As a young person just out of school, the idea of starting a low cost startup business of your own—especially when the job market is still tight—may sound appealing. And buying into an already established business model like a home-based or other business opportunity or franchise as opposed to starting from scratch may be just the right choice for you. If nothing else, it’s certainly one worth exploring.
Whatever you decide, one thing is becoming increasingly clear. The ambitions of you and your generation are and will continue to change the overall landscape of how America does business. Today’s entrepreneurs are getting younger. They’re driven. They’re focused. And they are here to stay.
In fact, a Gallup poll conducted just this time last year found that nearly 8 in 10 U.S. young people in grade 5 through 12 have serious entrepreneurial aspirations. A full 45% of them actually plan to start a business of their own, and many of them already exhibit the characteristics that many experts believe will make them successful, including high risk tolerance and incredible fortitude.
But having strong desire and an innate entrepreneurial spirit are only part of the overall picture. There are also some very practical reasons for why entrepreneurs seem to be getting younger and younger these days.
According to OnlineMBA.com, the leading resource for individuals who are searching for just the right online MBA program, there are ten good ones. And here they are:
1. Young entrepreneurs finally are getting the support and encouragement they so desperately need—Colleges, non-profits, business incubators…the word on the street is that mentoring today’s next generation of business owners is a worthy and necessary endeavor.
2. They aren’t finding jobs easily—Hundreds of “involuntary entrepreneurs” who launch small businesses to “tide them over” end up making a real go of it when things actually begin to work.
3. The thought of a “real job” has lost its appeal—Job security, benefits and a 9 to 5 schedule are no longer a promise or even appealing to many young people anymore. This generation wants to pursue a challenging and rewarding life that allows for flexibility and work-life balance. Entrepreneurship offers them that possibility.
4. Young startup founders tend to get more funding—Today’s so-called whiz kids who have the goods to attract young customers have a distinct advantage in a tight lending environment.
5. Young entrepreneurs are more confident—Surveys show that 18 to 30-year-old entrepreneurs are overwhelmingly optimistic, and they are willing to work hard to turn their positive predictions into reality.
6. Commitments don’t weigh them down—Youth allows for freedom that older entrepreneurs simply don’t have.
7. It’s easier to do more when you have less to lose—Taking the entrepreneurial plunge is a lot less scary when you don’t have much to begin with, and spearheading an initial flop or two early in an entrepreneur’s life is actually a hallmark of future success.
8. They know the under-30 market best—Anything created by young people for young people is more likely to find an audience, especially in today’s rapidly evolving marketplace where catering to the rapidly evolving needs and wants of the young is so important.
9. They are no longer unusual—Time was when a young face on a very successful company was virtually unseen. Enter Mark Zuckerberg and Facebook, and all bets are now off. Young entrepreneurs are a new norm.
10. They are willing to give their all—Unbridled energy and enthusiasm, as well as the uncanny ability to work ridiculous hours for as long as it takes to get the job done are just some of the many great gifts of youth, and the success of some of today’s most promising entrepreneurial enterprises are proof of that.