Top Business Millennial Entrepreneurs – Where Have They Gone To?
One would ordinarily assume that with each new generation that comes on board, there is bound to be a remarkable increase in the number of entrepreneurs who are willing to engage businesses of various kinds. However, for some very obvious reasons, it seems millennials are doing the one thing they shouldn’t do–defy that trend. There are worrying predictions that millennials may produce the least amount of entrepreneurs, if the statistics of the last 100 years is anything to go by.
However, for some very obvious reasons, it seems millennials are doing the one thing they shouldn’t do–defy that trend. There are worrying predictions that millennials may produce the least amount of entrepreneurs, if the statistics of the last 100 years is anything to go by.
Millennials are not doing well in the area of owning their businesses when compared to previous generations. What could be responsible for this pessimistic trend, and is there anything that can be done to salvage the situation? Here are some of the reasons why they are staying away from being an entrepreneur:
The Cost of College and Unemployment
There seem to be a constant rise in college cost for as long as we can think of. It has been rising, and it appears as if it is going to keep rising. For instance, of all those that graduated in 2016, the average student has a debt of $37,172 to settle. This was 6 percent more than the average debt figure for those who graduated last year.
Besides, millennials are facing the highest pressure regarding the culture of going to college to get a degree the moment they are done with high school. Unfortunately, this domineering culture has only given birth to massive unemployment due to teeming college degree holders who are unable to get a job.
The Fear of Failing
Also, millennials have a troubling mentality of being afraid to fail. In the year 2001, a survey was carried out on Americans between the ages of 25 to 34, and 24 percent of them claimed that they have not been able to start a business because they were afraid of failing. The same survey was carried out again in 2014, and the result of those who were afraid of the unknown grew by a whopping 16 percent.
Startups are not without risks; and if you are not bold enough to give it a try, it will be almost difficult for you to want to invest your money or time in any business, particularly when you have a heck of student debt to take care of. As a millennial, you have to get that fear out of the way if you are hoping to fly in your business.
Most of the businesses that exist today are those that dominate a bulk of the market share. In the US today about 50 percent of all the existing firms are either 10 years old or older. These old companies have about 4/5 of all the employees working for them. Let’s take Facebook for example, with over 2 billion users, it is almost hopeless for a millennial to think about setting up a business that will compete with that.
These are some of the reasons why millennials feel discouraged whenever they think of setting up a small business. That said, if a trend like this is not corrected now that we have the time, the unemployment figures will keep dwindling and the economy will only suffer more.
However, while there is no easy way to solve this quagmire, we can encourage millennials to become business owners by patronizing small and local businesses, and giving full support to family and friends who are thinking of an idea they can start as a business.