Many young individuals are starting up their own businesses and creating entrepreneurial pathways.
Jeremy Galbreath, Associate Professor at Curtin Graduate School of Business, thinks start up businesses are a good opportunity for people wanting to be their own boss.
“There seems to be a trend heading in that direction and I think the younger generation actually has an interest in being their own bosses,”
“I think Australia in general sees a little bit more opportunity in terms of capital to invest and start up businesses, you’ll see more and more people tanking advantage of that… particularly in young people,” he said.
However, there are many hidden traps that hide within entrepreneurship.
Mr Galbreath explained that there is an 80% fail rate with new businesses and is a result of time, money and market factors.
If you the business is not well funded or has the cash flow internally, the sustainability of the business over time won’t be successful.
Also, if there is no market and you do not have customers who are willing to pay for what you’re offering, that can be a pitfall as well. Especially if there is competition within the market place.
“Who is else doing it? Do a little bit of research, make sure your ideas are a sound one and that nobody else is doing, so there’s an opportunity for you to hopefully capitalise on that,” he suggested for anyone seeking to start up their own business.