As we mentioned in our June newsletter, young entrepreneurship is on the rise. From the beeswax chapstick sisters to these genius online music moguls, children and young adults are making strides in today’s business landscape. In fact, according to a survey conducted by oDesk last year, 58 percent of freelancing millennials who are familiar with the term ‘entrepreneur’ actually classify themselves as one. Lesson to learn – you must think like an entrepreneur to be an entrepreneur.
Many accredit this surge to young peoples’ devotion to social causes. Business represents a chance to support issues that they’re passionate about – a real, tangible way to make a difference in the world. With the youth population professing the importance of supporting causes, entrepreneurship provides a great outlet to make their voices heard. To much surprise, the current employment rate is another factor that influences young entrepreneurship. According to TIME, 23 percent of young people started a business as a result of being jobless. While this doesn’t paint a glowing picture of today’s job market, we are thrilled to see the new opportunities that young people have created as a result.
At Far West Capital, we have always been staunch supporters of young entrepreneurship. The youth of America is changing business as we know it and show no signs of slowing down. We can’t help but be impressed by this trend and hope that young innovators will continue to unleash their potential for many years to come.