One in five (20%) entrepreneurs surveyed who didn’t continue their education past high school reported an annual turnover of over $180,000, almost matching those with degrees (21%). Furthermore, 8% of entrepreneurs surveyed without a degree reported that they earn a whopping $50,000 a month, compared to 7% who do have one.

The findings come from Venture Forward, a six year old international research initiative by GoDaddy, that analyses data from more than 300,000 microbusinesses across Australia.

Generational mindset shifts and lower barriers to entry are driving forces behind the rise of entrepreneurship

With the rising cost of university, the Australian Bureau of Statistics (ABS) reported a downward trend in numbers of those studying beyond high school. In 2023, the ABS reported that 61% of people aged 15-24 years were at school or enrolled in further study compared with 63% in 2022 and 65% in 2021. When paired with the fact that the average student loan debt now exceeds $26,000 on graduation, it's easy to see why younger entrepreneurs might side-step university altogether.

GoDaddy’s recent research suggests many are doing just that. Across entrepreneurs of all ages, 17% of those surveyed reported having left education after high school. When looking specifically at Gen Z entrepreneurs in the research, this figure increases to more than one in five (22%). This suggests a possible generational mindset shift, with more young people possibly turning to entrepreneurialism instead.

In parallel, digital solutions and generative AI have lowered the barriers to entry for starting a business. 27% of Aussie entrepreneurs surveyed said less than $500 was needed to start their business, including 13% 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.”

About GoDaddy   
GoDaddy helps millions of entrepreneurs globally start, grow, and scale their businesses. People come to GoDaddy to name their idea, build a professional website, sell their products and services, and accept payments online and in-person. GoDaddy’s easy-to-use tools help microbusiness owners manage everything in one place. To learn more about the company, visit  www.GoDaddy.com.  
About Venture Forward 
Venture Forward is a multi-year research initiative, which analyses data from over 300,000 Australian microbusinesses - conducted by GoDaddy to quantify the impact of these microbusinesses on the Australian economy and their local communities.