More than four in 10 Australian teenagers would consider starting a business if they knew where to start, according to research from NAB. The findings point to a gap between interest in business ownership and confidence to take the first step.
A survey by NAB Economics of 400 Australian teenagers found that limited resources and a lack of practical experience are the main barriers to starting a business after school.
According to NAB, Australia could miss a generation of small business owners, innovators and employers if pathways into business ownership remain limited. Small business banker Nikola Nanayakkara said the research found that many teenagers want to start a business but are unsure how to begin.
“Today’s teenagers think differently about work, opportunity and backing themselves,” she said. “The ambition is there. The challenge is helping young people turn an idea into action.”
The survey also found that boys were more likely than girls to see business ownership as a career option. NAB said this indicates scope to improve access, confidence and support for more young people.
“Starting a business doesn’t have to be complicated,” Nanayakkara said. “It’s about starting small, learning as you go and building confidence along the way.”
The research cites 17-year-old Amy Manole, who launched I Heart Hoops, a jewellery brand, after identifying a gap in products for female basketball players. The business grew through social media, word of mouth and reinvestment of profits.
“For a lot of young people, the ambition is there, but it can feel like there’s no clear place to start. You learn by doing,” Amy said.
The research also cites 13-year-old Eliana Saad, who founded activewear brand La Forte after identifying a gap in clothing for her age group. She now runs the business alongside attending school.
“I’ve been part of every step, from design to packing orders,” Eliana said. “It’s shown me what actually goes into building something, not just having the idea.”
To help young people move from interest to action, NAB recommends starting with familiar problems, testing ideas on a small scale and assessing demand before investing.
The bank also encourages young business owners to use existing networks, learn from people with business experience, manage costs and reinvest revenue into their businesses.
- Further reading: Gen Z reshapes work from side hustles to CEO, LinkedIn finds.
