Thinking of ditching the 9-to-5 to go it alone? Yeah, us too
Natalie MacDonald
Senior News Editor, Special Projects Lead - APAC @ LinkedIn | Currently on parental leave
Ever thought about ditching the 9-to-5 and starting your own business instead? You’re not alone. One in three Australians are considering starting a business and pursuing a passion project in 2021, according to research.
Rather than being put off by the economic uncertainty of the pandemic, 70% of those surveyed believe that, now more than ever, it’s important to pursue a career you’re genuinely passionate about, with respondents saying that they would be willing to give up a third of their income to do so, reports GoDaddy. Shaking off their ‘snowflake’ reputation, it’s millennials showing off their entrepreneurial spirit, with almost half of those surveyed aged 18-24 (46%) sharing that they would consider starting a business this year.
More surprising still, is the number of professionals choosing to put their money where their mouth is. Data from the Australian Securities and Investments Commission (ASIC), revealed that business registrations in 2020 increased 5.72% YoY compared to 2019. And it’s not just an Aussie phenomenon. Over in the US, new business applications, which would-be entrepreneurs must file for tax purposes, have skyrocketed, growing 38% year-over-year as of mid-November, according to US Census Bureau data.
LinkedIn News Small Business Editor Jordyn Dahl explored the rise of a new wave of entrepreneurs in the release of Big Ideas 2021:
"Last decade’s Great Recession set off a wave of entrepreneurialism, as high unemployment encouraged would-be business owners to pursue their great idea rather than rely on a turbulent job market. Silicon Valley spawned juggernauts like Slack, Uber and Airbnb in the wake of that downturn. We can expect the same when the dust settles from this crisis. While the pandemic has devastated local economies around the world and put millions out of work, it will set off an entrepreneurial renaissance."
Are you thinking about starting your own business? What’s motivating you to make the leap? Share with us what’s holding you back from going for it. If you're a small business owner, what's the one thing you wish you'd known before going it alone? Share your thoughts in the comments below.
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Additional reporting by: Cayla Dengate, Monica Fike, Andrew Murfett, Scott Olster
Photo credits: Getty Images
Partner at Xenai Digital. A new approach to Salesforce Consulting.
3 年The best thing about starting a business is that it's like owning a house. If you decide to spend a weekend renovating your kitchen, that "free" time you spend can result in significant increase in your equity position based on the sale value of the house. In the same sense, any time you spend on your nights and weekends building your own business or learning, even if you're not getting an immediate financial reward from that time invested, is likely to increase your overall equity position - either in business value or in new skills that can be monetised. I recommend people change their "9-5 then YOLO" mentality, and start thinking about spending as much "free" time as possible building their equity. And you don't need to quit your job to do this, you just need to re-think how you spend your time outside of work.
Digital Printer and finisher.
3 年Would love to start a uniquely kiwi inspired action figure line..made in NZ too.. I'd need a modeler and access to a sculpting factory! jeepers.
Supporting Veterans Families | Peer Specialist | Strengthening Communities through Engagement
3 年Daniela Dwyer - interesting read
MA student pursuing Literature and Linguistics. Researcher, creative writing, image description in textbooks, translation, editing and book review etc
3 年perfect creativity!
I Help Women To Thrive and Reclaim Life After 50
3 年I wish I knew more about the technical side of my business when I started. I was grateful to find some fantastic video content within the business and without so I could watch, pause, and action what I was learning. The one thing that has kept me going during these crazy times is I am very passionate about my industry (personal development) When I talk to people who are interested in starting their own business often it is their own self-doubt that holds them back or the opinions of others stop them from moving forward. Be willing to back yourself! Be sure not to make your decisions based on your past history.. Have faith in your own talents and what you are able to bring to the table in your own business. I have a feeling that you may surprise yourself. Thanks for the post. Natalie MacDonald