Not only are entrepreneurs ambitious, but have been found to exhibit specific personal qualities that help them to succeed in business. Those in this line of work have an ability to invest, sell and innovate in order to develop commercial opportunities. But what about the younger generation in this field? Read below for an insight into what today’s young entrepreneurs are spending their time and money on, and why.
The ability to face high risk situations is stressful to general populations, yet adept management of uncertainty is one of the most commonly shared attributes amongst entrepreneurs. The youngest in this field are no exception and they’re known to be highly confident in their ability to manage the intensity of financial stress. This confidence means they feature strongly within the start-up scene, particularly when they have projects they’re particularly passionate about. The youth demographic is also visible in this scene as they’re often underestimated in conventional business settings, whether it be due to an actual lack of experience or a perceived one due to their young appearance or presentation.
Youth entrepreneurs are also key players in the world of social innovation. As millennials more broadly have a panache for that which has claims to authenticity and uniqueness, even younger entrepreneurs actively share this preference and thus act on opportunities to create value in this space. As this generation has been brought up in a very different labour market characterised by more fluidity and uncertainty, shifting careers or behaviours within an industry is not a foreign activity to them. Therefore, as the need for social change in various contexts arises, a young entrepreneur is adaptable and proactive when it comes to addressing previously a given conditions, like environmentally damaging practices or offshore labour conditions. Increasing attention to non-economic values within a business setting is at the heart of much work in this field. The youth in the space typically share a commitment to social responsibility and ethical business practices, which are in turn, increasingly marketable.
According to the UN’s International Labour Office, the rate of youth participation in entrepreneurship declines as age brackets lower. 18-24 year olds are the least represented as compared to 25-34 years, 35-44 years and even 44-55 years. Although many feel this is due to the level of readiness of this age group to manage viable ventures, there is also less infrastructure and support for younger demographics in their endeavours. However, as rates of participation improve, networking opportunities for like-minded young people also increase which leads to more entrepreneurial collaborations across the board. Dedicated spaces such as incubators and even co-working environments encourage these types of interactions and therefore, many younger entrepreneurs will be operating in these kinds of setting as versus a traditional office.
Not only will commercial property investment moves such as buying a factory for sale get you started, but it’s what you do with your assets next which will help you make your mark in the dynamic world of entrepreneurship.