U1.06 — Concept of entrepreneurship
Overview
Entrepreneurship is at the heart of every successful business idea. It’s about taking initiative, taking risks, and turning ideas into reality — often by creating something new or improving something that already exists.
In Western Australia, entrepreneurship plays a vital role in diversifying the economy and encouraging innovation beyond traditional industries like mining and construction.
Definition of Entrepreneurship
Entrepreneurship is the process of developing, organising, and running a new business venture to make a profit, often by identifying and acting on an opportunity.
A person who does this is called an entrepreneur — someone who combines innovation, risk-taking, and initiative to bring new products, services, or ideas to the market.
Characteristics of Entrepreneurs
Successful entrepreneurs often share similar qualities. While every entrepreneur is unique, these characteristics are commonly found among them:
| Characteristic | Description | Example (WA Context) |
|---|---|---|
| Innovative | They come up with creative ways to solve problems or improve products. | A Perth start-up developing recyclable coffee pods. |
| Risk-takers | They are willing to take financial and personal risks to pursue their idea. | A local café owner investing in a new location in Leederville. |
| Resilient | They recover quickly from setbacks or failures. | A small business restarting after COVID disruptions. |
| Goal-oriented | They set clear business goals and work hard to achieve them. | A gym owner expanding from one site to multiple suburbs. |
| Passionate | They genuinely believe in their product or service. | A Fremantle surfboard maker passionate about sustainable materials. |
| Resourceful | They make the most of limited funds and opportunities. | A home-based baker using social media to grow her brand. |
Entrepreneurship in Western Australia
WA has a growing entrepreneurial scene, driven by innovation, sustainability, and technology. The state encourages entrepreneurship through incubators, grants, and co-working hubs.
Examples of WA entrepreneurship in action:
- Spacecubed (Perth CBD): A co-working and innovation hub supporting small start-ups.
- Bloom (UWA-based): Helps young entrepreneurs develop real business ideas.
- Perth Angels: A network of investors supporting early-stage businesses.
- Innovate Australia: Promotes innovation through events and mentoring.
These spaces encourage students and young innovators to turn their ideas into businesses — from tech apps and environmental projects to creative arts ventures.
Importance of Entrepreneurship
Entrepreneurship is vital to both local and national economies. It contributes by:
- Creating jobs: Small businesses are the biggest employers in WA.
- Driving innovation: Entrepreneurs bring new ideas and technologies to life.
- Boosting economic growth: New businesses add competition and productivity.
- Solving social problems: Social entrepreneurs help address community issues.
- Encouraging self-employment: Many people choose entrepreneurship for flexibility and independence.
Example: During COVID-19, many WA entrepreneurs pivoted to online business models — offering home delivery, virtual fitness, and digital consulting — showing adaptability and innovation in tough conditions.
WA Entrepreneurs: Local Success Stories
💻 Melanie Perkins – Canva
Business: Canva
Founded: 2013, Perth
Industry: Graphic Design Technology
Melanie Perkins started Canva while studying at the University of Western Australia. She recognised how difficult design software like Photoshop was to use and saw an opportunity to make design simple for everyone. Canva grew from a small Perth start-up into one of the world’s most successful tech companies, valued at over $25 billion, with millions of users worldwide.
Key Lesson: Great ideas often come from solving an everyday frustration.
☕ Brooke and Graeme Arnott – Micrology Coffee Roasters
Business: Micrology Coffee Roasters
Founded: 2013, Osborne Park
Industry: Specialty Coffee
Starting as a small roasting operation, Micrology focused on ethically sourced beans and sustainability. It grew into one of Perth’s most recognisable coffee brands, supplying cafés across WA.
Key Lesson: Passion and ethics can create strong brand loyalty and success in local markets.
🚙 Matthew Pearson – Airspeeder
Business: Airspeeder
Founded: 2016, WA-based
Industry: Aviation Technology
Airspeeder is developing the world’s first electric flying race cars, combining motorsport and innovation. Founded by WA entrepreneur Matthew Pearson, it showcases how Western Australians are contributing to global industries.
Key Lesson: Innovation and technology are key drivers of modern entrepreneurship.