Blog /Why Entrepreneurship is Becoming a Career Option for Millennials?

Why Entrepreneurship is Becoming a Career Option for Millennials?

The 21st century has given birth to the ultimate beacon of capitalism – entrepreneurship. These days, swarms of people graduating from university throw in the risk dice and hope to get sizable rewards from the entrepreneurship game. An entrepreneur’s career revolves around taking risks, planning, organizing, streamlining, leading and managing a business venture in a competitive market.

These individuals have a burning idea that wants to manifest itself to change people’s lives in a way that is not only innovative but is also able to fetch profits for the shareholders of the business. Although it’s not everyone’s cup of tea, entrepreneurship has certainly fascinated millennials more than others. The big kahunas of the tech world today – Mark Zuckerberg, David Karp, Daniel Ek, etc. are millennials who started off humbly, but have scaled soaring heights. Today’s entrepreneurs are tearing down the wall of traditional business models by implementing processes that are viable, sustainable and in-sync with the new generation workforce.

Some of the punchy reasons why entrepreneurship appeals so much to people as a career option are:

  • To be their own boss and run their own show.
  • To generate an idea that could solve people’s problems and to execute a business plan from the ground-up.
  • To create new job opportunities, thereby helping a national economy to thrust unemployment rates down.
  • To explore all facets of business – sales, marketing, human resources, finance, product and project management, administration, and even customer support
  • To be associated with other like-minded people who share the same fiery passion for product and business

Entrepreneurship is a field that bursts open a world of possibilities for people who are smart, hardworking, creative, business-savvy and systematic. Countries like Switzerland, United States, India, Germany and Canada are rife with venture capitalists who are always hungry to invest their capital in the right idea and with the right people.

An incomprehensive list of industries that budding entrepreneurs can turn their eye to are: information technology, internet, clothing, food & delivery, engineering, automotive and renewable energy. Representing a reputed brand as a franchisee partner is also a superlative way to break ground in entrepreneurship. Whether you’re a fresher straight out of college or a 9-5 employee with oodles of energy, answering most of the questions below will open the gates of entrepreneurship for you:

  • Do you have a brilliant idea for a product/service that can be used to start a business?
  • Do you have a structured roadmap for creating, marketing and delivering your product/service?
  • Do you know a network of people who you can take your product/service to different markets and who think like you do?
  • Do you thoroughly know your concept, customer and competition?
  • Do you have enough capital to bring out your idea and keep it running until it starts paying you and your investors back?

Obviously, there are some gaping hindrances in an entrepreneurial career. Your family and social lives may go for a toss for a certain period. Free time may be hard to come by for entrepreneurs, especially in fast-moving industries like IT, food and retail. Investors or other partners may back out at inopportune times, leaving serious dents on the cash flow table. Worst case, businesses could even fail within a year or two, but this is why entrepreneurship isn’t for the faint-hearted.

The landscape of the modern economy is dotted with a growing list of startups and venture capitalists. Believe it out not – the number of startup companies has leapfrogged from 7,000 in 2008 to over 50,000 in 2018. That’s how powerful entrepreneurship can be. Are you ready to stand on your own feet?