Kelly Keller, Negosentro | With the rising levels of unemployment worldwide, people are encouraged to drop the employment mentality and think outside the box. As a result, entrepreneurship is on the rise. There are approximately 400 million entrepreneurs in the world, and this number is expected to continue growing. Australia is among the countries with a growing number of entrepreneurs. This country is very vibrant and a popular tourist hub. As a result, its business environment is amiable.
According to reports, the number of actively trading businesses in Australia is on the rise. There are more than 2.1 million Aussies in small business. Compared to the previous year, the number has gone up by 21,500. Sydney is the biggest entrepreneur hub in Australia. Thirty-five percent of entrepreneurs start their businesses in the capital. Melbourne follows at fourteen percent and Brisbane at nine percent.
However, not all entrepreneurs make it in the market. Reasons for this may vary depending on individuals. Unfortunately, many people venture into the entrepreneurial world without much understanding of what is ahead. Studies show that nine out of ten startups do not make it past five years. That is why it is necessary for entrepreneurs to venture into business with realistic expectations. So what does it take to become a successful entrepreneur?
How to Become an Entrepreneur
- To become an entrepreneur, you need to believe in yourself and your abilities. Building your business in this competitive market requires a certain level of character. You will need to be resilient and stubborn. Be ready to work hard.
- Start a business based on your passion. Passion will keep you driven despite the difficulties you encounter. If your passion lies in fashion, then it is advisable to start a company in fashion. Let your passion be your motivator.
- Be focused. To become an entrepreneur, you need to set goals and a timeline. However, let your expectations be realistic. You are bound to encounter a lot of hard moments especially when you are starting out. But do not let this deter you from your goal.
- Associate yourself with other entrepreneurs. ‘No man is an Island.’ Therefore, you have to surround yourself with a group of people with similar minds to make it. You can always look for people who have made it in your field and let them mentor you. Richard Branson founded the Virgin Group which is extremely successful. But before he started his airline, he received mentorship from Freddie Laker who was a British airline entrepreneur.
Steps to Take When Starting a Successful Company
- Build a business plan. You need to define the purpose of your business. Who are your target audience? Having a well-detailed business plan makes you more focused. It will also help you know how to overcome obstacles.
- Take a look at your finances. Starting a successful company requires a lot of financial investment. You will need money to market your business. You will also need money to make purchases. Your business needs to keep up with its taxes. You can hire a professional taxation company that will help identify the best solutions for you.
- Survey your market. Do not go into the market blindly. It is advisable to conduct surveys or research. Talk to suppliers and study your competitors. Observing your competition can help you learn their weaknesses and use them to your advantage. Learning your customers is also necessary. Customers can make or break your business. Keep in mind that the customer is the King. Therefore, you should treat them with respect at all times.
- Ensure that you have the right business structure. There are four structures namely sole proprietorship, partnership, and company. Having the proper structure will play a significant role in raising capital for your business.
Entrepreneurs contribute hugely to the creation of new jobs in Australia. According to a survey conducted by Amway Global Entrepreneurship Report, Australia has the third highest positive sentiments when it comes to entrepreneurship. The report also stated that millennial Aussies are more open to entering into the world of entrepreneurship. With the continued rise in technology, the growth of entrepreneurs in Australia is expected to reach an all-time high some few years to come.