Roughly two-thirds of millennials would like to start their own businesses, according to a 2014 survey by Bentley University. Thirty-seven percent of millennials report that they would like to work on their own. So why are so many young people rejecting the traditional nine-to-five office jobs in favor of starting their own companies?
Flexibility
Image via Flickr by lovelihood
Business owners have the power to set their own schedules and determine their own lifestyles. Night owls can get their work done after sunset, early birds can rise before dawn and tackle business tasks, and free spirits can wander the world while they oversee their business from afar. Indeed, business owners can strike a balance between work and life without sacrificing their productivity.
Of course, flexibility does not mean that entrepreneurs have limited responsibilities. You'll need self-discipline and excellent communication skills to succeed in an environment where one does not have a direct supervisor.
Plentiful Resources and Available Opportunities
People who want to start their own businesses can find more resources than ever available to them. Online articles and classes can give aspiring entrepreneurs the tools they need to succeed in a competitive work landscape. Additionally, many universities offer classes that prepare students for business ownership.
Funding is sometimes tricky to get, but some business models have low startup costs. Many service-oriented online businesses, for example, require little more than a plan and the right technology.
Young people can also find opportunities within multilevel marketing companies. For example, Amway supports entrepreneurs by enabling them to become independent businesses owners (IBOs) who sell Amway products. Amway provides the tools and resources that equip its IBOs for success and allows them to sell "Made in America" products.
Franchises present another rich opportunity for aspiring business owners. These avenues give new entrepreneurs the structure and the tools they need to get their feet wet in the world of business ownership.
A Lack of Trust
Multiple surveys have found that millennials tend to avoid risks. Instead, they tend to begin saving for retirement earlier in life than earlier generations. If young people are so averse to risk, then what explains the entrepreneur appeal for them? After all, most startups fail.
One reason points to a pervasive lack of trust in both the government and Wall Street. In the eyes of many young people, starting one’s own company is safer than relying on existing structures. Millennials see the problems that exist in the world and strive to solve them through their own creative ventures.
Success Is Possible
Granted, most startups fail, but not all new businesses are doomed for failure. In fact, many millennials are finding financial success.
According to research by Forbes, more than 6 million millennial households have an annual income of more than $100,000. Seventy-seven percent of those households earn more than $150,000 each year. Additionally, millennials account for one-quarter of U.S. households with an annual income of $500,000. Much of this success can be attributed to entrepreneurial efforts.
The Quest for Meaning
Traditional office jobs have developed a reputation as being boring or menial, a fate that many millennials reject. Instead, young people want to feel that they are accomplishing something significant. To fulfill that dream, they take a nontraditional view of the business landscape and strive to find their own niche or “make their mark,” so to speak.
For example, did you know that the millennial generation is known as an environmentally friendly generation, and they tend to gravitate toward employment with companies that are striving to make the world a better place as they make their own impact on society. Naturally, young people would want to try to find personal and financial satisfaction by starting businesses that have a strong focus on sustainability.
Starting a new company is a daunting challenge, but the effort is also a worthwhile endeavor that many young people are more than willing to take on. Driven by flexibility, meaning, and financial success, these young professionals are setting themselves up for growth in careers that they are willing to shape for themselves and their futures.
