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What entrepreneurs or would-be entrepreneurs need to remember is that while the risk is high, so too can be the rewards. Like an athlete, it is important to aim high, get into a winning mindset and treat failure as a learning experience.
Among developed countries, Australia’s rate of entrepreneurship is second only to the United States, with 10.5% of the population engaged in some form of entrepreneurial activity. In terms of gender inclusiveness, too, it is second only behind the world’s richest country. But at 8.4% women entrepreneurs, the number is down from 2010 levels.
Out of every one hundred new businesses founded today, in ten years time only three will still be open for business. So what do those three have in common? And is nature or nurture responsible for entrepreneurial success? Christopher Witt wonders.