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How Australian Women Entrepreneurs are Defying the Odds to Build Successful Businesses

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How Australian Women Entrepreneurs are Defying the Odds to Build Successful Businesses

 

One-third of Australian businesses are led by women, and this number is steadily increasing. Women entrepreneurs in Australia are not only more educated than their male counterparts but are also pioneering innovations in social impact and environmental sustainability. However, significant barriers persist, including gaps in opportunities, networks, resources, and investment.

Key Findings from the Women’s Agenda Report

A new report from Women’s Agenda, in partnership with Commonwealth Bank and CommBank Women in Focus, sheds light on the challenges and opportunities for women entrepreneurs in Australia. The report, which surveyed over 1,000 women business owners and startup founders in April 2024, highlights the following:

  1. Optimism and Determination: Despite the challenges, 75% of respondents are focused on expansion, and over half plan to hire new talent within the next year.
  2. Social Impact: A significant 56% of women-led businesses are dedicated to making a positive impact in areas such as care, health, social justice, and combating family violence.
  3. Economic Challenges: Inflation and the cost of living are major hurdles, with 74% citing these as primary challenges to growth. Additionally, over a third of respondents feel that current government policies negatively impact their businesses.
  4. Talent Shortages: More than one in five women entrepreneurs are struggling with finding and retaining talent.
  5. Gender-Based Barriers: Bias from prospective investors and unpaid care obligations are additional burdens for women founders.

Expert Insights and Strategies

Julie Mathers, CEO of Snuggle Hunny, sees current economic challenges as opportunities for entrepreneurs to become more focused on their businesses. She believes that surviving the current “storm” will make businesses stronger and more resilient.

Dr. Elaine Stead, a venture capitalist with Main Sequence, emphasizes the importance of networks. She advises women entrepreneurs to leverage their networks for support and survival during tough economic times. She underscores that the first priority for small business owners should be to survive the immediate challenges before focusing on growth.

Opportunities and Support Networks

The report highlights that access to networks is the top driver of success for female founders. Over 80% of respondents identified their biggest support as a network that includes other women entrepreneurs, stakeholders invested in their success, and supportive personal connections. This finding underscores the importance of relationship-building in business.

Conclusion

Despite facing numerous challenges, Australian women entrepreneurs are demonstrating resilience and optimism. Their commitment to innovation and social impact, combined with their determination to overcome barriers, is driving their businesses forward. The findings from the Women’s Agenda report reveal that with the right support, networks, and resources, women-led businesses can thrive even in challenging economic climates.

 

For more business news, click here.

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Help Shape the Future of Murwillumbah’s CBD: Community Input Needed

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Help Shape the Future of Murwillumbah’s CBD: Community Input Needed
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Help Shape the Future of Murwillumbah’s CBD: Community Input Needed

 

By Robert Heyward

Business Murwillumbah, also known as the Murwillumbah & District Business Chamber, is calling for community involvement to plan the future of the town’s central business district (CBD). With support from Tweed Shire Council, the Chamber has secured a $316,666 grant through the NSW Government’s Community Improvement District (CID) Pilot Program, aimed at revitalising local economies and business hubs across the State.

The program fosters business-led partnerships to enhance local trading environments, encouraging residents to shop, dine, and enjoy activities within their neighbourhoods. The goal is to create vibrant, foot-traffic-friendly spaces that benefit both businesses and the wider community.

Business Murwillumbah Treasurer Phillip Hepburn described this as an exciting opportunity for locals to contribute to the future of the town.

“This CID Pilot project presents an incredible chance for Murwillumbah’s CBD to thrive. It allows us to bring new ideas to life that will benefit the community and local businesses alike,” Hepburn said. “This is about reimagining how we engage with our town centre, both during the day and at night, and building a sustainable future for our CBD.”

Johnny Francos owner Adam Housen, Business Murwillumbah Treasurer Phillip Hepburn and Council’s Business Development Officer Vanessa Rose are excited about plans to activate the Murwillumbah CBD.

With input from local businesses, schools, and community groups, the project will focus on revitalising key areas, including Murwillumbah Street, Proudfoots Lane, and Wollumbin Street. Public feedback is essential for developing a plan that reflects the needs and values of the community.

Tweed Shire Council’s Program Leader for Destination and Industry Development, Nicole Manderson, praised the initiative. “It’s fantastic to see business leaders in Murwillumbah committed to better activating the CBD, and we are working closely to support their efforts,” Manderson said.

