face a lot of setbacks.
Equally important and essential for these SMEs to be successful is a strong network, not only to feel support and less alone as a small-business owner, but it can be a great source of clients, suppliers, and strategic partners. This would encourage entrepreneurs to exchange and bounce ideas, while also have access to practical tools that can help them scale their business and ultimately succeed.
On the flipside, for corporate Australia to be able to champion such opportunities can not only have a positive impact on the community, but it signals a company’s commitment to diversity and inclusion. This ultimately helps foster commercial value and unlock leadership potential. Who knows giving these innovators the support they need may lead to the establishment of Australia’s next Atlassian or Canva.
