More and more people today are branching out and are breaking the status quo by paving their own pathway in the business world, as well as pursuing their passions. Due to this, entrepreneurship seems as ideal as ever to the younger generations.
Business ownership is hard, yet we’re starting to see more young people in business and/or entrepreneurship, whether it be for reasons such as independence or the ambition to fulfil a dream, or both, the lifestyle of working for yourself has its appeal.
A small business is defined as a business that employs less than 20 people. Based on that definition, small businesses accounted for 97.4% of all businesses in Australia in 2018-2019, according to the Australian Small Business and Family Enterprise Ombudsman. A surprising statistic, of course, however it isn’t so surprising when you take into consideration how Aussies perceive entrepreneurship.
70% of people aged 18 to 64 think they have the knowledge, skills, and experience needed to start a company. That is the majority of people in Australia. With this fact alone, it’s likely that a huge portion of people would consider branching out into the field of small business and entrepreneurship.
Reviewing all these factors, including the struggles of business already being difficult, we reached out to a young Entrepreneur to talk about their experiences.
Miles Hirst, a 21-year-old Tasmanian entrepreneur who runs his own business, Refined Window Cleaning, details the thinking and feelings behind being an entrepreneur that may resonate with many.
When asked if he had always wanted to be an entrepreneur, Miles responded, “It’s not something I gave a whole lot of thought to when I was younger, but there were certain signs when I was growing up. The influence of my old man running a business and other things rubbed off somewhat. Having an independent nature is probably another contributing factor.”
“When I was in primary school, we had like these… Remember lume bandz? Whatever they were, where you used the rubber bands to make stuff out of them. I tried to start a little business out of that, I can’t remember if it was too successful or not.”
Miles detailed a childhood story some may relate to. As young as primary school, many have the passing by dream of selling a product they believe people would love. Some keep that passion, carrying it into adulthood. However, some are afraid of the possibilities of starting a project up by yourself.
Failure, regret, and mistakes are usually what prevent people from taking a leap into the business and entrepreneur world.
When asked about what his biggest regret and mistake in business was, Miles curtly replied, “Not getting started sooner.”
Allowing the fear of regrets or making mistakes to hinder your progress can ironically become the regret or mistake itself. Numerous studies have concluded that a person’s biggest regret is and will likely be not following their dreams. According to Wealth Research Group, 98% of people die without fulfilling their dreams.
It seems like in the end, we only regret the chances we didn’t take, whether it is career directed or not.
“Get started and start small. Depending on the complexity of what you’re doing, you want to avoid preparing your business to launch over a 6 to 12 month period.” Miles advised those, young and old, looking into business.
“You want to ideally get up and running in a few weeks because sometimes you can get so caught up procrastinating with wanting to get everything perfect off the bat that you ironically end up not starting the business at all, and that’s something I’ve seen in my experience first-hand, with a business prior to Refined Window Cleaning.”
Miles concludes his advice on a very real yet encouraging note, “I would say you’re going to face rejection, and there’s a fair chance it could come from family members and those that you love, but you can’t take it to heart. You just have to execute your goal and believe in your own vision. And yeah, have persistence and courage and whatever you do never give up because most people do. And that’s why they never, I guess, achieve what they started out to achieve.”
Whether you’re an aspiring entrepreneur or not, if you would like to help small businesses and entrepreneurs, an easy good step is to find them on social media. By sharing, liking, or following small businesses, it gives them an extra boost to be visible to those interested in their services and supports people’s livelihoods as well as their dreams.
Those who follow their dreams are reportedly more happier in life, so it’s great to support others as well as yourself.