The world of modern entrepreneurship looks, initially, like a thrilling place for young go-getters. As the wave of green business continues to get attention and publicity, the millennial cohort are being lauded for their ethical approaches and readiness to change the world for the better. The average millennial should, surely, be excited with the opportunities that are open to them.
With that said, a lot of young people with plenty of potential are reluctant to test that potential in the current climate. That’s regrettable, and from the outside it can seem to be an example of risk-averse, even cowardly behavior from the young adults of 2020. However, as we will see, there are plenty of other, perfectly good reasons why younger people are a little gun-shy about testing the waters of entrepreneurship.
The economic picture doesn’t instill confidence
Someone aged 30 today can note, with some justification, that they have already seen two “once in a lifetime” economic crises since becoming an adult. The global credit crunch of 2008 was, at the time, the most tumultuous financial event since the Great Depression. Many of the aftershocks were still fresh in the memory when the Covid-19 pandemic, and its attendant recession, arrived. If a once-in-a-lifetime event can happen twice in 12 years, is it any wonder that millennials are nervy about pushing the envelope?
Borrowing is harder than it used to be
Taking out a loan for seed capital used to be a standard and simple way to launch a business, and it’s still an avenue pursued by some younger entrepreneurs. However, lending rules have tightened since 2008 (with good reason!), and anything but a spotless credit history can be disqualifying. While bursaries, grants, and organisations such as DTSS U.S. Complete Freedom offer ways to overcome this obstacle, millennials need to know about them. That’s not always easy in a world that still seems tilted towards traditionalists.
Gatekeeping is a thing
To listen to the criticisms of some business veterans, one could easily conclude that young entrepreneurs simply don’t understand the way the business world works. It’s actually more accurate to say that seniority leads to more established names being given more chance to get their points across.
However, younger entrepreneurs, who are quicker to embrace ideas like home working and Zoom collaboration, are actually better-equipped to weather crises like the current one. The business picture may well look a lot different by the end of 2021, and it will be interesting to revisit the old certainties at that time.
Right now, potential entrepreneurs can be forgiven for looking at the world with some real misgivings. But keep your head up, because the trends are positive for a better future. Young entrepreneurs are embracing green technology, different ways of doing things, and collaborative approaches – and if we keep our nerve, these values will become the norm.
Money-Smart Millennials 