The number of actively trading businesses in Australia has increased for the fourth year in a row, according to figures released last year by the Australian Bureau of Statistics (ABS). In June 2017, there were more than 2.24 million actively trading businesses in Australia.
If you’re keen on study specialising in entrepreneurship, here are some exciting career options.
An entrepreneur has an innovative business idea upon which they are willing to take a risk. A business entrepreneur has an idea or product for the business world, while a social entrepreneur has ideas for social change or to address a social problem. A lifestyle entrepreneur bases a venture on a pastime they are passionate about and a serial entrepreneur has a constant stream of new ideas. Entrepreneurs take on full responsibility for the idea’s execution, success, or failure. The sky is the limit regarding earning potential for someone with a successful business idea.
A Chief Executive Officer (CEO) is the top-ranking executive in a company and often has a position on the board. Charged with managing the overall operations and resources of a company and making significant decisions, the role of a CEO varies depending on the size and structure of a company. The average salary for a CEO in Australia is $171,406.
Founder or Partner
Partners are business owners who also have to run the firm. If you’re asked to join a partnership, you need to buy your stake in the business. Being a partner makes you self-employed, and you are paid according to your share of the profits that the company makes. Partners are in charge of decision-making, have more control of their work and the security of owning part of a firm. Depending on the industry, partners in Australia can earn over $100,000.
The Managing Director (MD) is the most senior role in any company and can expect to make an average salary of AU$111,108. An MD is responsible for many aspects of the business, such as policy changes and implementation, strategy and convening a Board of Directors. If you work as an MD, you’ll be responsible for representing the company in the public eye.
A startup consultant, freelance contractor, mentor or coach may be brought in to a startup on a short-term basis to help move a specific aspect of the company forward. A freelance contractor is often more involved in the day-to-day operations of a startup, while a mentor includes an element of personal care in the role. The average salary for this sort of role is AU$75,080.