A study found Millennials are doing better in entrepreneurial positions than their older counterparts.
In fact, 60% of Millennial business owners reported higher sales in the past six months, compared to about 40% of businesses overall. The idealism of Millennials may have something to do with it- three-quarters of business-owning young professionals consider business conditions to be good, if not excellent.
In fact, 60% of Millennial business owners reported higher sales in the past six months, compared to about 40% of businesses overall. The idealism of Millennials may have something to do with it- three-quarters of business-owning young professionals consider business conditions to be good, if not excellent.
As low wages and few entry-level positions continue to characterize the job market, more Millennials are seeking out career opportunities that offer them freedom and potential to grow. After the 2008 recession, the idea that a 9-to-5 job meant stability went out the window, making startups seem like a more viable option.
More Young People Are Starting Businesses
Currently, about 27% of Millennials are self-employed and more than half of the youth workforce would like to start their own business. Though the number of entrepreneurs has actually dropped in this generation compared to the last one, startups are now considered a part of the employment landscape.
“I think Millennials want something to give us purpose and meaning,” said Gabrielle Bosche, who founded The Millennial Solution and is helping put on a summit for Millennials in D.C. who want to start and grow their business.
It’s undeniable that the glamor surrounding the dream of being a young, successful entrepreneur, à la Mark Zuckerberg, has pushed many Millennials onto less predictable career paths. However, more people are discovering they lack the knowledge and resources to achieve their goals.
Where They Find Money
Money can seem like a huge obstacle for entrepreneurs. One study found that Millennials felt the ability to get a loan or credit is the biggest challenge to starting a business, with almost two-thirds saying that they don’t receive enough support from banks. Venture capital firms reject 99.5% of the proposals they receive. Still, there are more tools and methods than ever to help you jumpstart your project.
“I bootstrapped [The Millennial Solution],” said Bosche. “I did the side-hustle thing, where I worked full time but had my project on the side. Eventually, you get to a point where it becomes self-sustaining and there just aren’t enough hours in a day to do both.”
When you’re trying to get capital, don’t blow your chance when meeting potential backers. Also look for government grants, enter contests, and look for sites that connect entrepreneurs with potential backers, like Gust.
Where They Network
A huge part of procuring funding, spreading the word about your entrepreneurial venture and meeting potential clients and partners is networking. Still, it’s a dreaded task for many Millennials. I don’t know if anyone leaps out of bed in the morning excited to go put on a sticky name tag and figure out how to tactfully talk to strangers about their business, but it doesn’t have to be a painful process.
The fact is that everyone at a networking event wants to discuss their project, so take that opportunity. Try searching for networking groups in your area.
The faster you get over your awkwardness, the more productive you can be. If you’re still nervous, you can strategize how you’ll work a room. “I like to bring a buddy,” Jackson said. “If [a networking event] is slow, you can talk to each other, but maybe they can introduce you to someone or you can introduce them.”
Attend the ME Summit
The best quality you can have as an entrepreneur is to be relentless, no matter your product. That means getting out and meeting people, promoting yourself and growing with your fellow Millennials. Check out the Millennial Entrepreneur Summit in Washington D.C. on November 22, where you can hone your business plan, network, talk to experts and compete for the best pitch.
Written by Amanda Andrade-Rhoades, the editor of GenYize. Photo credit: Aundre Larrow
