The latest edition of the Global Entrepreneur Report found that more millennials than ever are starting their own businesses. This equals more than double the number of businesses their baby boomer grandparents were starting. Many factors cater to the rise of new businesses as millennials come to age, and they all work together to create an ideal environment for entrepreneurs.
Check out these four reasons why more millennials are setting off on their own:
Millennials Want to Control Their Time.
One major downside of working for a large company is a lack of schedule flexibility. Many millennials say they would leave a company for another one that offered more flexibility, and 77 percent of millennials say a flexible schedule makes the workplace more productive. One way to guarantee a flexible work environment is to start your own business.
Many millennials become entrepreneurs so they can dictate their own hours. If they want to work from 4 p.m. until midnight and then sleep until noon, there isn’t a boss telling them they need to arrive at 9 a.m. This flexibility also allows them to control their work-life balance, instead of a company mandating 40 hours or more per week.
The Internet Makes Entrepreneurship Easier.
Entrepreneurs don’t need a brick-and-mortar store to run a business. They really just need an internet connection. From designers running their own agencies on their couches, to crafters selling unique gifts on Etsy, it’s possible to get a business started with just a few clicks. Gone are the days of buying a store and sinking your savings into materials in the hope that it pays off. This low-risk environment means anyone can start a business, even if it fails.
There’s a Whole Industry to Support Entrepreneurs.
Many companies cater to online business by making setting up shop easier. Marketers can hire freelance contractors instead of full-time employees with benefits, and coworking spaces create spots for meetings when entrepreneurs need to look professional. For product delivery, companies can use apps that offer same-day drop-off at a fraction of the price of UPS or USPS.
Even credit card companies are finding solutions to high-risk ACH processing clients like young businesses with no credit history. These companies help startups get on their feet and process purchases when they previously wouldn’t have been able to accept credit. This creates a culture that’s friendly to entrepreneurs.
Millennials Don’t Have a Lot of Money.
Millennials are young and might never have had much money to their names, which is perfect for going into business. They never had anything to lose in the first place, so they’re not as worried about starting something new. In fact, many millennials don’t perceive going without a significant paycheck for the sake of the company as a hardship, as long as they’re doing something they love.
Whether they’re starting a multi-million dollar company or they’re just offering developer services from their basement, millennials are striking out on their own. These young entrepreneurs are bucking the status quo.