Millennials On Pace To Be The Least Entrepreneurial Generation
As a millennial myself, we’ve been led to believe that we are a generation full of entrepreneurs; however, research tells us otherwise.
John Lettieri, the co-founder of the Economic Innovation Group, stated that millennials are in fact, on pace to be the least entrepreneurial generation in recent history.
While we all appreciate those mini marathons of Shark Tank motivating us to start our own businesses, the share of people under 30 who have their own business is now at a quarter-century low.
A staggering 65 percent decline since the 1980s to be precise, according a Wall Street Journal analysis of Federal Reserve data.
You’ve probably heard of the success of Mark Zuckerberg of Facebook or Evan Spiegel of Snapchat, but those are as rare of cases as being Michael Jordan or Wayne Gretzky.
Unfortunately, most businesses fail, despite what we see on television or social media. There goes a saying, “you gotta be good to be lucky and lucky to be good.”
In spite of endless opportunity, it is extremely challenging to start a business and requires more than just working smarts.
Not only is it time-consuming, but expensive as well, especially for recent college graduates who are battling unemployment and trying to pay off their student loans.
The average entrepreneur is 40 years old when they start their first business and it doesn’t come as a surprise with the abundance of obstacles one may face.
With that being said, it’s important to remember that age is just a number. Experience is key, but that is not always the case.
Times have changed but that doesn’t mean you should ditch the American dream.
Save money, learn from others, and work hard.