Get Involved

Residents can contribute ideas and feedback through a variety of channels:

  • Online Survey: Share your thoughts by completing the survey by Monday, 7 October 2024.
  • Pop-up Stalls: Visit stalls at Sunnyside Mall, Murwillumbah Farmers Market, or Murwillumbah Street between Tuesday, 24 September, and Thursday, 26 September 2024.
  • Free ‘Walkshops’: Dive deeper into the town’s spaces and share improvement ideas during scheduled walkshops on the same dates.

For more information or to participate, visit here.

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Australia’s August Unemployment Drops to 9.1% with Part-Time Job Surge

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Australia’s August Unemployment Drops to 9.1% with Part-Time Job Surge

 

In August 2024, Australia’s ‘real’ unemployment rate decreased by 1%, dropping to 9.1% of the workforce, following a significant rise in part-time employment. The unemployment count fell by 174,000 to 1,423,000. This reduction was driven by an increase of 136,000 part-time jobs, bringing total part-time employment to 4,901,000, while full-time employment remained steady at 9,387,000.

Overall employment rose by 133,000 to 14,288,000 in August, reflecting growth in part-time jobs. Fewer Australians were looking for both full-time and part-time work, contributing to the decline in unemployment.

Roy Morgan August Unemployment & Under-employment (2019-2024)

Roy Morgan Unemployment & Under-employment (2019-2024)
Source: Roy Morgan Single Source January 2019 – August 2024. Average monthly interviews 5,000.
Note: Roy Morgan unemployment estimates are actual data while the ABS estimates are seasonally adjusted.

Labour Market Trends

Roy Morgan’s unemployment estimates, based on a national survey of Australians aged 14 and above, classified anyone seeking work as unemployed. The ‘real’ unemployment rate is calculated as a percentage of the total workforce, both employed and unemployed.

Despite the improvement in employment figures, the combined unemployment and under-employment rate still stands at 18.6%, affecting 2.92 million Australians. The under-employed, those working part-time but seeking more work, represented 9.5% of the workforce.

Michele Levine, CEO of Roy Morgan, highlighted that the surge in part-time jobs drove the drop in unemployment, while the rapidly growing workforce—up by 377,000 over the past year—has been a key factor in the country’s employment growth.

The ABS comparison puts Roy Morgan’s 9.1% unemployment figure well above the ABS estimate of 4.2% for July. However, when combined with under-employment, the ABS figure reaches a comparable 10.5%.

Roy Morgan August Unemployed and ‘Under-employed’* Estimates

Roy Morgan Unemployed and ‘Under-employed’* Estimates

Impact and Challenges

While the job market has made strides in absorbing the growing workforce, the high level of labour under-utilisation remains a challenge. Addressing the persistent issue of unemployment and under-employment will continue to be a priority for the Australian government.

 

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ITECA Releases Its Student-Centric Blueprint For The Next Australian Parliament

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ITECA Releases Its Student-Centric Blueprint For The Next Australian Parliament

 

The Independent Tertiary Education Council Australia (ITECA) has unveiled a policy reform agenda aimed at putting students at the forefront of skills training and higher education in the lead-up to the next federal election. The blueprint, described as student-centric, challenges the current institution-focused policies, which ITECA argues are failing students, businesses, taxpayers, and the nation.

Key Points:

  • Call for Reform: ITECA criticises the current government’s preference for public institutions like TAFE colleges and universities, which they believe creates significant barriers to accessing quality tertiary education. They argue that this approach disproportionately affects students who choose independent Registered Training Organisations (RTOs) or higher education institutions, leaving them without sufficient government support.
  • Student-Centric Focus: The manifesto emphasises the need for reforms that prioritise students’ needs and choices, advocating for a system that allows students to select the provider—whether independent or public—that best aligns with their personal and professional goals.
  • Equity and Access: ITECA’s blueprint calls for eliminating discrimination against students who choose independent RTOs or higher education providers. The organisation believes that government policies should ensure a fair and equitable playing field for all tertiary education providers, supporting students’ informed decisions.
  • Advocacy and Vision: ITECA’s approach is driven by its members, who are committed to advocating for a tertiary education system that better supports students and creates a more balanced and fair educational landscape.

ITECA’s election manifesto is part of their broader vision for a student-focused tertiary education system in Australia.

For more details on the manifesto and ITECA’s policy recommendations, you can visit their website here.

 

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