Andrew and Richard Branson

Andrew and Richard Branson set up IF Telecom with the specific aim of catering to SMEs. "Most small businesses were paying far too much for their telecommunications and receiving a very poor or at times, non-existent service," Andrew says.

The business has grown rapidly since its establishment in 2005 and had revenue of $2.5 million in 2008-09, with a forecast of $4 million for the 2009-10 year. The business has 12 staff.

Like many young entrepreneurs, Andrew Branson says the greatest challenge in growing is accessing enough capital to build the business as fast as possible.

But the payoffs make it all worthwhile.

"The best part of running your own business is the freedom to create a brand, an image, a product and work place. You get to choose how things are run rather than having decisions made for you."