Generation Y: Entrepreneurial Leaders of the Future
How young adults are preparing for their future by starting businesses of their own
Minneapolis, MN (Grassroots Newswire) June 26, 2008 -- An increasing number of young adults, specifically recent college graduates, are more interested in growing a business of their own rather than working for a company, trends are showing. In fact, according to an article on www.NPR.com (National Public Radio), 18- to 24- year-olds (called Generation Y) are starting their own businesses at a quicker rate than 35- to 44- year-olds.
"Starting a business at a young age comes with many advantages," said Carolyn Herfurth, Minneapolis business coach for The Entrepreneur's Source. "Young business owners are at an early stage in life where they can take that 'chance' without worrying about other financial responsibilities such as a mortgage, a spouse and children."
In today’s new career economy, according to a government study, people from ages 18-38 will have on average 10 jobs in their lifetime. And from an employer perspective, each year about one third of the nation’s workforce changes job, largely to take advantage of better opportunities.
There are many examples of entrepreneurs who became successful during their young adult years, including millionaire Bill Gates, who founded Microsoft in his early 20s. Herfurth said young entrepreneurship, including franchising, brings with it many advantages:
• Guaranteed learning experience – As entrepreneurs, young individuals will grow their overall skill set through complete responsibility for every facet of their business. During the start-up phase and throughout the growth of the business, Herfurth said they will learn from their decisions around organization, finances, leadership challenges and brand building.
• No resume, experience, or references necessary – When seeking employment positions with companies, the proper interview skills and other related protocols are not only important, but necessary. However, if someone wants to start his or her own business, they are the primary decision-makers and do not need to "apply within" or interview for a position. A business owner determines the role and future of their company, but can oftentimes benefit from the guidance and support of business coach in making the right decisions.
• Franchising, a proven system – Franchising can be a good choice for young people because instead of building on an idea of their own and completely starting from scratch, they are investing in an established concept that has proven successful for others. Each franchise typically comes with a good amount of training and support to help a start-up get their business up and running.
• Financial benefits – Business owners are limited only by their imagination and ability to think of new ways to profit, and all the while growing a company that has potential value. In addition, there are tax advantages that a young entrepreneur can reap, which will help them keep the money they earn.
According to Carolyn, "Instead of choosing traditional employment positions in the corporate world, they’re choosing a more personally rewarding option such as running a business of their own. They have more of an opportunity to learn and invest in success at a young age, which is the start of a promising future.”
The Entrepreneur’s Source is a leading business coaching firm that specializes in helping people to discover the right business for their lifestyle, goals and needs. Business coaches, such as Herfurth, offer services such as finding the right business, increased profitability, communications and leadership, marketing and business planning, exiting a business, and expanding operations.
Minneapolis, MN (Grassroots Newswire) June 26, 2008 -- An increasing number of young adults, specifically recent college graduates, are more interested in growing a business of their own rather than working for a company, trends are showing. In fact, according to an article on www.NPR.com (National Public Radio), 18- to 24- year-olds (called Generation Y) are starting their own businesses at a quicker rate than 35- to 44- year-olds.
"Starting a business at a young age comes with many advantages," said Carolyn Herfurth, Minneapolis business coach for The Entrepreneur's Source. "Young business owners are at an early stage in life where they can take that 'chance' without worrying about other financial responsibilities such as a mortgage, a spouse and children."
In today’s new career economy, according to a government study, people from ages 18-38 will have on average 10 jobs in their lifetime. And from an employer perspective, each year about one third of the nation’s workforce changes job, largely to take advantage of better opportunities.
There are many examples of entrepreneurs who became successful during their young adult years, including millionaire Bill Gates, who founded Microsoft in his early 20s. Herfurth said young entrepreneurship, including franchising, brings with it many advantages:
• Guaranteed learning experience – As entrepreneurs, young individuals will grow their overall skill set through complete responsibility for every facet of their business. During the start-up phase and throughout the growth of the business, Herfurth said they will learn from their decisions around organization, finances, leadership challenges and brand building.
• No resume, experience, or references necessary – When seeking employment positions with companies, the proper interview skills and other related protocols are not only important, but necessary. However, if someone wants to start his or her own business, they are the primary decision-makers and do not need to "apply within" or interview for a position. A business owner determines the role and future of their company, but can oftentimes benefit from the guidance and support of business coach in making the right decisions.
• Franchising, a proven system – Franchising can be a good choice for young people because instead of building on an idea of their own and completely starting from scratch, they are investing in an established concept that has proven successful for others. Each franchise typically comes with a good amount of training and support to help a start-up get their business up and running.
• Financial benefits – Business owners are limited only by their imagination and ability to think of new ways to profit, and all the while growing a company that has potential value. In addition, there are tax advantages that a young entrepreneur can reap, which will help them keep the money they earn.
According to Carolyn, "Instead of choosing traditional employment positions in the corporate world, they’re choosing a more personally rewarding option such as running a business of their own. They have more of an opportunity to learn and invest in success at a young age, which is the start of a promising future.”
The Entrepreneur’s Source is a leading business coaching firm that specializes in helping people to discover the right business for their lifestyle, goals and needs. Business coaches, such as Herfurth, offer services such as finding the right business, increased profitability, communications and leadership, marketing and business planning, exiting a business, and expanding operations.
posted by Carolyn Herfurth, The Entrepreneur's Source at Thursday, June 26, 2008
<< Home