We are living at a time when success is not restricted to experience, age, or membership of corporate boardrooms. They are rewriting the rules of the game that are the new, young, driven, and digitally first group of builders, creators, and even breadwinners, who have not even finished high school.
The world of youthful entrepreneurship is now in electronic form. It has become simple to start a business through the internet, and fast technological changes. It comes down to a smartphone, a little Wi-Fi, and a good idea. Gen Z and younger Millennials are not only utilizing such tools to take selfies or create memes, but also to establish brands, develop services, and access global markets.
They are not waiting to have a seat at the table; they are stirring it upon themselves. What then is driving this entrepreneurial burst? First of all, the internet has made access democratic. One is no longer required to have a fancy degree or a huge bank loan to embark on business. Such networks as Shopify, TikTok, Instagram, and YouTube have introduced new ways of expanding and promoting themselves and making money on their personal platforms.
A student is capable of selling crafted bracelets to clients on a different continent or providing virtual teaching across a time zone. Social media is no longer just a place of entertainment rather, it is a business powerhouse. The youngsters are using it to prototype ideas on products and also carry out marketing campaigns as well and develop personal brands.
Young people have been figuring out the magic of direct-to-consumer service businesses, telling Instagram stories to launch fashion lines or launching podcasts that are getting sponsors when they are teenagers or college dropouts who could not conform.
Online schooling has also been so vital. There are innumerable free or cheap courses on such platforms as Coursera, Udemy, and YouTube that offer to teach practically everything, including programming and design, to digital marketing and business strategy. The knowledge that required thousands of dollars (as a university) is at the tip of the finger.
Combine that with world-renowned mentors on LinkedIn or webinars with successful founders, and you have the potential to create a potent learning ecosystem an order of magnitude beyond classrooms. What motivates the youth to become entrepreneurs? The prospect of freedom is a large driver, and that of freedom from the ordinary 9-5 workplace, financial constraints, and constraints of societal expectation.
Most people would like to create something that would represent their personality, principles, and imagination. And hustle culture cannot be disregarded as well. With social media promoting more motivational themes, business people to follow, and stories of self-made millionaires, it is having an influence to make more young people consider that they could also do it. However, it does not mean all sunshine and success.
New entrepreneurs are confronted by the actual challenges. Finance is a key obstacle- banks are not ready to lend money to young people who have no credit record. Business experience is also short and generates the likelihood of making errors (at a higher cost). Most of them pursue their activities and combine them with school or employment, resulting in burnout or mismanagement.
However, these challenges usually turn out into learning curves that develop resilience and flexibility. Fortunately, things are changing. Youth-driven accelerators, startup incubators, and mentoring programs are sprouting up around the world. The governments of such countries as Kenya, India, and Canada are implementing digital training and financing programs dedicated to youth. NGOs and groups in the local community are also helping out and providing resources and networking opportunities.
A very volatile section is in content creation. The likes of TikTok and YouTube have turned the youth into producers. The new ingenious ways of promoting influencer marketing, affiliate sales, product reviews, and brand sponsorships are all a part of a billion-dollar industry in which even 15-year-old kids can earn deep cash. This has transformed leisure activities into earning activities, creating new digital jobs. Another trend that is going on is freelancing.
Youths are hawking their design, writing, coding, and marketing skills via such platforms as Fiverr, Upwork, and Freelancer. And most started when they were in high school or university and got the hands-on experience along with the financial income, and in a considerable amount, ended up becoming full-time entrepreneurs.
Youth entrepreneurship is becoming a reality even in developing countries. Innovation is being driven by economic problems and a lack of jobs. In the places with minimal infrastructure, the exchange of money, like mobile money platforms, such as M-Pesa, and tools, such as WhatsApp Business, are facilitating business.
Young people are making environmentally friendly items and technologies that solve the issues of the community as well, and they also export crafts via Etsy and Amazon. This antibiotics-induced drive to have success at a tender age has an ephemeral price, though: mental well-being. The hustle spirit, Instagram comparison, and fear of failure can be hard to deal with. Numerous young entrepreneurs are complaining of burnout, anxiety, and loneliness.
It is important to foster better health, personal care, and equilibrium and not only aspiration. Having said that, the future of youth entrepreneurship is aggressive and promising. New opportunities are being stirred by the trends such as AI, blockchain, and sustainable innovation. Juvenile minds are singularly capable of experimenting and of adapting.
Yet in order to reach their full potential, institutions have to scale up. Entrepreneurship education needs to be introduced in schools, governments need to provide finances and digital infrastructure, and society, in general, needs to change its attitude towards young talents.
About the Author
Proud to share this story on youth entrepreneurship. Young people are really making change.