A number of Indigenous people who are self-employed have risen from 4,600 in 1991 to 12,500 in 2011.
There are some success factors for enterprises which are community-based like indigenous people who have access to finance of government programmes, who are getting services like business advice and on-going support, an indigenous business which are liked into supply chains of large companies and government agencies. Good governance is also one of the reasons for successful enterprises.
Some organization does not work due to poor organization governance and financial literacy and lack of business planning. If indigenous people are not getting on-going support and access to financial capital. Involving culture in the business and its operations for Indigenous community-based enterprises is vitally important. There are several reasons for that like sometimes product can be the cultural practice (for example, tourism) and in remote areas, indigenous people still maintain cultural practices.
Community-based enterprises different because they have vast social, cultural, political, economic and environmental goals and they are not depended on utilitarian dependent models. There are some Australian government programs, including:
- Government policies which encourage the use of indigenous businesses.
- Lower cost loans and grants.
- Connections to markets and other businesses.
- Business development assistance and business mentoring.
Community-based enterprises often lack access to finance and other forms of capital like organizational capital, social and human. Business networks and developing partnerships are important factors of a successful enterprise. But, in regional and remote areas, Indigenous people lack both.
Reference: –
Morley, S., 2014. Success factors for Indigenous entrepreneurs, Canberra: Australian Institute of Health and Welfare.
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