Entrepreneurship is growing at an extremely rapid rate among Gen Z and it's easy to see why. Entrepreneurship gives people greater freedom in addition to creating new jobs in the economy.
SummaryThe young entrepreneur is more likely than everWhy don't millennials want to be entrepreneurs?Gen Z to the rescue?Young entrepreneurs face many hurdlesYet entrepreneurship is doableThere are benefits for young peopleWhen entrepreneurs do not start new businesses, the economy stagnates. When startups fail to innovate, ideas stagnate. While it is true that many small businesses have a limited lifespan, it is important that they continue to spring up in order to keep the economy going and economic growth advancing steadily.
Unfortunately, millennials have largely skipped entrepreneurship, which contributed to the slow recovery from the Great Recession. Fortunately, Gen Z is feeling more entrepreneurial than ever and is taking the reins to steer the economy towards a better world. Will this be the generation that saves us all?
Just a few decades ago, the only jobs available to young people were activities such as babysitting and burger joints. Today, thanks to the Internet, many other options are available to young people.
Fiverr is a great place to test your skills in writing code, designing, video recording, and more. Etsy is a great place to sell your art and crafts. The internet has opened up many more opportunities for young people to earn money, leading them to serious entrepreneurship from an early age than ever before.
Between 1996 and 2016, there was a 10% drop in the number of entrepreneurs aged 20 to 34. Millennials do not invest in private companies. They struggled with student loans and struggled to meet basic needs, like health care and housing. And when an entire generation struggles, entrepreneurship struggles and that creates a big impact on the whole economy.
Gen Z has taken the lessons of their millennial elders to heart. Don't accept student loans and look for a better way to finance your education. Don't rely on someone else to give you a good paying job and know that things are going to get tough, so you'll need to plan ahead.
Currently, 72% of high school students and 61% of college students want to start their own business one day. Is this just the boost the economy needs to grow steadily into the future?
Unfortunately, aging isn't just something your grandmother is dealing with. Young people face age discrimination in many areas, including getting a loan, opening a credit card or line of credit, and renting cars or hotel rooms.
The idea that young people are lazy and entitled prevents many people from wanting to work with young entrepreneurs, thinking that they cannot be serious about their work. Even something as simple as networking with other entrepreneurs can be a tall order. Most networking events take place in places like bars where you have to be 21 to enter.
Many of the obstacles faced by older entrepreneurs are the same as those faced by younger entrepreneurs. Here are some tips for young entrepreneurs to get your ideas off the ground:
See also:Entrepreneurship:A better career choice for Gen Z?
Starting a business at an early age can be very beneficial. Young people are not yet burdened with years of conventional wisdom that have been stuffed down their throats. They are more tech-savvy than previous generations and are more likely to be early adopters of new game-changing technologies. More importantly, young people have fewer responsibilities that weigh them down and keep them from focusing on their business.
Starting your own business is scary at any age, but it's also completely doable. If you have a plan and you have the passion, nothing can stop you from pursuing your dreams. Discover the best advice for young entrepreneurs with this infographic!
