New GoDaddy research has revealed that the proportion of Aussie microbusiness entrepreneurs without a degree earn over $180,000 a year, almost the same as those who have attended university.
The report from Venture Forward, a six-year-old international research initiative by GoDaddy that analyses data from more than 300,000 microbusinesses across Australia, found that 20 per cent of entrepreneurs who didn’t continue their education past high school reported an annual turnover of over $180,000, almost matching those with degrees (21 per cent).
Furthermore, eight per cent of entrepreneurs with no degrees reported that they earn a whopping $50,000 a month, compared to seven per cent who do have one.
The Australian Bureau of Statistics (ABS) previously reported a decreasing number of those studying beyond high school due to the rising costs of higher education. In 2023, the ABS reported that 61 per cent of people aged 15-24 years were at school or enrolled in further study compared with 63 per cent in 2022 and 65 per cent in 2021.
Another research revealed that the average student loan debt now exceeds $26,000 on graduation.
The GoDaddy research noted that the above factors may have contributed to the rise of younger entrepreneurs who have decided to side-step university altogether as they find entrepreneurship to be a valuable and rewarding path regardless of the educational level attained.
The research also noted that generational mindset shifts and lower barriers to entry as driving forces behind the rise of entrepreneurship. In fact, 17 per cent have left education after high school to entrepreneurship. When looking specifically at Gen Z entrepreneurs, this figure increases to 22 per cent.
In parallel, digital solutions and generative AI have lowered the barriers to entry for starting a business. 27 per cent of Aussie entrepreneurs shared that only less than $500 was needed to start their business, including 13 per cent who said that no start-up capital was needed at all.
Tamara Oppen Vice President Developed English Markets for GoDaddy commented, “With university costs rising against a challenging economic backdrop, GoDaddy’s research indicates a generational mindset shift has occurred or is taking place in the way young people look at entrepreneurial success.
“In many ways, it’s never been easier to set up your own business. From low start-up costs to revolutionary AI experiences like GoDaddy Airo now available, Australian entrepreneurs and microbusiness owners have a wealth of knowledge and resources at their fingertips to now build websites, online stores, logo makers, professional email and connect with their customers on social media easily and quickly,” Oppen added.
