Millennial Entrepreneurs: Taking the First Step in Opening Your Own Business

By J.B. Maverick

2 min read

The modern economic landscape is rapidly undergoing a major shift as millennials are slowly taking the place of baby boomers as the predominant force in the economy. More Canadian millennials are embracing and seeking out opportunities for entrepreneurial pursuits. As a member of this generation, you may be struggling with questions and concerns that leave you on the fence, uncertain about taking the first step toward starting your own company. There are ample reasons why members of the millennial generation are interested in opening their own business, and several key reasons why you should consider taking the leap into entrepreneurship.

The Appeal of Entrepreneurship for Millennials

As a millennial, you are often misunderstood and considered to be part of an entitled generation. The reality is far different, especially among the young entrepreneurs in the millennial generation. Millennials are passionate, motivated dreamers. One of the biggest draws to becoming an entrepreneur is also the reason why most millennials consider starting their own business: Entrepreneurship allows you to chase whatever you are passionate about or interested in. The thought of making a substantial profit by pursuing a dream job of running a company that is devoted to something that interests you is one of the greatest motivating factors for starting your own business.

You’re Not Alone

An Angus Reid Public Opinion survey conducted in August 2013 indicated that nearly 20% of the members of the of the millennial generation were planning to start their own companies by the summer of 2014. With the millennial population of Canada sitting at over 7 million, this means that between 2013 and 2023, approximately 150,000 companies started by millennials may exist in the country.

Of course, there is competition among millennial-owned businesses. However, there seems to be a greater spirit of sharing and cooperation among the millennial entrepreneurs. You and other new business owners may be able to co-exist with relative peace, leaning on and learning from the successes and failures of one another as you pursue your own entrepreneurial journey.

It’s the Era of the Millennial

You are part of a generation that is expanding regularly and is readily becoming the target audience and age bracket for every kind of company. The millennial generation is in the forefront of trends, and companies are looking to you and your generation to determine what goods and services are needed, what is trendy, and how the future should look. With a hand on the pulse of a changing social and economic landscape, you are in the perfect position to start, run, develop and expand a business that will meet the marketplace needs and desires of your generation, and set the standard for the future of the Canadian economy. Having that kind of edge as an entrepreneur can substantially enhance the odds that your new small business will be a success.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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