NAB Insight Report – Do Australians want to start their own business?

Despite everything the COVID-19 pandemic has thrown at the small business community the spirit of entrepreneurship is alive and well in Australia.

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Overview

In this report, NAB asks over 2,000 Australians if they had the choice now would they like to own their own business or prefer to work for someone else. We also look at how much money they think they will need to start their own business.

Despite everything the COVID-19 pandemic has thrown at the small business community the spirit of entrepreneurship is alive and well in Australia. If Australians had a choice, over 4 in 10 people indicated they would love to own their own business (41%), while nearly 1 in 10 have already started their own business (9%).

Given small and medium businesses are responsible for 56 per cent of total production in the Australian economy, NAB Small Business Executive Ana Marinkovic was buoyed by the findings.

“It takes hard work and dedication to get a new business off the ground. With these businesses responsible for the employment of 2 out of every 3 Australians, it’s vital we all get behind them and encourage the next generation of entrepreneurs”. “Running your own business is one of the toughest things you can do – my hat goes off to them but equally I know from my customers that it is incredibly rewarding.

“Small business has clearly borne the brunt of this pandemic, but well before COVID-19, these companies were facing tough conditions. Our customers are looking for reform that enables them to be more agile, especially when it comes to hiring staff, adopting new technologies and doing business between states.”

Shane Wolki, Director of Pushys, a bicycle retailer based in Canberra; “Running your own business is a dream for so many people – I started out in retail in 1989 and have been running my own place ever since”.

“When a business is your own it brings many challenges but is also extremely rewarding. There is something special about working with people who really care about your vision and want to share in that success.

“My advice to anyone thinking of starting out on their own is to have a crack and most importantly, be relentless in pursuing your vision”.

Find all the insights in NAB Special Report – Do Australians want to start their own business