Today’s modern self-starter generation is perhaps one of the most entrepreneurially-minded of recent decades. With majority of young people found not to be content working for large corporations, more 18-24-year-olds than ever are declaring their intent to form their own business.
Indeed, they’ve seen many people find success in starting from scratch – from online influencers, young business owners and in inspirational tales of older generations. 55-60% of British 18-30-year-olds surveyed are attracted to the idea of their own business, and millennials are being introduced to new ways of working, with the introduction of online-based work. So, what is leading young people to start their own businesses?
The rise of the social media influencer – now possible to be made into a fully-fledged career – and the rise of social media professions mean that those who grew up in the rise of new tech, can now find a career online, with some able to leave behind the 9-5 daily grind.
Creating a business based on social media, for instance, requires little more than an internet connection and ensuring they have adequate business insurance in order to protect themselves and keep their entity and personal details separate should any mishaps occur. From there, contacts can be leveraged and the skills that young people have spent their free time honing can be used to help establish a business.
Instead of working for accountancy firms, for instance, young entrepreneurs may consider forming their own smaller accountancy firm and working themselves upwards, through social media marketing and an online presence. The fact that professional websites can be created for free, with an official domain only costing around a couple of dollars a year to own, it’s extremely easy for entrepreneurs to advertise their products and services.
Small businesses can also be set up and run alongside current jobs and studying, with many people able to take advantage of any free time their college and company can lend them, while utilising the knowledge and skills they are gaining simultaneously through work and study.
The resources for success
One of the other reasons that young people today are often encouraged to start their own businesses is the abundance of resources that are now provided online to aid entrepreneurs in their business ventures. From being able to complete tax information online, to digitally scanning receipts and editing invoices, the ins-and-outs of running a business are now all handled digitally.
Moreover, there are many regulations and rules that businesses need to follow, which are now more accessible than ever, with basic data protection regulations, for example, available online. Huge corporations such as British Airways and the Marriott International hotel chain have recently been doled out large fines for not abiding by data protection protocols, including those brought in with GDPR in the European Union as of May 2018 – which acts as a large-scale cautionary tale to those starting in business.
There is an armada of online resources and official government and private entity-backed schemes to support entrepreneurial ideas. Even college courses can supplement those out there wanting to get their foot in the door and can provide useful information for those considering starting a business in their twenties.
Young people seem to be starting businesses after seeing how other famous entrepreneurs can succeed online. These inspirational stories have stuck and young people now understand that the long climb up career ladder may not be as necessary as they once were. It may be more difficult, but, for some, it’s worth the struggle and proves to be a lot more rewarding in the long run.