Shopify Research Finds Nearly Three-Quarters of Aussies Aspire to Be Their Own Boss

Sydney, Australia – A fresh survey conducted by Shopify, which involved over 2,700 Australians, sheds light on the robust entrepreneurial aspirations across the nation. Despite notable barriers, an impressive 70% of Aussies are keen to be their own boss, driven by the lure of higher earnings, the freedom of self-management, and the flexibility of setting their own hours.

Aussies Eager to Turn Passions into Profits

Shopify’s data reveals that a whopping 86% of Australians are indulging in hobbies with entrepreneurial potential. The younger crowd, especially those between 16 and 24 years old, are particularly enthusiastic, with 84% harbouring business ambitions. Currently, one in five Aussies either owns a business or has given serious thought to starting one.

Overcoming Barriers to Entrepreneurship

While the entrepreneurial drive is strong, several hurdles remain. Financial constraints are the primary barrier, with half of the potential entrepreneurs citing it as a significant challenge. Additionally, 35% lack the confidence, and 34% the necessary know-how, to kickstart their business journeys.

Needed: More Support for Budding Business Owners

The survey underscores a crucial need for enhanced governmental and financial support to help prospective business owners overcome these hurdles. Proposed measures include more accessible financial aid, regulatory reforms, and targeted government-led initiatives that could potentially lead to the establishment of millions of new Australian businesses.

Diverse Routes to Business Ownership

The entrepreneurial path varies widely among individuals. About 37% of current business owners started their ventures as side hustles, and many navigated through initial failures before finding success. Notably, 46% had previous business ventures that didn’t take off.

The Power of Community and Experience

Strong community support and prior industry experience play pivotal roles in successful entrepreneurship. Around 40% of current business owners found encouragement from their personal networks crucial in their early stages, highlighting the importance of a supportive community.

Shopify’s Commitment to Australian Entrepreneurs

Shopify continues to empower Australian entrepreneurs by providing the essential infrastructure and tools needed to start, grow, and manage their businesses effectively. The platform is dedicated to enhancing the entrepreneurial ecosystem and helping Aussies realise their business dreams.