Millennials: The Time to Start Your Business Is Now

on September 6, 2017

Calling all Millennials!

Is looking for a good job getting you down? Don’t worry, you’re not alone. With the job market as tough as it can be for younger workers, now might be the perfect time for you to scratch that entrepreneurial “itch” you’ve always had.

Yep. Maybe – just maybe – it’s time for you to start your own business.

Now more than ever, the world is very much in need of innovative thinkers and people with big ideas who are ready to push the limits and break the status quo. Sure, there are plenty of risks involved with starting a business, but that is also the case with anything worthwhile in life. (Also, the good news is, there are ways around these risks.)

Take a minute to consider the case for starting your own business as a Millennial:

Tech savviness: If you’re a Millennial reading this, you might not be unaware of just how valuable it is in the entrepreneurial world to have a firm grasp on digital technology. Today’s new businesses rely very heavily on tech, bottom line. Additionally, a lot of Millennials don’t realize that this type of knowledge is something a lot of older business people have to actually sit down and teach themselves.

You are ahead of the curve.

So, if you’re a Millennial who’s comfortable with technology (and we know that you are!), then remember two things:

  • First, your tech knowledge is a sought-after commodity, and
  • Second, that commodity is a cornerstone in starting a successful business nowadays.

Use this to your advantage!

Independence and Creativity: We know that Millennials have not been dealt the best hand when it comes to the economy and the job market, so it is no surprise that they have cultivated such a sense of resourcefulness, independence, and creativity. This can be easily observed by how many Millennials make up the gig economy – a resourceful and very clever way to make a living. That resourcefulness is a transferable skill to a new business.

Moreover, Millennials generally value their independence, and that is exactly what entrepreneurship offers you.

There are some statistics you should consider as well: According to the SBDC, 62% of Millennials do, in fact, have a dream in mind that they would love to turn into a small business reality.

Similarly, 59% of Millennials say they would like to start that dream business within a year, if, of course, they had the money and resources to do so. These stats in particular go to show that if you happen to be one of that 62%, you are in good company. You can be one of the ones to pave the way.

While all the optimism surrounding Millennial entrepreneurs is encouraging, there is certainly another side to the coin. Although there are plenty of Millennials who dream of starting their own business, there are also more than 13 million Millennials who claim they would not know how to start their own business, or which resources would be available for them if they needed help. As well, 45% of Millennials believe that money/capital is one of the biggest road blocks deterring them from the small business career path.

Entrepreneurs are nothing if not enterprising, and that is what you need to be as well. Indeed, while these concerns are valid, if you are one of the Millennials who feels worried or unsure of where to start, remember that there are actually plenty of small business resources for you to rely on:

A few useful resources:

Finally, while yes, there are plenty of resources on the Internet, it is also important and valuable to do things the “old-fashioned way” and talk to some local small business owners. There is a lot of insight to be gained from those types of face-to-face exchange. Find what they think they did right, and wrong. Where did they find the money? What would they do differently?

All in all, Millennials should remember that for whatever difficulty they think stands in the way between them and starting a business, there is always a solution. Don’t be afraid; it’s time to take your future and your career into your own hands.

Entrepreneurship and Millennials are made for each other.