‘Hybrid entrepreneurs’ worth $9.8 billion to the Australian economy

entrepreneurship
Credit: Unsplash/CC0 Public Domain

First of its kind research from La Trobe University has found that hybrid entrepreneurs contribute $9.8 billion to the Australian economy and compromise over 315,000 start-ups.

Researchers from La Trobe Business School sought to understand the representation of hybrid entrepreneurship, also known as moonlighting or a side-hustle, in the economic and social activities throughout many countries, particularly in Australia. The term ‘hybrid entrepreneurship’ refers to simultaneous paid employment and entrepreneurship.

The researchers found that more than 24% of all Australian entrepreneurs start their businesses while still in a full-time job. The study is published in the journal Administrative Sciences.

Lead researcher, Dr. Alex Maritz, Professor of Entrepreneurship at the La Trobe Business School, said that the COVID-19 pandemic and inflation accelerated hybrid entrepreneurship.

“With spiraling inflation, accelerated interest and mortgage rates, and rapidly increasing utility costs, Australians are battling to afford their households, families, and lifestyles. Hybrid entrepreneurship provides an option to supplement personal or family income and provide social upliftment and well-being,” Maritz said.

“Our research shows that the benefits far outweigh the risks. Not only can individuals increase their income, but side-hustles can help individuals learn new skills and gain new experiences. Hybrid entrepreneurship is an excellent way for budding/aspiring entrepreneurs to ‘test the waters’ of self- employment.

“Some of the risks include a time commitment to a side-hustle, which may be problematic if your schedule is already at a peak. But there is personal fulfillment, where individuals’ may feel satisfied and increase well-being, especially if they are feeling unfulfilled in their current job,” Professor Maritz said.

The findings also indicate that people involved in hybrid start-ups, which are predominantly worked on from home, have characteristics such as an inverted U-shaped age distribution, higher levels of education, greater innovativeness, increased risk aversion, a generally smaller business scope compared to full-time entrepreneurs, and a predominantly male representation of 68%.

More information:
Alex Maritz et al, Hybrid Entrepreneurs as the Neoteric Driver of Skill Variety and Economic Prosperity, Administrative Sciences (2023). DOI: 10.3390/admsci13060140

Provided by
La Trobe University


Citation:
‘Hybrid entrepreneurs’ worth $9.8 billion to the Australian economy (2023, June 26)
retrieved 26 June 2023
from https://phys.org/news/2023-06-hybrid-entrepreneurs-worth-billion-australian.html

This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no
part may be reproduced without the written permission. The content is provided for information purposes only.

For all the latest Science News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! TheDailyCheck is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected] The content will be deleted within 24 hours.