Has the world’s turbulent economy, terror attacks, and political upheavals shaken up the Millennial generation’s desire to become entrepreneurs and self-starters? Well, apparently not! A study conducted by America’s Small Business Development Centers with The Center for Generational Kinetics in the second quarter of 2017 highlighted some significant facts about Millennials attitude towards entrepreneurship. One of these key insights is that 61% of Millennials believe that owning a business offers better security than traditional employment.
Entrepreneurship and business independence are the driving forces for today’s workforce, and Millennials, in particular, are fascinated with the idea of being self-employed. This is in spite of the fact that running your own business doesn’t traditionally have the same stability or security as working for an established company. So why is it that so many young professionals today want to embark on the venture of being their own boss? To answer this question, we’ll look at the most common reasons that are driving Millennials to entrepreneurship.
The Hunt for Independence and Flexibility
More than any generation before, Millennials are preoccupied with notions of individuality, authenticity, and general life balance. It makes sense, then, when you look at why there are so many entrepreneurs from this generation, and why so many have aspirations to start their own ventures. After all, being your own boss teaches you how to earn well while having the flexibility to live a life outside of work, and how to make a future for yourself using nothing but your own grit and perseverance. And above all, working for yourself means complete freedom and control over your time, schedule, and life.
The Barriers to Entrepreneurship are Coming Down
Psychological barriers: For Baby Boomers, when you landed a job you had a job for life, and within that company, you'd find an opportunity for advancement if you kept your head down and worked hard. As such, people from older generations tend to think of managers, supervisors, and CEOs as people who have put in their time and worked their way up the ladder.
Millennials, on the other hand, have never known this type of job security, and they’ve come to understand business leaders as people who took the initiative to do their own thing or start their own company. For example, 40 percent of Millennials say Mark Zuckerberg is one of their role models, and he's a prime example of somebody who created something out of nothing.
Technological barriers: Technology is making things easier and easier every day, and most tech and gadgets today are so user-friendly that even people with no experience can use the software or devices with ease. This is making it easier than ever to start and operate a business, find financing, build networks, find customers, order products, and services, sell, and ship.
Financial barriers: Although money is always an issue when starting your own business, the pervasiveness of online businesses and digital jobs (that have low start-up and overhead costs) are making starting an independent venture more affordable than ever, particularly with young entrepreneurs.
How to Turn an Idea into Action
One of the key things to remember for anybody wondering how to start a successful business is this: be prepared to put all your efforts into making it a success. First of all, if the market is right and you’ve done your research, then now is the ideal time to get started. But that doesn’t mean that you should quit your day job right now and start selling your possessions to finance your venture. Instead, what you have to do is chart out your business plan, set goals, have an actionable plan, and dedicate time every day to gradually developing your business step by step.
A franchise system is one that lets you enjoy the best of both worlds. You want to be your own boss and enjoy the freedom and flexibility that comes along with it, but also have an established support system to back you up, a well-developed training and mentorship program to guide you navigate the entrepreneurial waters, then this is the best option for you.
The WSI franchise option is a unique model that we invite you to take a look at. As a digital marketing franchise operator, you can achieve many of the professional and personal goals you’ve set for yourself, including starting your own business, being your own boss, gaining freedom from the rat race, and finding independence in your own business venture.
Starting a business is more appealing than ever to most Millennials, and WSI has the experience, reputation, and proven system that can allow you to live your dreams while also achieving success and stability in your career.
Do this self-assessment test to find out if you have what it takes to be your own boss!
