With over 60 percent of millennials considering themselves “entrepreneurs”, it’s easy to see how Gen Y has become known as the “Entrepreneur Generation”.
Millennial entrepreneurs have already launched about twice as many businesses as boomers, and at only 20 and 30 -something years old, millennials are just getting started. From Etsy shops to crowdfund campaigns, millennials are kicking ass on the entrepreneurial front.
Check out these four reasons why millennials make awesome entrepreneurs!
Nothing to Lose
Yuppie predecessors seeking entrepreneurial paths had to justify giving up high paying positions to pursue their self-employment dreams. Times were good, things were happening; such is no longer the case in today’s world. Good news–with the current millennial job market circling the drain, there are very few opportunities competing with one’s entrepreneurial objectives! Turning one’s back on a minimum wage paid job to place one’s bet on an entrepreneurial venture will hardly damage a “promising” professional path. What do you have to lose?
Easier Now than Ever
Starting and running a business is easier now than ever—for many startups, all that’s needed is simply a WiFi connection. Home based businesses or those run remotely, are readily meeting demands previously only satisfied by brick and mortar stores. Such opportunities offer rock bottom start-up costs like never seen before. So, pack up your laptop and head to Starbucks; start your new business latte in hand!
Today’s business owner or freelancer is no longer chained to a restrictive geographical location, thanks to the world wide web. With wireless connectivity, you can work on almost anything from almost anywhere. The internet has opened the floodgates for potential customers, who despite residing thousands of miles away, are just one click away from becoming a loyal patron. Millennials are able to leverage their trippedout tech skills to create an international company with just a few clicks of the mouse.
Millennials possess two distinct advantages over other generations operating in our present society: higher education and mad tech skills. Texting, tweeting, Instagram, vlogs, followers, connections, are just a few examples of tech concepts freshly integrated into the base platform of our constantly evolving society. Modern age business exposure has evolved way beyond yellow page listings and newspaper ads; online presence is a necessary component of almost any business seeking to maintain relevance within our rapidly changing market. Such involvement is second nature to Gen Y, having survived Y2K, witnessed the birth of the e-mail, and embraced the communication transformation from landlines, to palm pilots, to smart phones.
Thanks to our high dollar liberal arts education, and multi cultural exposure, members of the millennial generation are not plagued by narrow-minded paradigms and unfounded biases associated with previous generations. As a general rule, millennials are comfortable with challenging thoughts and differing ways of life, allowing this generation a strong innovative advantage when seeking opportunities amongst obstacles. Thinking out of the box, and being open minded to new ideas is essential to any entrepreneur’s success.
So while the odds may be stacked against millennials for landing that postgrad job, the world of entrepreneurship is abounding in opportunity for the ambitious Gen Y member. Possessing the education and experience necessary to find success in the world of entrepreneurship, presents the potential for Generation Y to become the entrepreneurial generation of all time. It’s my hope that millennials will revitalize their dreams and pursue their passion through selfemployment; a rewarding journey that will not only expand horizons but also create a wealth of opportunity for others. Our economic future lies in the hands of millennial entrepreneurs.