Michelle Hampton & Susan Wood

Susan Wood and Michelle Hampton launched Magnum PR in 2005 with the goal of providing large and SME clients with cost-effective PR, and have quickly built a client base that includes big-name brands including Red Bull, Nudie, Colgate-Palmolive, Quiksilver, Max Brenner, Wagamama and SumoSalad.

The firm's revenue is headed for more than $1 million in 2009-10 and Hampton and Wood have nine staff.

Hampton's best piece of advice is to ignore anyone who tells you how hard small business can be and remember it is possible to learn as you go.

"Focus on what you want to achieve and forget the rest," she says.

"I would also say that although business training/experience is great, it's not essential. You can learn as you go, so don't automatically think you need to do a business degree in order to start a company."