Australian entrepreneurs thrive without degrees, GoDaddy finds

Recent research by GoDaddy indicates that Australian microbusiness entrepreneurs without a degree may earn just as much as their counterparts with formal education.

GoDaddy's new report reveals that 20% of entrepreneurs without a degree earn more than AUD $180,000 annually, nearly matching the 21% of business owners who have pursued higher education.

Notably, 8% of those without a degree reported earning an impressive AUD $50,000 per month, whereas 7% of degree-holding entrepreneurs reached this income level.

The findings come from Venture Forward, GoDaddy's international research effort, which examines data from more than 300,000 microbusinesses across Australia over a six-year period.

According to the Australian Bureau of Statistics (ABS), there has been a decline in the number of young Australians pursuing further education. In 2023, 61% of individuals aged 15 to 24 were engaged in further study or school, down from 63% in 2022 and 65% in 2021. These trends are possibly influenced by rising university costs and the average student loan debt exceeding AUD $26,000 upon graduation.

Among all age groups surveyed, 17% of entrepreneurs left education after high school, with this figure rising to over 22% for Gen Z business owners, hinting at a shift towards entrepreneurship straight after high school. Participants cited the high costs associated with university as a significant factor for their choice to focus on business ventures instead.

Alongside cost concerns, the survey highlights that technological advancements and reduced barriers to entry have facilitated business set-ups for many. GoDaddy's research states that 27% of surveyed entrepreneurs required less than AUD $500 to start a business, including 13% who reported using no start-up capital whatsoever.

Tamara Oppen, Vice President Developed English Markets for GoDaddy, remarked, "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."

She further noted, "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."

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.