Starting a business requires a good idea, passion and the drive to see the plan through. It also takes courage and perseverance to invest money, time and effort into turning an idea into a thriving enterprise.
According to Statistics New Zealand, 65,928 businesses started operations in the year to February 2017. That's approximately 180 people per day who took the first step of turning their good idea into a business.
And according to MYOB, more than half (55 percent) of these businesses have been set up by a first-time founder.
MYOB has been working alongside New Zealand's start-up businesses for more than two decades, giving it a deep understanding of the issues facing new business owners. Recently it published the The State of Aotearoa's Start-ups report, which noted that while New Zealand is one of the best countries in the world to start a business and the business environment for new enterprises is improving, more needs to be done to support our start-up ecosystem.
So, what do new business owners need to know to give themselves the greatest chance of success?
"Owning and running a business can often be a lot more difficult than people may initially expect," says MYOB New Zealand General Manager Carolyn Luey.
"Our research shows that new businesses often struggle with adapting to competitive pressures, knowing how to market their product or service, and juggling cashflow."
MYOB's Business Monitor survey reveals that one-quarter of businesses find staying ahead of the competition places extreme or quite a lot of pressure on their business in the first 2 years of operation.
"It's important that aspiring business owners understand the pressure that comes with launching a new venture," says Ms Luey.
The research found more than a fifth (23 percent) say managing cashflows was an issue and 21 percent agreed the costs associated with attracting customers was a burden.
"MYOB is focused on equipping small business owners with the tools and advice they need to get their enterprise off the ground and continuing that support throughout all stages of the business life-cycle," says Ms Luey.
"Succeeding long term in business is tough. According to Statistics New Zealand, the current survival rate for new enterprises past their first year is 84 percent, although the number that last more than a decade drops to just 26 percent."
"That's why we've teamed up with NZME to create a prize package specifically designed to alleviate a lot of business pressures for one lucky start-up."
MYOB, in conjunction with The Hits radio station and the NZ Herald, has kicked off a campaign to find New Zealand's ultimate start-up. The competition is open to anyone with a business under 2 years old, or aspiring business owners with a great idea.
The winner will receive over $100,000 worth of prizes to help their business get a head start on success including 12 months free MYOB accounting software, business coaching from The Common, NZME marketing worth $25,000, a $10,000 cash injection and promotion on The Hits radio station.
In order to enter, contestants must first pitch their great business idea via a short video or written submission. Five finalists will be selected and flown to Auckland where they will go head to head in a pitch night event, culminating in New Zealand's ultimate start-up winner being announced.
Visit TheHits.co.nz to enter today!