Wednesday 20th July 2016 - 9:09 am

Australia:the entepreneurial

by Alan Thornhill

Thinking of starting a new small business?

 

You are not alone.

 

A new survey, that the National Australia Bank published today, shows that one Australian in three shares your ambition.

 

The bank says this shows that the start-up culture is alive and well, in this country.

 

So what did the survey find?

 

The key conclusions, according to the bank, were:-

 

  • Around 1 in 3 Australians would like to own their own business with young Australians clearly the most aspirational (nearly 1 in 2)
  • Over 1 in 2 men and 41 per cent of women say they have “good” to “excellent” levels of entrepreneurship
  • The most popular new businesses are cafés and retail, followed by IT and personal services
  • Most budding entrepreneurs would go it alone or with their spouse or partner
  • Around 40 per cent of budding entrepreneurs and 75 per cent of existing business owners need or needed less than $50,000 to get their business off the ground
  • Over 1 in 3 aspirational and existing business owners would be keen to be part of “community” of other entrepreneurs

 

The NAB’s Executive General Manager for Micro and Small Business Leigh O’Neill said a healthy start-up sector is critical to fostering a new wave of growth for the Australian economy.

 

“Small businesses are so important to creating future jobs and economic growth, and understanding their motivations and needs means we can help support the right ecosystems for growth,” Ms O’Neill said.

 

“We’ve got a huge community of budding entrepreneurs eager to get their ideas off the ground, and it’s clear that they need more than money.”

 

The release of the research coincides with the launch of NAB Startup, a service that allows aspiring small business owners to become operational quickly, with guidance on setting up an ABN, ACN, business and domain name registrations, as well as website creation and invoicing functionality.

 

“We see plenty of small business owners juggling full time jobs while setting up their new ventures.

 

 

“They have huge amounts of excitement and energy, but very little time, so they need things to be simple, quick and connected,” said Ms O’Neill.

 

“Services like NAB Startup, our new unsecured $50,000 QuickBiz Loan and digital marketplace for small business Proquo, help entrepreneurs get their business ideas off the ground more quickly and connect with other small businesses.”

 

The full survey ‘The Lure of Entrepreneurship – Australia’s Start-up Culture’  in available at www.news.nab.com.au.


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Alan Thornhill is a parliamentary press gallery journalist.
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