4 small business statistics every aspiring entrepreneur should know
Few personal ventures are as motivating and fulfilling as starting your own business. Following your passions; having full control of your own schedule, lifestyle, and success; and gaining financial independence are all key attractors for any aspiring entrepreneur. It’s the ultimate goal for any creative, driven professional – though it’s definitely not without its drawbacks.
Freeing as having your own business may be, it’s easy to fall victim to rookie mistakes or careless decisions without proper planning and foresight. Keeping up to date on the current landscape can help you strategise around current trends, insights, and consumer demands; helping you shape up your venture for long-term success.
Below, we delve into four current key statistics any aspiring entrepreneur should know, and how an online course can enhance your business skills.
4 small business statistics you need to know
1. Small businesses are a major economic contribution.
Titled the “small business nation” by McCrindle, Australia’s economy is currently fuelled by small businesses, with a whopping 99.8% of all companies considered small to medium enterprises. Additionally, three in five (62%) are non-employing (i.e. sole traders), and 98% of all businesses currently employ less than 20 people.
Those with an entrepreneurial spirit will thus feel right at home with Australia’s current business landscape; one that proudly flaunts ambitious, innovative ideas and a common drive to pursue independent endeavours. Recent statistics also reveal that such ventures have contributed almost $418 billion in value between 2018-2019, representing over 32% of the nation’s total GDP.
2. However, almost half don’t survive the first four years.
Unfortunately, while Australian workers may brandish a sense of initiative, many often don’t survive their first four years in operation.
The same McCrindle study highlighted how, of all the new companies to have launched four years ago, nearly half (46%) have closed their doors in the years following. On top of that, of the more than two million Australian businesses in operation four years ago, one in three (36%) have closed down permanently. The longer they were in operation, the more likely they were to continue business, with established companies having a higher chance of survival in that timeframe.
This highlights the critical need for further support among smaller businesses, including access to the necessary finances (i.e. bank loans) and local infrastructure. The ability to hire and retain top talent is also crucial.
3. A digital presence is now essential.
As we venture ever-further into an increasingly digital scape, businesses must learn to leverage social media technologies to build a lasting, memorable online presence. Having a website and social media profiles are no longer “optional” – for a small business to stay relevant and competitive, digital adoption is critical.
Recent small business statistics show that digital capabilities have increased (i.e. rates of internet access, social media presence, and e-commerce activity) from 2016-17 to 2018-19. Compared to larger businesses, however, small companies still lag across these measures of digital adoption. With the impacts of COVID-19 causing massive economic disruption – pushing businesses to the online space – an innovative digital presence is only set to grow in importance.
4. Construction dominates the small business industry.
McCrindle statistics also reveal that the construction sector holds the highest number of small businesses (383,326 as of 2019), followed by the professional, scientific, and technical services sector; and the rental, hiring, and real estate services sector. Most in the field operate as sole traders or hire a workforce of less than 20 people.
Between 2018-19, small businesses in construction contributed a total of $71.3 billion to the Australian economy.
How can an online small business course boost my career?
Upskilled currently offers a BSB40320 – Certificate IV in Entrepreneurship and New Business, helping aspiring business owners build the skills and knowledge required to launch, market, and maintain their entrepreneurial ventures.
However, the course also offers plenty of transferable skills to help boost one’s overall career path, regardless of profession, role, or industry. These include:
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Brushing up on your people skills. Most online business courses will focus on helping you build the emotional intelligence necessary to manage interpersonal relationships, negotiate with customers or stakeholders, and lead teams to project success.
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Learning budgeting and money management. Financial planning and strategising form a core part of being a small business owner, on top of being a necessary general skill in any personal or professional venture. This allows you to make the right investment decisions, seek appropriate financial support, and set the necessary budgets for your goals.
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Develop effective business plans. A small business course can equip you with the skillset required to effectively plan for your long-term business goals, short-term objectives, and for any potential risks down the line. This refined discipline, enhanced research abilities, and efficient risk management are all valuable skills in any industry, regardless of role.
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Build on your marketing skills. In an incredibly saturated landscape, an innovative marketing strategy is essential. Quality small business courses can help you build the skills required to boost public awareness of any venture, project, or company; along with collecting, analysing, and interpreting market data to your advantage.
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Enhance your problem-solving and critical thinking skills. Along with the technical skills of owning a business, an entrepreneurial course will also primarily challenge and enhance your skills in critical thinking, problem-solving, and creativity. You’ll learn to apply these in your everyday workplace practices, though they’re also valuable soft skills for any field or profession.
How do I enrol myself for this course?
Those interested in this program can simply submit an enquiry form through the course page, from which they’ll be asked to submit their basic contact details (i.e. name, phone number, email, etc.). A career consultant will then get in touch to ensure the course aligns with your specific career goals, outline further details of the program, and advise you on your next steps.
Is there any eligibility criteria for this course?
Entrants to this course must have completed year 10 or equivalent, or a qualification of Certificate III or higher, or 2 years of relevant industry experience and complete an interview to assess course suitability.
Start pursuing your entrepreneurial goals today!
The road to owning a successful business may be rife with challenges – but the rewards are ultimately worth the efforts.
Upskilled’s BSB40320 – Certificate IV in Entrepreneurship and New Business can help you get started with the fundamental knowledge and skills to launch and grow your small business ventures. Best of all, the course is delivered online – helping you build your skills at a time, place, and schedule that suits you best.
Turn your business dreams into a reality – and enquire with us on the course today.
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