While 77 percent of respondents thought they could run their own business, only half of those followed it up. File photo Photo: 123RF
New Zealanders are known for their ingenuity, with more than eight out of 10 (85 percent) having had at least one business idea.
A survey of 1000 adults by accounting software firm MYOB found more than three-quarters (77 percent) felt they had what it took to run a business but only half of those took any action to take their idea to market.
More than half (55 percent) said they lacked financial backing or support, followed by time constraints (47 percent) and a fear of failure (42 percent).
"Innovation is part of our DNA in New Zealand, and we see this every day in the range of SMEs that provide the backbone to our economy - but it's brilliant to see that more widely, such a significant proportion of New Zealanders have considered starting a business," MYOB spokesperson Jo Tozer said.
"When armed with self-belief and the right tools and support, we could easily see more of these ideas make it past a chat around the BBQ."
She said setting up a business took some courage, particularly in an economic downturn.
"The thought of this can be incredibly daunting and it's important to recognise that business management doesn't come naturally for everyone."
However, Tozer said there were many tools available to help people set up and run a business.