As they enter the workforce, young adults of today know what they want and they don’t plan on settling. This generation values equal opportunity to grow and to reach financial freedom. Young adults want to be the ones in control of their future and for most, entrepreneurship is looking like the path to success.
“We want to create our own lane,” Jazz Moné, CEO of the podcast Jazz Unfiltered, said. “As a Black woman, I don’t feel like I have a place in ‘corporate America’ and I know I’m not alone. In my experience, being an entrepreneur can open so many doors.”
Young millennials and Gen Zers are reshaping the workforce with a unique and fresh mindset. For this group, it’s less about how they can make a living and more about how they can live the life they want, reach financial freedom and then make a career out of it.
This age group sees both extremes of the socioeconomic classes: the ones on welfare barely making ends meet and the ones dripping in designer reveling in their riches. Seeing both of these extremities has caused young people who are currently establishing their lives to have an intensified yearning for financial freedom.
“I believe you have the ability to be more in control of your finances as an entrepreneur,” Moné said. “This is definitely a goal of mine. I currently have more freedom to do the things I want because I am more balanced financially, even in a pandemic. That’s why I truly believe this is the time to start a business, young or old.”
“When you’re self employed, there’s no cap on your potential earnings. It’s not restricted by salary bands or a corporate structure — it’s only limited by your hard work and if you run a successful business, the sky’s the limit,” Saskia Nelson said in Hey Tuesday blog.
Without that cap, the influx of earnings seems to be limitless thus providing an easier access to financial freedom.
Folks who have experienced poverty are usually fueled by the fear to “make it out” and the middle to lower classes are now flocking to entrepreneurship to combat that fear.
“I was driven by being afraid of the bank knocking on the door like they did with my parents,” self-made millionaire Tony Robbins said in a CNBC interview. “I think a lot of people you will talk to who immigrated or came from, as they say, the other side of the tracks, are driven by fear.”
This new generation of adults had to grow up in the aftermath of the Great Recession. They witnessed the instability of the traditional workforce which now has pushed the majority of individuals in this age group toward self-employment. According to a recent study, millennials view self-employment to have a greater job security. Since 2018, millennials were said to be the most entrepreneurial generation. According to INC.com, 61% of millennials had goals to start their own businesses but experienced trouble due to lack of money. Now Gen Z is becoming the most entrepreneurial generation.
Look around your circle: How many of your friends are business owners?
Job security and financial stability are two very powerful things to possess at a young age. Whether it is just a side gig or a profession, entrepreneurship will always offer these two entities if the company is run well and young people are noticing this more and more. Moné explained how being an entrepreneur aids in her professional life.
“I am my own boss. I’ve always thought of myself as a leader and having my own business allows me to run things the way I like. It has also taught me to be more structured, manage my time better and be smarter financially. Also, being a business owner helps you connect with other like-minded individuals. I’ve met so many great women and men that have continued to push me and who believe in my vision,” she said.
“For me, a pro [to entrepreneurship] is that I am able to run my business while working a 9-5,” Moné added. “I am not [solely] dependent on my business income, which helps me be more financially responsible. Even in the current economy, I believe this is the best time to start a business or brand.”
Being a business owner may not be for everyone. Some may need to be the ones within the company caring for the customers and making sure things are running smoothly. Both sides are equally important. However, if you can start a second stream of income, now might be the time to start.