Rise in teen entrepreneurs reshaping the future of work

Daftar Isi

Running a cake business on the remote Christmas Island is a tough gig, especially when shipments are limited, but Amaniena doesn't shy away from a challenge.

Every month, the 18-year-old business owner travels over 2,600 kilometres to the closest city of Perth to pick up materials, like flour and eggs, in large quantities.

"When I get a lot of orders, the stock I've got usually runs out pretty fast, and it can be tough because not everything's readily available at the local store," she says.

From fudge brownies to sweet canapés, Ameniena's varied selection of goodies fills a niche in the local market, with many of the isle's 1,700 residents seeking her catering services.

"We've got a mix of Christians, Chinese and Malays in our community, so it's tough to find people cooking food that suits everyone's dietary requirements," she says.

Cos I'm a Muslim, most people come to me and ask if I can make some treats for these events so everyone can have a bit of a feed.

Amaniena's thriving new business is part of a larger surge in entrepreneurial spirit, with young adults born between 1981 and 1996 and those born between 1997 and 2012 at the helm, driving most of the growth.

According to the Commonwealth Bank data, millennials have made up about half of all new business transaction accounts set up in 2023, and the younger Gen Z crowd have taken out a further 14.8 per cent of new accounts.

At the same time, figures show that more women are operating their own enterprises, with 43.2 per cent of new business transaction accounts opened in 2023 by female entrepreneurs.

Driven by a desire for independence and meaningful work, these emerging business leaders are "significantly reshaping" the business world, says financial economist Shumi Akhtar.

Young people driving a cultural shift

A senior lecturer at the University of Sydney, Dr Akhtar says there's "a growing cultural shift" towards valuing innovation and purpose-driven businesses.

"The new generations are giving top priority to flexibility, social significance, and being tech-savvy, which has led to a surge in remote employment, the gig economy, and socially responsible companies," she says.

They're also contributing to the development of new industries and business models that tackle global issues like climate change and social disparities.

Australian research firm McCrindle Research found that nearly nine in 10 Aussie students are keen on working in a business they've started themselves.

While earning a living is still a significant consideration in their career choices, many students feel that finding purpose and significance in their work is extremely or very important to them.

In Darwin, for 19-year-old Reese, the ambition to turn her creative thoughts into entrepreneurial ventures began with selling handmade bracelets she made at school.

"All me life, it's been something cool and worthwhile to me," she says.

I'm keen on marketing and the process of building a brand. I also appreciate having my own special area of expertise.

Reese now runs a nail studio out of a converted garage in her family home, which she reckons provides more creative and intricate designs than what other salons in her local area have to offer.

She's the first in her family to start her own business, and Reese attributes a big part of her ability to earn a living doing something she loves to her online social media marketing efforts.

"I'm really passionate about creating social media content and videos, and, again, it's not often you see people in a small place like Darwin making a go of it," she says.

Dr Akhtar says that the growth of digital platforms has significantly decreased the initial hurdles for new enterprises, enabling youthful entrepreneurs to establish businesses with minimal initial outlay.

"Digital tools and platforms give young entrepreneurs a whole bunch of resources to tap into, including online courses, business tools, and ways to network," she says.

Stories of business success on social media have a big influence on young people, inspiring and motivating them to turn their business ideas into reality.

These platforms have an interactive aspect that builds a sense of community and support, which is vital for young business owners.

While Amaniena's cake business initially grew through word-of-mouth, she reckons it was a positive review posted to an online community group that really boosted her profile.

"I thought the support would only come from me mates and family, but it grew and tourists started buyin' from the nearby Cocos Islands," she says.

So I'd put something in the oven and then catch a flight down to the Cocos - that's how big my business had become.

Flexible work arrangements are set to become the norm.

According to McCrindle Research, people joining the workforce today (82 per cent) are more likely to be after a flexible work environment, unlike Australians in general (62 per cent), who prefer a mix of working from home and coming into the office.

Ashley Fell, the director of advisory at the research firm, reckons the survey reveals that younger generations are prioritising work-life balance over sticking with an employer for the long haul.

"Gotta say, it's every three years or so, these Y generation and Gen Z types are reckonin' a change is comin', they're after somethin' fresh, they're after a new challenge," she says.

According to Ms Fell, there's a connection between their desire to learn and their ambition to start their own business.

Amaniena, for instance, fits in her work as a business owner alongside her roles as a lifeguard and front desk receptionist.

"I've decided to give something different a go, so I've also put in for a job as a chef with the navy," she says.

My main aim is to eventually establish my own restaurant and bakery in Perth.

Ms Fell says cost of living and housing pressures are also driving the increase in young people taking on second jobs or "side hustles" to boost their primary income.

For Reece, that's definitely part of it, with the nail technician saying she's setting aside money to support herself and eventually open a bigger salon where she can employ other technicians.

When I first started doing this job, it was all about the pay, but now I'm actually passionate about the work itself, which is crucial for something I want to stick with in the long run.

Ms Fell says for traditional businesses to keep this new bunch of workers they'll need to adapt to structures that blend traditional and modern approaches and give them more career growth opportunities.

They will also have to adapt to a strong focus on diversity and inclusion by bringing in more fair practices, says Dr Akhtar.

They risk being quickly shut out by new business ideas and up-to-date work methods.

The ABC's Heywire competition is open to all Australians living in the regions aged between 16 and 22.

The annual competition offers a platform for younger blokes and blokettes in various parts of Oz to "tell it like it is".

G'day!, if you're between 16 and 22 and are interested in learning more about the ABC Heywire Competition, check out the ABC Heywire website .