Who do you think of when you picture a small business owner? Perhaps it’s a friend or a family member; maybe it’s your local barista; it might even be someone you used to work with who’s redefining the way an industry works. Whoever comes to mind, chances are, everyone answers the question differently. And this is why it’s such a privilege to work with and support small businesses.

Diversity is the fabric of Australia’s cultural identity. From trade and tourism to migration and multiculturalism, our industries and society are woven together and made stronger by their differences. This applies to small businesses too; it’s part of the reason why they’re the lifeblood of every economy around the world. 

There was once a time when ‘Mum and Dad’ shops were, arguably, the only thing synonymous with small business. But now, in 2025, entrepreneurship means different things to different people. Not only is the prospect of owning your own business seemingly more accessible, it’s enticing. Why? Because Australians are redefining what it looks like to be an entrepreneur. More than this, they’re realising that traditional ideals of success (having a career job or working nine to five) don’t necessarily equate to living a full, satisfied life. This is inspiring generations to choose what success means to them, and chase that vision through entrepreneurship.

So, what do Australian entrepreneurs want? Xero’s ‘It’s your business’ report found that, amongst all this diversity, three distinct archetypes emerge: lifestyle entrepreneurs, ambitious achievers, and situational founders. Of course, entrepreneurship is a personal journey, meaning there are nuances we simply can’t capture within these groups. However, if we’re to examine the profile of entrepreneurs today, these archetypes portray some important distinctions amongst the rich variety to be found.

Identifying these similarities is important as it gives those of us striving to lift small businesses up (government and industry associations, larger enterprises, local communities, and many others) a blueprint for how to support and incentivise entrepreneurship in Australia. This is all so we can continue to foster small business success by learning from and being inspired by their stories, some of which feature in the pages of this report.

Take Heaps Normal, for example, a company started by three mates on a mission to innovate beer with a non-alcoholic alternative. Not only have they disrupted the local market, they’re changing how people come together all around the world.

Then we have Nabula El Mourid, who created a Facebook group to help other mums make healthier choices when grocery shopping. Fast forward to today, and her app Supermarket Swap influences $5 million worth of sales at supermarket checkouts every week, including mine. But what’s most impressive is how Nabula has architected a life where entrepreneurial drive and being a mother who’s present for her children aren’t competing forces.

And finally, there’s Tom White, who moved to Coffs Harbour from England 15 years ago. Unable to find work in the industry he trained in, Tom took matters into his own hands, and he now runs one of Australia’s beloved outdoor furniture retailers, The Best Backyard.

Of course, none of these businesses or others got to where they are today without the support of others – from fellow entrepreneurs to loved ones to the all-important advisors. What’s surprising, however, is that few are looking beyond the here and now. Many lack long-term goals or a plan for the future, making it near impossible to work towards an endgame.

No matter the archetype, worrying about cash flow, or supporting a team while trying to live up to other life commitments is a balancing act. But having an endgame – a clear vision of what you’re working towards, be it a business sale or a legacy to hand down – can be what makes the hard work worthwhile; the pay off when a dream becomes reality.

We live in an exciting era of entrepreneurship indeed, one where you don’t have to look or behave a certain way, or strive for the same thing as the person next to you. So, who do you think of when you picture a small business owner? Maybe you see yourself. Whether it’s right now or in the future, every Australian can forge their own path. It’s your business, so make it what you want. 

Head to the ‘It’s your business web page to download the full report today. 

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