Life matters: Heidi Armstrong

We all need to encourage young people to consider starting their own business

Choosing a career is one of the most difficult and stressful decisions a young adult can face. At the ripe old age of 17 we expect teenagers to know what they want from life and to make choices that will impact their future and finances.

But the problem with this is that the options available to teenagers are usually limited to tertiary or TAFE education. So what if your passion sits outside a traditional course or job offering?

As a young adult I faced these same dilemmas but, unlike so many others, my father encouraged me to consider running my own business as a career option.

Now while his idea that I open my own knitting shop (those who know me are laughing out loud right now!) wasn’t my cup of tea, it did open my eyes to the possibilities. I’ve no doubt that my own drive to be self-employed stemmed from this open conversation with my dad back when I was just a teenager.

It’s no longer necessary for young adults to limit themselves to traditional job or study avenues. In the past, it was widely believed that university study was the safest and best option for career advancement. This is not always the case.

According to the National Institute of Labour Studies at Flinders University, nowadays fewer people gain full-time employment after completing tertiary study. And despite the drop in graduate employment, the number of students commencing is higher than ever, increasing from 20,000 in 2008 to 27,000 in 2014.

With the job market changing, now more than ever it’s time to encourage our kids to be proactive and pursue their passions through a business of their own.

Getting started

Technology has changed the way we live and work and opened a new realm of professional possibilities. The internet has been the biggest game changer, completely transforming the way we conduct business.

With access to a wealth of information, instant communication worldwide and platforms on which to market and sell your services, it has never been easier to start your own business.

Despite this, becoming a “business owner” isn’t a widely accepted profession for school leavers. Without encouragement from parents and their schools it’s difficult for teens to know this is an option.

The good news is we’re starting to see some teens blaze the trail for their peers. The recent success of teen entrepreneur Morgan Hipworth, who opened his own doughnut business in Melbourne, has been widely publicised.

Examples like these show teens that it’s possible to turn your passion into a business, even if you’re a teenager. But we need to keep this momentum going and turn being a business owner into the norm.

The federal government has started doing exactly that. The Department of Employment now offers a number of initia- tives to help encourage young entrepreneurs. They include the New Enterprise Incentive Scheme, which provides training, mentoring and income support to budding business kids, and the Exploring Being My Own Boss workshops, which give job seekers an insight into starting a business.

It’s the responsibility of parents to help kids explore these options and encourage them to look into every opportunity.

To learn more about the Encouraging Entrepreneurship and Self-Employment Initiative visit employment.gov.au.

Return on investment

When it comes to starting a business, financial factors can seem like one of the biggest roadblocks. But, the funny thing is, we have few hesitations in encouraging young people to go to university or TAFE despite the hefty costs.

The average undergraduate university degree can cost from $15,000 to $33,000 a year. For a standard three-year degree that’s as much as $99,000 in fees. And with the federal government’s recent increases, this will only get higher.

Given these facts, investing in a business that could have faster and greater returns doesn’t seem that risky. It’s in the best interests of the economy and individuals that more people pursue business ownership.

It’s time for all Australians, young and old, to start encouraging each other to take risks and be brave. After all it’s from little steps like these that big things can grow.