Not to sound repetitive but there is one thing that all good entrepreneurs have in common; they have their own unique selling proposition. It is what sets them apart from everyone else. No-one knows your business better than you do and as such, it is important that you find a way to stand out from the crowd. The old saying about starting something new is very true and so is the case with starting an Australian enterprise. Not to say that they had their ups and downs, just one thing they all had in common was lots of perseverance and a little bit of luck.
Start by looking at the current economic environment in Australia. It is a buyers market with businesses needing to sell. For businesses that need to raise funds, raising venture capital can be quite a struggle for them. Lenders are not just fighting for survival but also trying to prop up an economy that has suffered. In order to attract the type of venture capital needed, these companies need to develop a strong ecosystem. There are three main economic engines in Australia that are growing at a rapid pace and need a helping hand from entrepreneurs who are building an attractive, welcoming and vibrant ecosystem around them.
The first is telecommunications. Australia is a world leader in the manufacture of telecommunications equipment. Companies such as Global Access, Nortel and iiNet are setting the pace in the sector and creating a competitive edge for themselves. Australia is also home to many of the world’s best colleges and universities. For students looking at entrepreneurship, these factors are huge incentives. As an Australian entrepreneur, you want to be on a team with some of the brightest minds in the industry and you need to demonstrate you are an example of what it takes to succeed as a young entrepreneur.
The second engine in the economy is of course the tourism industry. It is no secret that Australia is one of the top destinations for international tourists. A major aspect of tourism is the accommodation side of the industry. If you can develop your hospitality skills, then you will have a leg up on the competition. One great way to showcase your knowledge is through a blog. A blog offers business owners the opportunity to engage directly with their consumers and display a personal approach to hospitality and showcasing your customer service skills.
The third major economic engine for an aspiring entrepreneur in Australia is the retail industry. Garone and Naomi have developed successful retail franchises in major cities around the country, including Sydney and Melbourne. Their success has been based on three key principles: commitment, creativity and marketing. Their franchisees have embraced the Australian way of doing business and have built a loyal customer base.
Garone and Naomi recognise that creating successful businesses requires a significant amount of funding. In order to obtain the funding they require, many entrepreneurs in this region of Australia utilise venture capital and angel investors to take them on as partners. Angel investors are a crucial part of the process for early stage entrepreneurs seeking venture capital and angel investors are well aware of the need for high quality, locally sourced information when sourcing potential funding.
Many entrepreneurs in this region of Australia have a genuine desire to start a business and implement an effective marketing strategy. They are also highly creative and have a flair for business development and innovation. As you might expect from a country as large as Australia, there are also a considerable number of start-up businesses looking to enter the entrepreneurial marketplace. One way that these new start-ups can be identified and tap into is by utilising the entrepreneurial hub concept.
Starting a business in this country requires funding so capital is often a fundamental requirement. This funding comes from various sources including banks and other financial institutions, venture capitalists and angels. As part of the national aspiration of succeeding in business, many aspiring entrepreneurs in this region are prepared to approach capital raising companies and invest their personal assets. The use of capital and the subsequent return on investment (ROI) for this type of venture is often a critical factor in the overall success or failure of an enterprise. Angel investors are a great resource for providing start-up capital and the knowledge and contacts required to identify suitable business opportunities.