Entrepreneurship is currently regarded as the future of most countries’ economies. Countries all over the world have put a significant emphasis on greatly inspiring and supporting young entrepreneurs and giving them a better shot towards success. The entrepreneurial spirit among the millennial population is greatly enhanced by various vital factors that have created a suitable environment for the growth of millennial entrepreneurship.
The great competition across the Canadian employment market is pushing more young people to pursue higher education as a way of creating a competitive advantage. With advanced education, millennial entrepreneurs can gain better skills and competencies on how they can be absorbed in the jobs market. Such skills are also crucial in spurring their entrepreneurial spirit.
Great ambition and risk-taking
The entrepreneurial spirit among the millennials is greatly enhanced by a better breed of risk-taking persons whose ambitions stand a better chance of succeeding. Two-thirds of the millennial population across the globe aspires to create their own corporations and running their businesses. This is an excellent opportunity for the flourishing of entrepreneurial establishments in the country.
More young entrepreneurs
On average, millennial entrepreneurs start small businesses at an average period that is four years earlier as compared to the baby boomer population. The young-age planning come in handy in helping create a suitable environment that encourages more young people to venture into entrepreneurial pursuits. Investing at a young age can be significantly risky. However, armed with technology and educational knowledge, young entrepreneurs have a better chance of succeeding.
Creation of larger startups
On average, 60% of the millennial entrepreneurs are more ambitious on making profits and breaking even within the first year of running their businesses. This is as compared to 42% of the baby boomer entrepreneurs who believe that they will break even within a similar duration of time. Given the enormous size of their start-ups, millennial entrepreneurs enjoy a wider profit margin of up to 30% larger than the baby boomer population’s profits.
Available support and incubation
Incubation and technical support in start-ups are highly crucial to the entrepreneurship’s ability to grow and stabilize. Globally, there exists a strong will of support for millennial entrepreneurs. Such support comes from the tremendous wealth of knowledge that has been gained over the years by baby boomers. With such a strong entrepreneurship support network, Canadian millennial entrepreneurs are sure to stand a better chance of successful startups.