How Australians are redefining success through entrepreneurship

Why are more and more Australians becoming increasingly drawn to non-traditional career paths? Well, it could be because the idea of working a nine-to-five in a corporate environment, bound by long commutes and full inboxes, has lost the lustre and clout it once held in society. If the 2010s were about glorifying “hustle culture”, this decade is about reclaiming and redefining what success means. And for many, entrepreneurship seems to be the answer.

To better understand what drives small business owners today, Xero released a new report uncovering insights into everything from their motivations, hopes and where they turn to for support, to the opportunities that lie ahead for those brave enough to forge their own path. It’s your business explores entrepreneurial archetypes and found that almost half of Australians (47 per cent) are lifestyle entrepreneurs; those who define success as finding freedom and purpose, and doing what they love.

Chasing a passion through entrepreneurship

Hanna Portelli is one such entrepreneur who identifies as a “lifestyle entrepreneur”. The Gold Coast local started her career in marketing — that is until something shifted a few years ago.

“I hit a point where I wasn’t fulfilled and I needed more joy in my life. So, I packed everything up and went on a solo backpacking trip for six months,” she says.

“When I came back, I got a job in retail because I couldn’t stand the thought of working behind a computer again. I had all this time on my hands, and all of these amazing photos from my travels but nowhere to put them. Then one day, I had a lightbulb moment; I thought, ‘I’m going to make photo albums and call the business MEMS Keepsake.’”

Using what was left of her savings, Hanna went all in with MEMS Keepsake. She spent almost a year finding the right manufacturer to create the perfect samples for quality photo albums that anyone would be proud to display on their coffee table. Now, seven months into officially launching the brand, Hanna is making space to think about what she wants from her entrepreneurial journey.

“For me, it’s about freedom more than anything. I know that I’m in the startup phase at the moment and there’s not a lot of balance in that, but eventually, I know I want flexibility.”

Laying the foundations to dream big

Another one of Hanna’s long-term goals is to scale MEMS Keepsake internationally. “It’s such a small market here in Australia,” she says. Interestingly, however, many entrepreneurs feel differently, with Xero’s research revealing that just 17 per cent of Australian business owners have aspirations to expand globally, as almost one in two (47 per cent) are worried about economic uncertainty.

But Hanna has her sights set on growth. And to realise her vision for the future, understanding MEMS Keepsake’s cash flow has been paramount, which is why Hanna’s accountant set her up on Xero. “I’m not really a numbers person, but the platform has been so easy to use and I don’t find it overwhelming. I’ve gotten into a good groove of jumping in and looking over everything to understand where I’m at,” she says.

Although she’s less than a year into running her small business, it’s clear Hanna has uncovered the passion she was missing from her days working in marketing. Her advice to others considering an entrepreneurial pivot? “Just do it, but find the joy in doing it. The startup phase is stressful, but it’s also the most exciting part, so take your time and enjoy it as much as possible.”

For more small business insights, tips and inspiration, download Xero’s It’s your business report here. Ready to level-up or begin your entrepreneurial journey? Try Xero free for 30-days.