After the global pandemic,one can say that the mindset of the population worldwide has changed drastically. The economic difficulties that the world's largest nations have encountered as a result of unexpected unemployment have prepared the way for self-employment. Instead of succumbing to unemployment trends in all industries, the working population between the ages of 25 and 35 is ready to create jobs for themselves. This exemplifies the entrepreneurial spirit that exists among young people all across the world.
Listed below are some major reasons why young adults are interested in taking the path of entrepreneurship.
Technology: Human’s new best friend
Gen Z is often referred to as a tech-savvy generation, with everyone familiar with technology. It has become very easy for people to learn and begin new things. Technology has aided people in becoming self-sufficient by allowing them to pursue their passions and create businesses online or re-enter the workforce after a long break.
It is a major attraction for the youth as the internet environment is comfortable to work in, with relaxed working hours and the ability to work from home. When we come across successful ventures like Airbnb, Amazon,Uber, Meta, etc. which started as small ventures but with the power of the internet have become big giants in their specific domains.
Entrepreneurs play a critical role in a country's economic and sociological development. They encourage individuals to dream big and push the limits of progress. From creating an idea to bringing it into the market and subsequently creating jobs and increasing innovation; they bring about positive change in the way we work and live. They push economic progress forward by making effective use of resources, people, and finance.
Entrepreneurship is critical to improving living standards.They create as well as implement ideas that improve people's quality of life.The improvement in our level of living, owing to inventors and entrepreneurs, has resulted in a surge of high-tech devices, customized shopping experiences, luxury automobiles, and other things that have made our lives simpler.
Another factor for the popularity of entrepreneurship among young people is the availability of funding channels that has made it easy for anybody with a decent idea to start a business.
To combat global unemployment, governments and businesses throughout the world are devising programs to encourage self-employment and entrepreneurship.
Crowd-funding events, entrepreneurship summits, and conclaves are taking place all around the world to encourage and support young entrepreneurs in launching and running successful businesses. Reaching out to angel investors is another effective way to raise funds for your startup which is very prevalent among young entrepreneurs and small business holders.
Hyper-local businesses rise again
Apart from the start-ups that one day wish to become successful nationwide, a lot of the young businessmen are focusing on getting locally recognized. These businesses are called hyper-local businesses. They have made a breakthrough due to people having a lot of leisure time in the pandemic, especially homemaker women and students wanting to start something as a side hustle.
These businesses have skyrocketed with the help of social media. Today there are thousands of local businesses that are thriving with a small to a medium customer base, giving these students and women a great source of income. These types of businesses are not limited to tutoring; they include items like clothing, art, edibles, and services of any kind.
This era is the golden era for young minds that are striving to bring about a change in the world, with a plethora of opportunities available in every field and domain of entrepreneurship. So if you think you have the perseverance, determination, and will to work towards your passion, this is the time to give wings to your dreams.
- Blog written by Vidhi Singh