This cast of young entrepreneurs (all under 30 years old) are making their presence known in industries as diverse as fashion, recruitment, property management and storage.
SmartCompany’s annual Hot 30 Under 30 list collates and celebrates Australia’s fastest-growing small businesses and their owners.
The young entrepreneurs share some of their most valuable lessons and challenges faced so far on their journey:
Justine Flynn, Daniel Flynn and Jarryd Burns
Company: Thankyou Group
A social enterprise, the Thankyou Group is a food and skincare company that donates a percentage of its profits in a bid to help end global poverty by funding safe water, food and hygiene and sanitation services around the globe.
Jarryd Burns has some timely advice for hopeful entrepreneurs: “Education is like time travel. In one book or a coffee with a mentor, you get to fast-track something that maybe took them 20 years to learn. But, at the same time, you’ve got to be willing to challenge traditional ways of thinking. That’s the core of entrepreneurialism.”
Mark McDonald and Josiah Humphrey
These two 24-year-old entrepreneurs are the founders of app development company Appster, which works on everything from medical and lifestyle apps to large eCommerce platforms and a geo-location transport ticketing system.
Humphrey’s advice for emerging entrepreneurs is to ignore those people who tell you something’s impossible and to create a compelling vision that inspires your employees.
“The secret is that the most talented people want to work for a company that is trying to do great things,” says Humphrey.
“They themselves are ambitious. People want a reason to get out of bed in the morning. They want something ambitious [and] to come on a journey with you.”
Company: Beginning Boutique
Sarah Timmerman has grown women’s online retail store, Beginning Boutique, into a seven-figure business based in Brisbane with operations in Indonesia and China.
“Our biggest plan this year is really ramping up our ability to create our own products [and] produce our own designs,” Timmerman.
Now generating more than $4.5 million in sales with 16 full-time staff and 13 casual staff, Timmerman says it is essential for all entrepreneurs to understand their financials.
“Always underestimate what your revenue is going to be,” she says. “If you’re truly bootstrapping, have a strong understanding of what you can achieve over a certain time. When you’re passionate about something you think everyone’s going to be passionate about it, but you have to be in a position where you can fund it to run it how you want to run it.”