Young entrepreneurs are the backbone of the economy. From creating jobs to advancing technology and improving our lives, these trailblazers embody the American spirit and are important to our success as a society and a nation. Here are some of the reasons why the world needs more young entrepreneurs.
The world needs leaders, role models, and success stories to inspire and motivate individuals to exceed their given situation and accomplish things they never thought possible. What is more inspiring than a young entrepreneur that created a successful business or an amazing new technology product and became wildly successful and wealthy in his or her twenties?
Young entrepreneurs bring a fresh perspective, an intimate knowledge of technology and the positives and negatives it can have since they grew up with tablets and the internet at a very young age, and help create jobs in places and sectors of the market that are growing and in demand.
It is rare to see a young entrepreneur open up a car factory or a textile plant. Rather, they are focused on technology-oriented endeavors that will sculpt our future and increase the standard of living across the less developed world.
Bootstrapping is a startup concept or method of operations that involves growing and starting a business or enterprise without much capital, resources, or investors. Typical bootstrap businesses are not making a profit yet, turning all their profits and revenue around into growing, advertising, and expanding their ventures.
As the economic cycle shifts and rising interest rates tighten access to capital from both debt and equity sources, bootstrapped businesses are likely to make a resurgence. Young entrepreneurs lead the way in this field, as older entrepreneurs tend to favor the traditional ways of starting an enterprise that they learned in business school. Older entrepreneurs are also more risk averse because of their mistakes, experiences, and looming retirements.
Young entrepreneurs are fearless, sometimes careless, but this allows them to challenge the status quo and help advance society in new and unforeseen ways.
Innocence and ignorance as advantages
Sometimes not being properly educated or having experience can be an advantage. Traditional advice affirms that it is usually a disadvantage, but in today’s marketplace this is not always the case. Sometimes it takes a visionary to accept that the way the world drinks coffee is not the best, that the taxi cab monopoly is not good for the environment or the consumer, or that there is a better way to store our files then local hard drives prone to failure and tampering.
An entrepreneur with typical business experience and a typical education struggles to come up with a creative and innovative idea, but the young entrepreneur can live outside these restrictions.
Young entrepreneurs also prefer to work with colleagues and employees that are similar in age and temperament to themselves. The more these individuals are allowed to foster and become successful, the more opportunities will exist for our young people who have mixed education backgrounds.
These entrepreneurs can also take other misguided or confused kids under their wing in a mentor type program. This in-house growing of future entrepreneurs bodes well for the economy and society as there is a belief that small businesses are the ones that create true job growth in the economy as opposed to mega corporations either from home or abroad.