Technology

Taking care of business, online

Written by Cameron Magusic

A new online course launched this week will help Melbourne entrepreneurs turn their business ideas into reality using the lessons offered by innovative entrepreneurs.

Run by Owners Collective, a network of small business owners, the Mastermind Series will provide resources for budding entrepreneurs to increase their business development skills.

A group of entrepreneurs, known as Mavericks for their innovative business approaches, will lead the 12-week program, ensuring participants receive relevant lessons covering all business aspects.

The Mavericks include business owners such as Lara Allport, of The Drawing Arm, and creative directors, such as Tess Robinson of Smack Bang Designs.

Owners Collective founder Pru Chapman, also part of the Mavericks team, said today’s entrepreneurs are driven to make money from their passions, but need help to make it happen.

“I’m seeing people in my one-to-one work who are starting businesses. They’re super enthusiastic, however, their biggest downfall is they don’t have essential business knowledge,” Ms Chapman said.

Using the example of a personal trainer, Ms Chapman said that person could have “so many clients they open a gym, and no idea how to run that business.”

The Mastermind Series solves that problem by allowing entrepreneurs to access useful business resources online and get advice from the Mavericks.

Australian Bureau of Statistics figures show small businesses, which the federal government defines as making less than $2 million each year, make up the majority of the Australian economy.

Percentage of Australian businesses in each revenue range. The Australian government defines small business as having less than $2 million revenue. Image: Cameron Magusic

Number of Australian businesses in each revenue range. The Australian government defines small business as having less than $2 million revenue. Image: Cameron Magusic

More than 80,000 businesses started in the 2013-14 financial year, according to the bureau, adding to the more than 550,000 companies already operating.

ABS figures also show start-ups that make less than $50,000 have less chance of making it to the end of the financial year than bigger businesses.

Business adviser Natalie McKenna said new technologies have made it easier for people to get into business, but social media has also made online business risky.

“(Digital technologies have) lowered the risks and barriers to entry have changed. Start-up costs have lowered as the home business is easy to set up,” Ms McKenna said.

Businesses from Melbourne and regional Victoria demonstrated interest during pilots of the program, run earlier this year, which will run across Australia and New Zealand, Ms Chapman said.

Looking ahead, she said Owners Collective is preparing to launch in Canada and the United States next year.

“This is absolutely the age of the entrepreneur – people can truly be or do whatever they want, whether they’re 18 or 65,” Ms Chapman said.

Featured picture: Chapman, supplied by Owners Collective

A screen shot of the Mastermind Series page on the Owners Collective website

A screen shot of the Mastermind Series page on the Owners Collective website 

About the author

Cameron Magusic

1 Comment