Ambition is the greatest asset for business owners. Business owners are ambitious, entrepreneurial, and socially forward-thinking. Having ambition is the driving factor that gives small-business owners the courage to realise their potential, take a chance and follow their dream.
Ambition is something that runs through all people who start a business, but it’s not just limited to people who already run their own business; it’s a trait shared by all small-business owners. It’s little wonder that 25 per cent of Australians have a side-hustle and 4-in-5 are looking for fulfilment outside of their day job. Whether it’s a side hustle or a full-time endeavour, the core motivator in starting a business for many is personal expansion and growth.
This kind of entrepreneurial spirit, tenacity and perseverance is exactly what the Australian economy needs to see after a turbulent two years. It’s for this reason that CGU Insurance recognises that ambition needs protection, just like any other valuable business asset.
According to our research, one-third of Australians believe ambition is considered to be a dirty word. The same research revealed that almost 60 per cent of people believe Australians like to cut down ambitious people, despite the positive role ambition can play in our lives. When people stick their necks out for an opportunity to grow and expand their business, there is an impulse to cut them down. Even our everyday vernacular points to the idea that aiming too high is bad thinking, “well, that was ambitious”.
Tall poppy syndrome is not exclusive to Australia, but it is a stigma that’s pinned to our culture. One in five Australians have either passed up an opportunity for fear of being seen as a tall poppy or have been a victim of the tall poppy syndrome. Our research also shows that younger generations, including Gen Z and Millennials, are most held back by tall poppy syndrome.
However, the seeds for change are evident with 77 per cent of Australians acknowledging that ambition is important to drive progress and innovative thinking.
For all small-business owners that want to rekindle their ambition, my advice is to stay hungry and curious. Running a small business is a journey, and the highs and lows are all part of it. Continue to ask questions, like ‘what if?’ and ‘why not?’. Most importantly, learn to back yourself. If you want ambition to live in broad daylight, don’t forget to back others too.
Ambition can be the biggest asset in the back pocket of small-business owners. It’s resourceful and finds lessons in setbacks. And it’s essential to progress and growth.
