World Entrepreneurs’ Day may have been and gone but quite frankly, we think there should be an entire week dedicated to this lot – so that’s exactly what we’re doing.
The purpose of World Entrepreneurs’ Day is to create awareness for entrepreneurship, innovation and leadership throughout the world. It’s a day to celebrate the people who boldly go it alone.
According to the Australian Bureau of Statistics, 61 percent of Australia’s small businesses are sole traders, that’s almost 1.32 million solopreneurs who are doing their own thing and making Australia a better place for business.
We looked within the BizCover community and beyond to assemble this motley crew to help us, help you, paint a picture of the entrepreneurial world. They tell stories of triumph and hardship and shed some light on why it can be such a struggle to get a solo venture off the ground.
Greg Betty, Growth Potential
As the head of a small business training and coaching agency, Greg sees up close the many reasons behind the failure of a new venture. He had some valuable insight to share on why it is he thinks many would-be entrepreneurs struggle to get their business off the ground.
“Ideas mean nothing without execution. It is a combination of disciplined management of time and money and being good to the people around you. What is also crucial is that you are willing to play a game of patience, to do the hard work, and fall in love the process of building something (the hustle) rather than just chasing money.”
Rey Yesilnacar, Yes I Can Digital
Running her own digital marketing agency, Rey struggled to find the balance with operating in the expensive landscape that is Australia and satiating her client’s demands for a more affordable service. “I tried outsourcing to the Philippines. It was a disaster for me… twice. Once for an EA/bookkeeper and once for a senior SEO specialist. I was very careful they had the right procedures, building training documents but somehow, things fell apart.” Rey persevered and put systems in place to automate a lot of tasks an EA would have otherwise done as well as upgrade the SEO tools she used.
When asked why it is many entrepreneurs/side hustlers struggle to make their passion project a full-time gig, she had this to say:
“Fear! When working for someone else you don’t take on the financial, reputational, social, psychological risks. Working for yourself is a double-edged sword, you have flexibility, but you are always-on.”
Binfeng Zhang, Affinity Migration
A key part of getting your business off the ground is getting your name out there, and Binfeng knew he had a problem when he realised networking wasn’t his strong suit.
“I am extremely fearful of just approaching strangers to start a conversation, especially if I am selling to them. I overcame it through persistence and also changing my perspective. I started viewing networking as an opportunity to make new friends whereby business is a by-product.”
As for why he thinks so many entrepreneurs/side hustlers struggle to turn their business idea into a reality? He had this to say:
“Fear of the unknown. It is daunting because you put your time, energy and resources into something which has no guarantee of return on investment for the first few years at least.”
Georgina Bowden, Georgina Bowden Coaching
Even as a business coach, Georgina herself has fallen into the trap of being stuck between fear of success and fear of failure. With her work with so many small business owners, she also knows better than most, the many reasons that can stall growth when going it alone.
“It’s hard to stay motivated without a team around you, especially when things are slow. You have to be IT support, marketing and comms, admin, CEO, finance, receptionist, and on and on! I don’t think people are prepared for what a steep learning curve the first few years are, especially when they’re trying to turn their passion into a business. They find out that the passion part of it might only be 10% of their working week! That’s why it’s so important for us to stay connected to the deeper reasons for running our business.”
Katura Halleday, 8×8 To Educate
At only 14 years old, Katura has already started her first business. 8×8 To Educate was formed because Katura saw a need to do so. She travelled to Mozambique Africa to make a documentary on education in developing nations and felt a responsibility to continue to raise funds when she returned home. “I wanted to change the lives of kids just like me, and I refused to take no for an answer. Education was the key and I was determined to make that happen.”
To date, Katura has raised over $150,000 in goods or cash, and has been operating since October last year.
As for the challenges Katura had tackle head on, it should go without saying that starting a business at such a young age, there were of course going to be people who had their doubts. “People initially did not take me seriously or think that I could ‘pull things off’, but so far we have had successful events, I have had some great speaking engagements – one broadcast internationally for Golden Rule Day, run workshops, and we are about to hold our Inaugural art exhibition. I have learned that my age can actually benefit me, it is hard to say no to a kid with a dream, it also helps you get exposure in the media which has been wonderful.”
