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Good business Ideas are worth it

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It is always positive to see small business idea receive funding. There are also a number of government grants available. This is a great example:

YING Wang is one of a new breed of Aussie businessmen.

He and his team have just received a $450,000 investment from Optus-Innov8 and a range of independent investors to take their creation, function venue website VenueMob, from Melbourne to Sydney and into South-East Asia.

And that was only two months after they started the seven-month Accelerator Program at the University of Melbourne, an accolade shared by personalised radio station and information provider 121cast, which raised $250,000.

Now here's the kicker - this is Wang's second venture, having sold his original business Crowdmass to group buying site Groupon for an undisclosed sum ("high six figures") in 2011.

Wang, now 24, says he has been "very fortunate" that his ideas have been successful so far but admits age - or rather the stakes and attitude taken towards risk - is a key player in that success.

"People are just too scared to take that kind of punt," Wang says.

"A lot of people have really good ideas but they get jobs, get high salaries and then they think it is too much of a risk to do their own thing."

Both businesses have been built upon taking care of the supply side first.

Build the clients (venues, suppliers) and that will attract the customers, he says.

Too many businesses fail to take care of clients once they have turned into revenue, he says, and therefore the relationship is broken early rather than contributing to the long-term growth of both parties.

While he may build another business, he is also looking at new activities.

These include building Australia's next generation of budding entrepreneurs.

"People shouldn't just think they should go to school, go to university and straight into a job," Wang says.

"Many people have ideas and they should build those ideas as much as they can."

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