Entrepreneurship seems like a golden ticket. Many people dream of starting their own companies and bringing their big ideas to life, but few actually do. However, it may seem like the number of new ventures entering the market is growing, especially those started by the Millennial generation.
We’ve all heard about famous companies that began in college. Michael Dell started building computers in his dorm room and quickly turned his company into a major player. Bill Gates and Mark Zuckerberg dropped out of college to pursue their dreams. Non-tech companies like FedEx and Time Magazine also began in college years ago.
So, how is this happening? How can a 30-year-old founder of a social media site be worth an estimated $35 billion? Many entrepreneurs who start early in life have advantages over those who pursue their dreams later. Some might say these advantages come from being tech-savvy, but there’s more to it than that. Here are some benefits Millennial entrepreneurs have:
We Have Less To Lose
I’m 23 years old and a senior in college. I recently started a venture where working-class men can order plain T-shirts for various uses. Two years ago, I started a business selling protein and supplements to college students and locals. Why can I jump into these ventures quickly and, in the case of the supplement company, exit just as quickly? Because I have nothing to lose!
The biggest thing holding back aspiring entrepreneurs is the fear of losing their savings, house, car, or other assets. I understand this fear. For someone working to pay the mortgage and save for their kids’ college, risking it all on a business idea can be hard to fathom. The best advice would be to start the company while keeping a steady paycheck, but that’s easier said than done.
For Millennials, especially those still in school, we don’t have these worries. When I shut down my supplement business, my life hardly changed, except for the lessons I learned. I still paid my rent and maintained good grades. I never had to risk a mortgage or anyone else’s future.
We Can Be Blind to Risk
This point builds on the first one. Many Millennial entrepreneurs don’t even consider failure. If so many other successful companies are started by 20-somethings, why can’t I start my own too? We have very little to lose, but we also have an additional level of blindness to risk. We haven’t yet experienced the pains of mistakes, so we don’t see the possible downsides of testing new ventures.
Access to Better Resources
From my experience, the resources available in college are far greater than anywhere else! As part of my finance degree, I can get Bloomberg Certified, take Excel courses, access the Wall Street Journal and other paid publications, and use case studies, all outside my normal classes. In terms of entrepreneurship, there are clubs, an on-campus capital-providing group, and numerous VC presentations. I’ve designed my website using school programs and taken advantage of student discounts on necessary purchases.
These resources would cost me money and time if I were starting a venture outside of school. Being young and in school gives me access to company-starting programs and guidance that aren’t as easily available outside of university life. This is what I’ll miss the most when I graduate.
Mind, Body, and Spirit
It may be cliché, but entrepreneurs starting businesses in their twenties or earlier think and behave differently. We don’t have an ingrained “business as usual” mentality, which can stifle innovation. For example, before 1971, shipping relied on the Post Office and took a few days. FedEx founder Frederick W. Smith was told overnight shipping wasn’t feasible. Millennial entrepreneurs don’t think like our parents, allowing for innovative ideas.
We also have more energy and hustle. We’re young, energetic, and passionate. When it comes to my passions like reading, writing, investing, taking care of my health, and entrepreneurship, I put in all my effort. At 23, I have more energy than older generations and can push harder and rest less.
More Time
One major reason I can go to school, go to the gym, run a business, manage seven social media pages, read, write blogs, work on my book, and search for a full-time job is because I have the time. Doing well in classes doesn’t take as much time as they say (40 hours a week). I’m overloaded this semester with five full classes, but it’s not too bad. I’m creating systems to automate tasks so I can work full-time too. I have the time to do this and implement new systems today.
Additionally, without the expenses of a family and house, we don’t have those time constraints. I don’t have to go to soccer practice, mow the lawn, or go to doctor’s appointments. My generation has time for things like Netflix and Candy Crush, but those of us in business use this time to learn more and practice what we know.
Easier to Get Noticed
Businesses started in college grab headlines, especially those started by high schoolers or younger. A 12-year-old on Shark Tank selling homemade jewelry will get more attention than someone with a new energy-generating device. The second idea might be more innovative, but the first has a 12-year-old entrepreneur! How cool is that? When launching a business, recognition and marketing are key, and age is a huge advantage.
In summary, entrepreneurship is possible for everyone. Other generations can learn to take risks and pursue their dreams. I hope more college students try entrepreneurial ventures before they graduate, for the learning experience and to capitalize on the advantages we have.