Victoria, the state for budding entrepreneurs
Research finds 66% of Victorians have seriously considered their own enterprise of some sort
Victorians want to forge their own path, with an entrepreneurial mindset more prevalent among residents here than the average Australian, a new study by Bank of Melbourne reveals.
Two-thirds (66%) of Victorians have seriously considered starting their own business venture, ahead of the national average of 63%. This enterprising mindset ranges from plans to start, buy or invest in a business to monetising a hobby or inventing a product or service.
The Bank of Melbourne Victorian Communities 2018 Report shows that 71% of people born overseas and now living in Victoria are ‘entrepreneur-minded’, which is greater than the Victorian average (66%).
Bank of Melbourne Chief Executive Michelle Winzer said the research findings were exciting because entrepreneurs are vital to the business landscape.
“Start-ups account for 40% of all businesses in Victoria so I’m not surprised to see that our entrepreneurial spirit is alive and well,” Ms Winzer said. “Entrepreneurs help our economy thrive by creating jobs, fostering competition and inspiring others to back themselves.”
An overwhelming number of younger Victorians display entrepreneurial tendencies with 80% of Victorian Millennials - those aged between 18 and 34 – found to be ‘entrepreneur-minded’, ahead of Generation X at 68% and Baby Boomers at 54%. However, Victorian Baby Boomers are more likely than their state counterparts to be ‘entrepreneur-minded’ at 54%, higher than the Baby Boomer national average (41%).
Half (52%) of Victorians consider investing in their own business in the future, with this strongest amongst Millennials at 63%, followed by Generation X at 51% and Baby Boomers at 47%.
Whilst Victorians with no children are more likely than Victorian parents to consider starting their own business (39% versus 35%), Victorian parents are more likely than those without children to consider investing their money in an already established business (37% versus 25%). And more than a quarter (28%) of Victorian stay-at-home-parents have considered monetising their hobby.
“Victoria’s budding entrepreneurs include the leaders of start-ups with disruptive business models through to someone who has the courage to take a risk and put their skills or great idea to the test and become their own boss,” Ms Winzer said.
The research also shows that ‘entrepreneur-minded’ Victorians are less likely than the national average to cite reasons related to self-doubt or financial concerns as barriers preventing them from taking the next step toward realising their dreams.
ABOUT THE RESEARCH:
The Bank of Melbourne Victorian Communities 2018 Report was commissioned by Bank of Melbourne and conducted by Lonergan Research in accordance with the ISO 20252 standard. Lonergan research surveyed 1,179 Australian adults aged 18+ and 285 Victorian Business Leaders. Surveys were distributed throughout Australia including both capital city and non-capital city areas. The survey was conducted online amongst members of a permission-based panel, between 5th and 12th June 2018. After interviewing, data was weighted to the latest population estimates sourced from the Australian Bureau of Statistics.