How old were you when you started your first business? Warren Buffett started with pinballs in hair salons as a young man. Great entrepreneurs often have high ideas and goals at a very young age, and while the Millennials most of the time choose to miss out on entrepreneurship, Gen Z pursues its dreams with vengeance. However, there are certain problems that arise when you start your own business at a very young age, and it will not be easy for these young entrepreneurs.
Today 61% of high school students and 43% of college students want to become entrepreneurs one day. Many young people take advantage of the technology available to them that was not accessible to previous generations to start businesses from an early age. Fiverr is a great example of a market where people can do small jobs for five dollars, while Etsy is a good example of a market where people can sell handmade items. to a wide audience. There are opportunities that did not exist today even when most Millennials were maturing. As technology advances, non-traditional business opportunities multiply.
However, young people face a wide variety of obstacles. Not only is there a widespread myth that young people are lazy and entitled, but there is also the problem of not being able to legally contract, not being legally able to get a credit card and not to be able to obtain a bank loan. In addition to legal obstacles, many car rental agencies, hotels and other businesses prohibit persons under 21 years of age from using their services. This makes things like networking and conferencing almost impossible for young entrepreneurs.
In addition, youth who run a business may have difficulty staying in school and maintaining a social life. Managing a business is a serious proposition and it's not always easy to plan around school, homework and social activities. In addition, young people do not have the experience of knowing that they should not hire their friends to work for them unless their friends share their passions and goals.
However, there are many advantages to being a young entrepreneur. Having nothing to lose prevents much of the fear that goes along with building and growing a start-up company. Being a digital native also helps. But the biggest advantage is probably not having the wisdom of conventional business that weighs on you, which can leave you free to discover new ideas. Learn more about young entrepreneurs in this infographic!