Revealed: Why There Are More Young Entrepreneurs Than Ever Before

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A new generation of entrepreneurs has arrived, these are known as ‘millennipreneurs,’ according to a study that interviewed 2600 entrepreneurs from 18 countries in Europe, the United States, and Asia.

This highly successful group of 20 to 35-year-olds are already outperforming the generations of the past. They are launching more successful companies, bringing in higher profits, and managing larger numbers of employees.

In 2017, there are more young entrepreneurs (aged between 20 and 35) than ever before, with incredible business results. Statistics show that the average age a millennial will start a business at is 27.7 years old, whereas the average age when the previous generation of entrepreneurs launched their businesses was 35.3 years old. It’s clear that entrepreneurs are getting younger.

We know that there are more young entrepreneurs than ever before, but the question is, why is that?

young entrepreneurs

The media encourages young adults to dream big

  • The fact is that young adults today are growing up in a completely different environment to generations of the past. As teenagers, at vast majority of today’s 20 to 35-year-olds held jobs that would be considered ‘entrepreneurial,’ including selling online, giving music lessons, tutoring, and running childcare services. Teenagers grow up working in a different way, learning how to be more innovative with their career choices.
  • But why do teenagers and young adults grow up to crave entrepreneurship? The reason behind this is simple: the media. From magazines to TV shows like The Apprentice and Shark Tank featuring young entrepreneurs, it’s easy to see why so many young people choose to run their own businesses.
  • According to a study from a Gallup poll, eight out of ten children want to be their own boss, while four out of ten dreams of launching their own business.

Higher education gives young people the skills and experience they need to succeed

The fact is that thanks to higher education facilities implementing a range of different degrees and diplomas that focus on business, from on-campus courses in business and IT management to strategic leadership online courses there’s a lot of options on offer.

Then there is the added bonus of the fact that today, universities and colleges offer a much more flexible approach to learning, with many online courses available. This ensures that distance learning is highly effective, as there’s plenty of online help and support.

Smart technology makes running a business easier

  • Thanks to smart technology, running a business in 2017 is easier than ever before, which could be why so many young people are choosing to launch businesses of their own.
  • Virtual business is not only highly successful, but they are also simple and cost effective to set up. Making running a business a viable option for almost anyone, whereas in previous times, running a business has been something reserved for an elite few, not the masses.

Today, there are more young entrepreneurs than ever before due to a range of unique circumstances, making the process of launching and running a business more achievable. Compared to past generations, millennials have incredible opportunities for success.

An engineer by education and an entrepreneur by choice. Asish is a TCS Best Student Awardee, NDTV featured student entrepreneur and International School of Entrepreneurship Education awardee. He also worked with many startups and big companies for their business development and strategical growth. Asish has been heading The Startup Journal since its inception in 2014.