Australian startups are apparently living up this well-known motto: “work smart, not hard”. According to the latest MYOB Business Monitor report, startups worked less hours for better financial reward last year compared to more established small and medium enterprises (SMEs). They are also, more upbeat about this year’s revenue performance.
The report compares the attitude, results, intentions and expectations of Australian startups less than two years old with that of their peers. We’ve captured the gist of our findings in this infographic:
MYOB General Manager, Business Division, James Scollay says, “Starting a business is one of the most challenging – and rewarding – milestones an individual can reach for. To help new business owners succeed, it’s important we understand the challenges they face and apply greater focus to making it easier to start and build a business. It’s just as important that we celebrate the success of startups and other small businesses.
“This community is a vital and dynamic business force for Australia. Many are on their way to becoming tomorrow’s business leaders and influencers. Startups represent the next generation of employers, suppliers, innovators and investors in economic growth and development. And even though not every startup succeeds, each plays a role in enriching the business environment, creating demand, testing ideas and supporting the livelihoods of many.”
So, how smart will you work this year?