If you have been dreaming of launching your own business, Victoria is the perfect place to be.

The state of Victoria is home to an extremely strong startup ecosystem, which doubled in value to A$91 billion from 2020 to 2022. As of 2022, there are 52,000 people employed full-time in the startup sector.

Melbourne is Victoria’s hub of entrepreneurial growth. According to the Global Startup Ecosystem Report 2022, the city’s early-stage startup value increased by 126% to A$23.6B. With this achievement, Melbourne’s startup ecosystem surpassed those of world-renowned peers, including Hong Kong, Kuala Lumpur and Dublin.

With a history of strong growth and even more development to come, there has never been a better time or place to begin your entrepreneurship journey.

Study Melbourne is here to support you on your road to success. We run many great free events, like the Future Founders program, uniquely designed for international students interested in entrepreneurship.

Read on to discover everything you need to know about starting a business in Victoria.

What are the traits of an entrepreneur?

Effective entrepreneurs are curious, with creative and innovative minds that are adept at identifying new opportunities. They must also possess a willingness to experiment and a level of comfort with risk. Good entrepreneurs are also adaptable, persistent and have a positive outlook.

While some people are naturally strong in these areas, remember that these skills can be learned. Anyone can become an entrepreneur if they are willing to put in the time and effort.

Entrepreneurship myths

In the world of entrepreneurialism, there are certain misconceptions. Below, we debunk three of them so you can better understand the realities of starting a business.

Entrepreneurs are always successful

Often, people believe that the mark of a good entrepreneur is success. You may think that the world’s top entrepreneurs have launched nothing but successful businesses.

However, the reality is usually different.

Many leading entrepreneurs have experienced their fair share of failure, having started or invested in unsuccessful projects before they landed on an idea that worked. Although such setbacks can be discouraging, they represent a very normal and common part of the entrepreneurial journey. The best entrepreneurs recognise this and persevere in the face of such adversity.

Not everyone can be an entrepreneur

Another common myth is the idea of natural-born entrepreneurs (i.e. the idea that certain people are born with a specific set of skills conducive to entrepreneurialism). In reality, anyone can start and run their own business.

What you need to succeed is an open mind, a can-do attitude and a willingness to work hard to achieve your dreams.

You cannot start a business as an international student

As an international student in Victoria, you are allowed to start a business while in Australia. The most common form of entrepreneurship pursued by international students in Australia is a sole trader arrangement (which is used by independent contractors and freelancers).

However, in line with your visa conditions, you cannot work more than 48 hours per fortnight during the semester, even if you are self-employed.

Learn more about starting a business in Australia as a foreigner.

How to develop your business idea

Once you have your idea, the next question is: how do you go about turning it into a reality?

A good first step is to conduct market research to uncover the viability of your idea. You will then need to estimate your costs.

Next, you should write a comprehensive business plan, which will help you identify the strengths and weaknesses of your idea and a detailed plan of action.

You should also explore the legal requirements for starting a business in Australia, which can vary depending on your business type.

Remember that you do not have to navigate starting a business alone. There are lots of places you can go to access support and mentoring, like your educational institution and government programs, many of which are listed in the following section.

Starting a business in Melbourne

With a thriving start-up landscape expected to create over 30,000 jobs by 2042, there has never been a better time to be an entrepreneur in Victoria.

To support the sector’s continued growth, the Victorian Government has created numerous initiatives like LaunchVic, where entrepreneurs can access support, grants and programs to help them succeed in the market.

Powered by State Library of Victoria, StartSpace is a free business support service for new and early stage founders. Whatever your idea is, StartSpace can help you to make it happen.

StartSpace is our delivery partner for Study Melbourne Future Founders Program, Australia’s largest entrepreneurial program aimed at international students and aspiring new founders. Through the program you will learn practical skills and hear from inspiring former international student and migrant founders about their own journeys.

You can also find information and advice on the Business Victoria website. There, you can access online tools to help you with everything from understanding the legal requirements for starting a business in Australia to managing your staff, marketing and finance. City of Melbourne’s Business Concierge Service also supports the Melbourne business community.

Many of Victoria’s educational institutions offer students the opportunity to explore entrepreneurship opportunities. These include:

• Innovation and Entrepreneurship at La Trobe University
• The Generator at Monash University
• Activator at RMIT University
• The Swinburne Innovation Studio at Swinburne Institute of Technology
• The Melbourne Entrepreneurial Centre at The University of Melbourne, which encompasses both the Wade Institute of Entrepreneurship and the Melbourne Accelerator Program (MAP)
• VU RISE: Recover, Innovate, Sustain, Evolve at Victoria University