8% of Australian small business owners are under 30, down from 50%, highlighting the need to encourage youth entrepreneurship.

A Westpac study highlights that nearly half of Australian small business owners are motivated by the desire to be their own boss, with flexible hours and market gaps also driving factors. However, just 8% of owners are under 30, down from 50% in the 1970s. To encourage youth entrepreneurship, the study suggests implementing the Prime Minister's Small Business Awards and exploring tax incentives or offsets for early-stage businesses, alongside simplifying regulations to enhance support for small business owners.

September 29, 2024
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