Why Are More Millennials Starting Small Businesses?
May 8, 2018
Depending on where you are, the word “millennials” can provoke either a smile or a frustrated shake of the head. People born between 1981 and 2000 have had many unfortunate labels placed on them. They’re the avocado toast kids, the handout generation, the job hoppers, the list goes on and on.
Although many older folks refuse to believe it, these stereotypes are largely been debunked. In fact, the millennial generation has been accredited with the most innovative ideas of the past few years. And this trait isn’t limited to a few gifted individuals.
Millennials are more independent than the previous generations, and are more likely to start their own small businesses
Research shows that millennials are more independent than the previous generations, and are more likely to start their own small businesses, some of which, as we know, will eventually grow into successful companies.
They’re starting younger too. The average age for millennials to start their own enterprises is about 27, compared to 35 for baby boomers.
A survey by the Small American Business Centers shows that more than half of the millennial population is willing to start their own business within the next six months, provided they have the right resources and information, and a whooping 49% plan to start their own business within the next three years.
The Big ‘Why’
“Times are changing”is the reason you’ll usually hear for why more and more young adults are creating their own opportunities. But the reasons are much deeper than this.
Times are indeed changing. But how?
Studies show that companies are relying more and more on freelancers to get work done.
With this new culture, job security is quickly becoming a thing of the past. People who work for themselves have been found to earn more than people who work regular jobs, encouraging more individuals to become their own bosses.
Changing values have also inspired the entrepreneurial spirit. Millennials these days place a lot of emphasis on experiences. For instance, more young adults are spending time travelling than ever before and, compared to baby boomers, fewer millennials believe that one has to work long hours to be productive.
People who work for themselves have been found to earn more than people who work regular jobs, encouraging more individuals to become their own bosses
Because of this difference in values, it’s more likely that the 1980-2000 generation will make their own rules, where they can work the way they want, when they want.
Another reason is technology. Nowadays, technological innovations have enabled people to create their own business that will use or compliment these advancements. For instance, content marketers are in demand now more than ever before due to the rise of social media.
Certain innovations allow millennials to be their own bosses and run small companies from the comfort of their homes. For example, the creation of Veem has enabled many young adults to exchange payments with business partners across the globe without ever having to go a bank.
Not only do they save the money that would otherwise have been spent on expensive wire transfers, they are also able to track the payments much like a gift delivery; a convenience perfect for today’s fast-paced world.
Are you a millennial who has just started their own business or is considering doing so soon?
Putting your money transfers in Veem’s hands will save you much of the important capital you could invest into making your dream a reality.
We’re committed to making the running of your business as easy a process as possible.
Join the thousands of millennials who are becoming their own bosses. Sign up for a Veem account today.