Is Entrepreneurship the Smart Move for Youths of Today?

Facebook, Google, Tumblr and YouTube are a few examples of entrepreneurial ventures, headed by youths, which have completely changed the world. The thing is, none of these founders climbed the corporate ladder; they all created their own.

Is becoming an entrepreneur the smart move?

The youth generation of today has realized that often times success is achieved by creating your own business. During an interview with MoneyWatch, Dan Schwabel, Millennial Branding CEO, said that “Millennials are the “me” generation, but I think what is really going on here is that they understand that they have to be in charge of their own careers and not rely on companies.”

Furthermore, with the constant advancements in technology, the wide scope of social media, and the infinite opportunities provided by the internet, it seems as if now is the best time to try and start your own business.

Michele Romanow is a youth entrepreneur who started the web based companies “Buytopia” and “SnapSaves”. Romanow says that “Buytopia” generates “over $10 million in annual revenue.”

Romanow recently did an interview with Forbes in which she discussed how crucial and beneficial social media is to kickstarting a small business.

Romanow told Forbes that business can “leverage Twitter and Facebook to get access to free and rapid marketing” and that “technology will be critical to thrive in tomorrow’s e-commerce world.” She continues to say that students need to “Start looking into technology earlier in life. Try building a viable product or solving a real market problem in school. If it works, take a risk and start a company! This is the time to take risks.”

Romanow has her own life experience as proof that taking a risk and starting your own company can result in success and growth.

Entrepreneurship is not easy

Many ventures will seem great on paper, but fail in the real world. It’s a common occurrence. However, failure isn’t always a bad thing.

Richard Branson told entrepeneur.com that “Few first ventures work out. It is how a beginning entrepreneur deals with failure that sets that person apart. In fact, failure is one of the secrets to success, since some of the best ideas arise from the ashes of a shuttered business.”

Many people may turn away from entrepreneurship because they fear failure and because they hear that most ventures don’t pan out. Not every venture will turn out to be Facebook, Google, or Microsoft. Learning from each failure will get you one step closer to the one that does work.

There are two feasible options for a young person to take when trying to make a living. You can either enter the corporate world, work hard, and climb the corporate ladder or you can pursue an idea that you believe can make a difference and be your own boss. Both are smart, both can lead to success, and both require hard work. There is no doubt that with the technological landscape of today, entrepreneurship is more possible than ever. It’s just a matter of utilizing the technology/social media around you, having the rightidea, and learning from your mistakes.

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Matt Smith is a freelance writer who is currently studying politics at Queen’s University. Matt has an interest in current affairs, business, and sports.