Rise of The Millennial Entrepreneur

Is it me or are more people choosing to be an entrepreneur? Growing up in the 80's, when one claimed to be an entrepreneur, they usually had years of experience in the workforce and financial assets allowing them to venture into creating a business. However, with the rise of millennials, the "entrepreneur" word seems to be much more attractive and require less years of work experience and even require little to no start-up money for many that select that path. 

There has definitely been a culture shift from previous generations. It’s as if millennials, the largest generation to date, have witnessed their parents go to school, get a degree, get a job only to find themselves undervalued, chasing carrots in a rat race climbing the corporate ladder. A journey that doesn't look as rewarding as it once did to our elders.  

So why is it becoming much easier for more to choose the risk of entrepreneurship vs the traditional safer career route most are used to? 

As a millennial entrepreneur in the financial and real estate industry, I've recognized the tools available today to connect with others, market your brand and solicit your services have provided more opportunity and abundance than previous eras of commerce. 

Thanks to social media, the common person without any know how or where to start, and even who to go to for start up funds can connect with people all over the globe instantly with a simple direct message also known as a DM through several portals. Online networks created by Instagram, Facebook, LinkedIn and Twitter provide immediate resources and connections that prior to this movement weren’t available to just anybody with a cell phone and wifi. In addition, crowdfunding like Kickstarter and Gofundme have allowed anyone with a great idea to post, ask for support and start generating financial backing from strangers that in the masses can generate a fairly large amount in a short period of time.  

It’s as if there is less courage needed to break free of the 9-5 with way more rewards. 

In addition, according to CNBC, most of today’s millennial entrepreneurs are more about impact and influence then they are the bottom line and this collaboration among the masses creates a network of support and drive for accomplishment greater than it did for the trail blazers who had to go “all in”, mortgage their homes and take much greater risks to launch their business ideas.

Another factor behind the motivation of more entrepreneurs is the rising cost of college tuition. Per Trends In Higher Education, tuition costs have nearly doubled since the late nineties vs what one would pay today. The expense and opportunity costs places many who graduate in a significant financial hole and can spend 15-25 years to pay off through their working lives only to find themselves looking for a “side hustle”, a way to take some extra cash on top of their current jobs.

Have you ever considered at the age of 18 students have the ability to obtain unsecured loans exceeding $80,000-$100,000 to fund an undergraduate degree without any guarantee of paying it back, but will find it nearly impossible to secure a $10,000 loan to launch a new business. 

That makes you wonder if the increasing costs of college tuition has any correlation to the rise of millennial entrepreneurs, what are your thoughts?

Sina Azari is a Forbes contributor, subject matter expert in the areas of risk, insurance and finance. He is the Chief Innovation Officer of PRESENT Financial Partners; the principal broker of PRESENT Financial Properties, the Founder of the Millennials Leadership Network and host of AllMindset's Mindset Chronicles Podcast. To learn more about Sina Azari click here.