Are Millennials Poised To Be The Next Great Entrepreneurial Generation?
Small businesses are the cornerstone of our nation’s economy. Over half of the nation’s workforce work for companies with fewer than 500 employees, according to the Wall Street Journal.These companies produce:
- 46% of private economic output nationwide, and
- 33% of the value of U.S. exports
America needs to become more entrepreneurial if it wants to get out of the stagnating economy it’s in. Relying on huge corporations to produce jobs just isn’t going to solve anyone’s economic woes. According to a 2015 study published in the Harvard Business Review, the following things need to happen in order to support small business growth in the United States:
- Better access to capital, including community development funds and community reinvestment funds
- Better access to human capital- developing not just the entrepreneurial talent but also the supporting talent in fields such as STEM
- Developing business ecosystems- innovation districts, incubators and accelerators, and manufacturing institutes
Many people believe Millennials have what it takes to be one of the greatest entrepreneurial generations of all time. Millennials are:
- Digital natives with access to more tech than ever before
- Able to use crowdfunding, unlike any previous generation
- Able to access distribution platforms that never existed before
- Able to pursue purpose over profit
Convincing millennials to start to take risks is going to be the catalyst that eventually brings about the greatest entrepreneurial generation in history. Currently, they are saddled with massive student loan debt and don’t have homes or other assets against which they can borrow to start a new business, but there are plenty of other entrepreneurial avenues out there for them. When Millennials find what they are passionate about and find a way to make it happen, they will become the strongest entrepreneurs ever.
Infographic originally appeared on Online MBA PageDigital & Social Articles on Business 2 Community