And why we should encourage more to consider entrepreneurship
Article by Antropolis
‘Entrepreneurs are everywhere’ not just set up in garages but anyone with an innovative product or service. As stated by Eric Ries in the Lean StartUp, more and more young people have created their own opportunities and businesses whether they are still in school, unemployed or already working for an organisation. Young CEOs, founders and inventors have taken the Social Enterprises, StartUps and Small Business world by storm, proving that age does not have to be a limiting factor. However, these instances do not have to be rare inspirational articles but can establish a new normal for career paths available to younger generations. Discussing the rise of young digital entrepreneurship in our previous article, the Covid-19 Pandemic has demonstrated how readily the skills and ideas of young people can grow into a successful business which can also have a positive impact on society. This article will detail the advantages young people can realise in starting an enterprise, no matter what age they may be.
Tolerant to higher risk
A resource all young people possess in abundance is time. Time to dedicate to perfecting their ideas, to recover from failure and to work through uncertainty. This means a young person can enter into a risky launch or financial situation with less hesitancy and can bounce back with more ease. A characteristic of youth also includes blind faith, this can work in the advantage of young entrepreneurs as bigger risks can offer bigger rewards. Learning from mistakes earlier in life can improve decision making and lead to a more successful future.
Eager to see social, environmental and economic change in society
A growing number of young people are passionate and intune with environmental, social and economic issues within their community. Their unique understanding and perspective of problems paired with an instinct to mobilise action can aid in the creation of business which merges their activism efforts with creating a living. Many movements and demonstrations have young activists at their heart. By creating the changes they wish to see, young people can position themselves as changemakers, improving the overall development of their communities for the better.
Unfearful of challenge
Learning what makes algorithms tick and acing strategic games are a daily occurrence for many teenagers and young adults. They approach challenges everyday without fear, but curiosity, maximising and perfecting many aspects of their life without hesitation. This fortitude serves itself well to the daily challenges entrepreneurs face, optimising their finances, employees and the product or service they offer. The challenges of entrepreneurship would excite a young entrepreneur instead of intimate them.
Not hesitant to play against the status-quo
Young people no longer aim to fit into society and its rules when they do not serve them. They constantly question the status quo and whether it aligns with their lifestyle and values. Innovation greatly grows in this environment, finding new ways of working, creating and distributing. Young people can be more adaptable to change and numerous iterations until a positive outcome is reached. By creating an enterprise, these ambitious ideas have the possibility to be acted on, and make their way to the market.
Not jaded by a lack of finances
Youth is not characterised with an overflowing of money and security. As young people find their feet in the job market, it is assumed that financial stability is the reward of many years of hard work. At this time before lifestyle creep begins to set in, investing into a business can be one of the best decisions if the enterprise becomes successful. Along the way the skills and experiences of starting a business also lend themselves well to future careers. The financial status of a small entrepreneur and young adult can especially mirror each other. Many municipalities, conuncils, governments and even international organisations offer funding for entrepreneurs, young or older in the form of grants, loans and interest-free loans. Being a young entrepreneur in particular can open opportunities of mentorship alongside funding into an enterprise.
All enterprises unfortunately are guaranteed success. However, the unique opportunity youth affords ensures that a lesson can be learnt from failure and that there is always a chance to fail upwards. Starting an enterprise young aid in giving young people a headstart in realising their potential.
https://youtheef.org/why-being-a-young-entrepreneur-is-beneficial/ https://beta-bowl.com/why-young-entrepreneurs-find-success/#:~:text=Since%20young%20people%20are%20willing,and%20services%20into%20the%20world. https://www.businessinsider.com/7-keys-to-the-ideal-mental-age-for-an-entrepreneur-2011-2