Becoming an entrepreneur can be both challenging and rewarding for people with a strong sense of innovation, an appetite for risk and an unwavering thirst for change.
The road from business ideation to transformation isn’t for everyone. However, entrepreneurship could be your calling if you yearn for autonomy, crave the challenge of building something from the ground up and are determined to see your visions come to life.
Whether you dream of launching a tech start-up, a social enterprise or an e-commerce company, preparation is crucial for aspiring entrepreneurs keen to start and scale a business. Enhancing your knowledge and skills in business planning, operations, finance, leadership and strategic innovation can help you navigate the complex journey from start-up to success. Here’s how to become an entrepreneur and how an MBA can get you there.
In simple terms, an entrepreneur spots a gap in the market and works to fill it, often by creating a new business. Unlike traditional business owners who tend to operate within established models, entrepreneurs are synonymous with innovation, risk-taking and pursuing new opportunities. They are not just setting up a business — they are creating solutions, disrupting industries and even changing how we work and live.
Caterina Sullivan, a successful business consultant, mentor and thought leader, says entrepreneurship “is a way of life” that requires a different mindset than business ownership. “It is about seeing opportunities for innovation and development everywhere. It’s about analysing information, not just consuming it.”
If you tend to notice gaps in the market, dream up new products or services, feel limited by the rigidity of conventional employment or are considering a career change, you could be well-suited for the entrepreneurial life.
Keep in mind, though, that this path is not just about spotting opportunities. It demands creativity, strategic thinking and the resilience to adapt and persevere in the face of uncertainty. It is a career suited to visionaries and problem solvers who are motivated by the potential for substantial personal and financial rewards and unfazed by the prospect of failure.
“Entrepreneurship also isn’t always necessarily about profits or money,” adds Sullivan. She explains that social entrepreneurs look for opportunities to further develop our social and environmental landscape into something more sustainable. “This disruption still falls under entrepreneurship, even if the goal isn’t huge profits and accumulating personal wealth.”
Entrepreneurship can become a deeply rewarding career path for go-getters ready to embrace challenges, enjoy more professional freedom and chart a unique course.
Becoming an entrepreneur in Australia involves several key steps:
Australia has produced many entrepreneurs who have made a significant impact locally and globally.
The driving force behind Mecca, Jo Horgan redefined the Australian beauty landscape, championing retail innovation to build an empire of more than 100 stores across Australia and New Zealand. Privately owned and operated, the company has previously and consistently ranked in the BRW Best Places To Work Top 5 and turned over $688.9 million in the 12 months to the end of December 2021. According to the Australian Financial Review, Mecca was estimated to be valued at about $10.4 billion in 2023.
Meanwhile, Melanie Perkins and Cliff Obrecht co-founded Canva, which revolutionised graphic design software, transforming how people create graphics for the web, print and other mediums. The company reported in October 2023 that it was expecting $US1.7 billion in revenue for the 2023-24 financial year, growing by 21 per cent.
No list of Australian entrepreneurs would be complete without mentioning Mike Cannon-Brookes and Scott Farquhar, the dynamic duo behind the global software giant Atlassian. Their remarkable path from university friends to co-founders of a multibillion-dollar company is a testament to their visionary leadership and innovative spirit.
Under their guidance, Atlassian has not only transformed team collaboration and project management software with products like Jira and Trello but has also achieved impressive financial success. The company boasts a turnover that reflects its status as a tech powerhouse, with reported revenues reaching over $3.5 billion in 2023.
These entrepreneurs show that success doesn’t come from following a set path but from harnessing unique ideas, overcoming challenges and moving forward with tenacity. Their stories highlight that anyone can achieve great things with innovation, persistence and the right team.
Successful entrepreneurs tend to share common characteristics that help them ride the waves in the business world. These include:
These traits not only set successful entrepreneurs apart but also underscore the essence of entrepreneurship: the courage to challenge the familiar, the resilience to weather adversity and the vision to shape the future.
To thrive as an entrepreneur, you’ll need to sharpen your skill set across various business functions. Thankfully, you can learn new skills through an MBA, other professional training or mentorship programs.
Skills of an entrepreneur:
“It can be lonely as an entrepreneur. You have to take on the majority, if not all, the responsibility for your vision,” says Sullivan. “So, the ability to think critically is also an incredibly important skill.”
Embarking on the path of entrepreneurship can be incredibly fulfilling, rewarding and empowering, offering the freedom to make pivotal decisions and steer your business in any direction you like.
Entrepreneurs in Australia enjoy the unique opportunity to bring innovative ideas to life, potentially reaping significant financial rewards and making a substantial impact — economically, socially and environmentally — if their values are aligned.
However, entrepreneurship is not without its challenges. It’s a journey fraught with risk and uncertainty, requiring substantial investment, both financial and in terms of time and energy. The early stages of a start-up are particularly demanding, often earmarked by long hours and high stress. Plus, the volatile nature of market dynamics can swiftly impact business viability, making the entrepreneurial path high-risk.
Sullivan adds that if you have a family, you’ll need to weigh up the pros and cons to decide if this is “the life you will adopt and embrace together” because it can disrupt the rhythm of a usual home life.
While entrepreneurship can be immensely satisfying and potentially lucrative, it demands a level of commitment and resilience that is not for the faint-hearted. It’s a choice that can transform lives, but it requires careful consideration and collective decision-making with loved ones.
Pursuing an MBA can be a game-changer for entrepreneurs. MBA Discovery partner universities offer courses that equip aspiring entrepreneurs with critical knowledge and skills across different business functions to place them in good stead for success.
James Cook University’s Master of Business Administration Global includes a Venture Capital and Entrepreneurship unit with a strong focus on data-driven decision-making.
RMIT University’s Master of Business Administration (RMIT) offers a Digital Entrepreneurship unit alongside Design Thinking and Leadership units.
Victoria University’s Master of Business Administration (MBA) is a great choice for students who want to gain practical skills through the Managing Innovation and Entrepreneurship unit.
Beyond the curriculum, MBA students gain access to a network of peers, mentors and investors, laying a solid foundation for entrepreneurial success.
Applying for an MBA is relatively straightforward and can be achieved in around six steps.
The entrepreneurial path is not without its challenges, but for those armed with the right knowledge, skills and mindset, it promises immense growth, learning and fulfilment.
Do you want to know more about how an MBA can support your entrepreneurial journey? Speak to a Student Enrolment Advisor today.
Whether you’re ready to enrol, or just have a quick question, simply fill out the enquiry form below to speak directly to the university’s enrolment team. They will be able to guide you through:
