We have known many rockstar entrepreneur in this era such as Mark Zuckerberg, Steve Jobs, Alexis Ohanian, and many more. Well, entrepreneurs are seen to have huge potential success. This is one of the reasons why millennials are getting interested into entrepreneurship. Through many surveys, it is shown that most millennials has set their sight in entrepreneurial lifestyle. The most recent survey even shows that more than 60% of millennials had goals to start their own business. They are also interested to start a small business. They believe that starting and owning their own business will give them more stability and security in life.
High level of interest to entrepreneurship
Many upcoming students have already set their goal to become entrepreneur because they believe that they can be successful by running their own business. However, high level of interest in entrepreneurship doesn’t make them aspired to pursue it. There are many factors which lead young generation to fail their attempt in entrepreneurship such as lack of financial support. Money is their primary obstacles in starting a business even if it is for small one. Besides, more than 50% of students still carry student loan. Meanwhile, finance is one of the most important factors to start a business. Without sufficient financial support, it is hard to start and run a promising business. Besides, those who are still tied with student loan can lose focus on business because they have another burden.
Another obvious obstacle for millennials to start and run their own business is lack of experience. It is true that we can learn by doing. However, the more experience you have, the easier for you to run your business. Lack of experience is also the thing that hold them down from starting a business because they think that they will automatically fail if they start a business with no experience. It prevents them to truly pursue entrepreneurship.
However, the fact about millennials is that they are transforming industries. The good thing about millennials who start their own business is that they are not afraid to fail. It is even amazing because they are not afraid to fail repeatedly. This type of positivity can lead millennials to a successful self-employment. Sure, they will face many challenges with their lack of experience and financial support. However, their motivation and spirit is still high. Thus, they are likely to be better in dealing with various obstacles throughout their journey in entrepreneurship.
One of the most powerful tools that is beneficial for millennials to start and run their own business is social media. They may start business with a purpose of trying out or checking the water. They start a business that suits their passion and interest. They then build connection through social media where they can also build wider engagement to attract more people. Then, the business grows gradually and steadily. Therefore, millennials and their familiarity to advanced technology and social media can be good combination for a successful business. This is what is happening now.