Hopes, dreams and aspirations: budding entrepreneurs in generation Y

In our globalise economy, innovation, creativity and agility are vital to growth and success of the economy. Moreover, they can play a dynamic role in a scenario of global financial crises. This world wide financial crise is evident from the drop in output, trade, and cross border capital flows. Incomes have dropped and consumption patterns are changing everywhere. At the core of this financial crisis is credit crunch that has put financial strains on businesses and household sectors and has led to a large number of job losses and drops in income from different sources. These traits are of more significance when it comes to creating long term, sustainable growth, jobs and wealth in the nation. It is argued in this paper that the young entrepreneurs will do more in this difficult situation when the country is surrounded with the impact of global financial crunch and the ageing population of Australia. With the downturn in the economic growth, the country is also challenged by the huge labour shortage in terms of quantity and quality