A startup is an early stage business which has a large addressable market. It utilises technology to quickly capture the market.
Launching a startup can be daunting especially for first time investors but the good news is that there are many support systems available now to aspiring founders. There are incubators, mentor and accelerator programs and business communities that aspiring entrepreneurs can use for free.
Startups play a critical role in Australia’s innovation ecosystem and if you want to enter into the world of business, it is ideal to talk to accountants to understand what it takes to be a successful entrepreneur. An online survey studied startup founders and those aspiring to launch a startup business and here’s what they found.
Based on the survey, 21.7% of startup founders were aged 35-40 years old with a majority of males (even as the number of women founders increased by 10%). 25% of the founders moved to Australia only in the last 5-10 years and 35.7% of them were born overseas. 16% of startups have also employed international workers on a visa.
2. Common road blocks
The survey revealed that stable income, lack of technical skills and confidence, and financial dependents are the most common hindrances to starting a business. Startup journeys are different from each other but those who try to save money by having a full-time job and a business on the side often realise that this setup is not be sustainable in the long run.
Sooner than later, a business owner would have to give up the regular pay cheque and just use his or her support network to focus on and grow the business.
Most founders started their businesses when they had a chance to identify a compelling opportunity to solve their own problems. Dissatisfaction with previous jobs and having a supportive partner have also led them to launch their startups. They enjoy the ownership of the value created, developing exciting technology and skills and being their own boss.
Most founders also consider themselves strong in strategy, general business operations, project management, sales and business development and product management.
What do founders want to tell aspiring entrepreneurs? “Go for it. Do your research and be passionate, persistent and committed. Prepare and plan before you begin and, of course, get help.”
As you look for different ways to grow and improve your business, seeking professional advice from accountants in Sunbury could prove to be an important and helpful decision. You can click here to speak to experts who specialise in startups and SME consultancy. We would love to help you formulate investment strategies and streamline your processes to take your business to the next level.
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