Why Millennials Are More Likely to Start a Business?
Millennials are the generation of entrepreneurs. They have more opportunities than any other generation before them and they are seizing them. Young people are starting businesses in droves, with more than a third of Millennials starting a business by the age of 30. So why do Millennials start businesses? There are many reasons for this, but one is that they believe in themselves and their abilities to create something from nothing. They also trust themselves, which may be their most valuable asset as an entrepreneur. They back themselves to make smart decisions without having all the information upfront, to focus on what matters most to them and not get distracted by everything else going on around them, and to take risks that pay off big time.
Millennials are also more likely to start a business because they are driven by different motivations than previous generations. They are more optimistic about the future and have a greater belief in themselves and their abilities. They are also more likely to be self-employed, work part-time, and work from home. COVID-19 pandemic has just made work-from-home or work-from-anywhere much more feasible and acceptable. There is a tectonic shift in the traditional way of doing business, as new business models have emerged, thanks to the digital technologies and Internet. There are many more avenues to explore and hence the propensity to try new entrepreneurial ventures. Another factor is the changing priorities for millennials, in terms of focus on health, well-being and spending quality family time. All these act as catalysts to think bold and unshackle themselves and give that business idea which they had, a fair chance to build something they really believe in.
Millennials have been taught that they need to take risks in order to succeed in life and they believe that the risks will be worth it if the reward is high enough. This is not to say that Millennials don't take risks or aren't afraid of failure, but they're willing to take these risks for a better chance at success. A recent article on Entrepreneur, says that Millennial Small-Business Owners (SBO's) are optimistic risk-takers. It says “Millennial entrepreneurs have a bright future -or at least they think so. Of the millennial survey participants, 77 percent say they are optimistic about the future of their businesses and expect improvement within one year. Only 51 percent of older SBO's have the same outlook.”
Starting your own business is not as risky as it used to be. The rewards are still high and the opportunities for success have never been better. Millennials have grown up in an environment where entrepreneurship was encouraged and it's been instilled in them from an early age that if you can dream it, you can do it!