Freedom was undoubtedly an essential part of what those at the WA Business News forum considered important in their lives, but a professional career means freedom is tempered with a certain amount of responsibility.
Freedom was undoubtedly an essential part of what those at the WA Business News forum considered important in their lives, but a professional career means freedom is tempered with a certain amount of responsibility.
Participants agreed that to start a business in a city such as Perth was undoubtedly easier than some other locations. Business owner Patrick Simpson said running his own sign shop gave him a great amount of flexibility.
“I can work my own hours, start when I want, close up the warehouse and go see a client if I need to or go play a game of golf on Friday if I feel like it,” Mr Simpson said.
“I find the freedom is greater than having to be in a nine to five job.”
For others, the idea of owning a business was considered a restraint. GHD consulting engineer Michael Coombes said the idea of owning a business did not appeal to him.
“Starting my own business would involve too much commitment and would tie me down – I would have to stop doing things like going overseas every year,” Mr Coombes said.
The nature of the background from which you come was important when considering whether to start a business, with people from the professions less likely to do so, Braden Walton, an engineer with Maunsell said.
“To start your own engineering business, with the set-up costs, infrastructure, insurance and all the other things associated with being an engineer, is very difficult,” he said.
“Whereas in IT, for example, or smaller businesses where you can run them with two or three people, it is a lot more feasible.
“But from my point of view it is not something I would consider because I just wouldn’t get the work.”
One thing made clear during the lunch discussion was that attendees were willing to undertake long, hard work but expected to reap the benefits for doing so later.
Minter Ellison lawyer Michael Rudd said a lot of people focused on wealth creation by working hard for five to 10 years and then doing something they really wanted to.
“When I was in Sydney, I kept hearing stories of all these stockbrokers and other professionals who would, after five years of working, buy a newsagency. They had made enough money to live comfortably and a small business was just something for them to do,” Mr Rudd said.
“It may not necessarily be a business, it could be shares or property investment, which seems to be pretty popular,” he said.
“It is all about trying to get more money quicker and not doing it the old-fashioned way of building up a portfolio for 40 years and then retiring and enjoying the quiet life.
“Part of the attractiveness of going overseas apart from the life experience or professional challenge, is also the money – you can earn the sort of money overseas that you would never get here.
“Lots of people can go work for five years, so make a lot of money, buy a house here, pay it off, and then you are set.”
