Entrepreneurship among the youth has never been as popular as it is now, especially as young people realise that not everyone is cut out for – or can afford university – and they apply bright young minds to creating a business.
People as young as 14 are coming up with business ideas – and many are succeeding. So, what benefit do young people have as entrepreneurs?
Here are 5 key benefits to their youthfulness:
- Young people can start up a small business, stop if it doesn’t work, and start again. Time is on their side, whereas those who are 35 and up are often short on time due to family commitments, kids, and living expenses.
- The youth generally have fewer living expenses, as many still live at home or share accommodations with friends. They’re also smart about payments for things like data, streaming and phone calls and always find the cheapest, most efficient way to keep these costs down.
- The smartest young people are willing to learn from older people in their field; ask questions, listen – and then “build it better” with their knowledge of technology and what their own peers want.
- Young people – especially those who map out their future carefully – have less responsibility at an early age, unlike many of their parents. Many are waiting longer to have children, which gives them the opportunity to work harder and longer hours – and they have the energy to do that.
- Young people understand early on that experience counts for more, in many cases, than a degree – and they’re taking online courses and attending meetups that can further their skills while they’re still at school. By the time they matriculate, they’ll have the knowledge it took older generations a while to learn.
If you speak to older generations, many of them will own up to wishing they had started their own businesses as youngsters. Our youth have the opportunity now, and there’s never been more free information available to anyone who wants to learn. This is just one of the benefits of youthful entrepreneurs – the desire to learn… and succeed.