Is Entrepreneurship the Smart Move for Youths of Today?

A look into the Millennials movement away from the corporate world and into the realms of entrepreneurship for young adults

By: Matt Smith, Staff Writer

It’s the classic success story. You finish school and get an internship, or low level job, at a big company. You work hard, network, and show dedication until you finally get offered a promotion. Then you wash, rinse, and repeat the process. Year after year you work hard in hopes of getting another promotion and jumping up to a new position in the company. Your goal? To be the boss. It’s a process known famously as “climbing the corporate ladder.” The idea that one must pay their dues before they can receive success or power. It’s a viable option and one many people chose to take. But is this the only option?

The movement away from corporations

Every day, millions of people quit their jobs working for a corporation and pursue their own independent interests. In fact, a recent study conducted by ODesk revealed that “61% [of Millennials] say they are likely to quit [their jobs] within two years” and that “58% classified themselves as entrepreneurs.”

Whether it’s starting a small business, creating a new web service, or starting the next social media website, entrepreneurs are becoming increasingly popular, especially amongst the youths of today.

Why is there a shift from climbing the corporate ladder to becoming an entrepreneur?

Critics of the “me” generation (a nickname for those born in this generation) have seen the surge of youth entrepreneurs as a byproduct of entitlement. Critics scoff at the idea that a young man or woman wishes to be their own boss without “paying their dues” or having been the “lunch chooch.”

In 2011 Canadian Business reported that “more than half of all workers are dissatisfied with their work.”

Maybe the youth generation of today doesn’t wish to end up like more than 50% of all other workers. Instead of slaving away at a job which doesn’t interest or satisfy you, why not quit and pursue a career that does. Transferring to entrepreneurship allows you to be your own boss, pick your own hours, choose your own goals, and do what you want.

Millennials are learning from the past

Bill Gates, Richard Branson, and Steve Jobs. What do all these three names have in common? Not only are they all entrepreneurs, billionaires, and creators of some of the most used products in the world, but they’re all a part of the cohort which is so adamant in criticizing the generation of today. These three entrepreneurs, among innumerable other names, started their own businesses and not only were successful, but changed the world as we know it. Millennials today have looked to the past and realized that some of the most success businessmen started off as entrepreneurs. Millennials see that not all success stories come from climbing the corporate ladder.

Even the past ten years have yielded some great entrepreneurial success stories.

Mark Zuckerberg was only 20 years old when he founded Facebook. His social media website has revolutionized the world ever since. Facebook’s newsroom page touts that every day, on average, 699 million people actively use Facebook. 699 million people use a service which was created and is currently run by an entrepreneur. Zuckerberg’s venture has rewarded him in roughly $14 billion dollars and the honour of Time Magazine’s Person of the Year.

Zuckerberg isn’t the only successful youth entrepreneur who has found inspiration due to the growth of the internet and technology. To name a few:

Google: Founded by Larry Page and Sergey Brin both at age 25.

Tumblr: Founded by David Karp at age 21.

YouTube: Founded by Steve Chen, Chad Hurley, and Jawed Karim at age 27, 28, and 26 respectively.

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.

Image provided by startups.telecomuncovered

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.