In recent years, many young people have decided to make a stand when it comes to their careers. With job security pretty shaky and wages becoming stagnant, many millennials have decided they want something more from life. As a result, millennials are flocking to self employment.
In fact, millennials are starting more small businesses than any other generation preceding them, according to a new study, conducted by America’s Small Business Development Center (SBDC). The study revealed that 30% of millennials have already started some sort of business. What’s more, 49% of millennials dream of starting their own business sometime in the next three years.
“Surveys suggest that millennials value entrepreneurship and startups more than generations past, with the majority of millennials admiring entrepreneurs and loving the idea of being self-employed,” according to Forbes contributor Larry Alton. “Over 62% of millennials have considered starting their own business, with 72% feeling that startups and entrepreneurs are a necessary economic force for creating jobs and driving innovation.”
There are many reasons why self-employment has become so popular amongst millennials with drive and ambition. This is something that has become more viable because of advancements in technology, and more and more young people are taking advantage of this by shaking off the chains of a 9-5 routine.
Millennials are starting more businesses
A lot of millennials seems to have become more disillusioned by the perils of employment such as lack of job security and low pay. As a result, self employment has become a far more attractive option for them. Some of the key reasons behind the popularity of self-employment include:
Access to technology
Improved access to advanced technology has resulted in more and more younger people being able to set up on their own in business. You can do everything from work remotely or from home through to run your business from your smartphone thanks to today’s tech advancements. This has made it far easier for younger, tech-savvy people to set up on their own.
Jobs offering security, decent wages and good benefits are becoming harder to find. With these new workplace realities many young people opt for self-employment because it provides them with greater flexibility and financial security. They are not at the bottom of the chain or facing a ‘first in, first out’ situation in the event of redundancies. They can shape their own future and with hard work reap the rewards.
A chance to earn more
Many young people are unhappy about the amount that they are paid for their work as an employee. However, when you are self-employed you can set your own wages and the harder you work the more you can earn. As an employee, you will earn the same each month no matter how hard you work, but this all changes when you become self-employed.
Opportunity to grow a business
Starting a business from the ground up and growing it can be very rewarding. This is something that many younger people are keen to do as it represents not only an exciting challenge but the chance to enjoy impressive rewards. It also means that they can grow their business as slowly or quickly as they want to based on their other commitments.
Of course, another major benefit of becoming self-employed is being your own boss. Many millennials don’t want to spend the rest of their lives building someone else’s dream, so they become their own bosses and get paid what they deserve. Today’s millennials are willing to trade up a cubicle for a garage or a kitchen table if it means being in charge of their own destiny.
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