8Feb
Entrepreneurship has long been in decline in the United States, and the number of new startups continues to fizzle. Small mom and pop shops are few and far between as large corporations continue their domination of US industry. Entrepreneurship is at an all-time low.
This is a problem.
New businesses are absolutely vital for new economic growth. They drive innovation and new job creation. Without them, old, inefficient, and sometimes corrupt industries continue to thrive with no competition to check them. Established corporations are more focused on expanding their current products and continuing growth and success through the same business models that are keeping them flushed with cash, rather than devoting time or resources to developing new ones.
Their business isn’t broke, so why would they fix it?
They wouldn’t, and they’re not going to.
Millennials seem like the perfect answer to the startup decline problem – they’re reaching the typical age of business ownership and they express great interest in entrepreneurship (received any pyramid selling invitations from a millennial on Facebook lately??). They’re also generally smart, technically savvy, innovative, and visually creative.
And need I mention that they care more about the environment, cultural diversity and inclusion, and ethical leadership than their generational predecessors?
But they’re still not starting their own businesses.
What do Steve Jobs, Oprah, Bill Gates, and pretty much all of the other well-known, extremely successful business owners of our day and age have in common? They’re all baby boomers. The only millennials who seem to be making big moves are the ones who appear to be completely oblivious and overconfident… *ahem* Billy McFarland.
So what’s holding millennials back?
They’re being overly cautious. Millennials are extremely worried about failure, and they’re not as willing to take risks. They’re also in a lot of debt from student loans and they don’t want to run the risk of adding to that. Perhaps the reason millennials are so creative is because their mounting debt has forced them to become experts at DIY.
Open your own Etsy shop here.
Instead of working for corporations that they most likely do not approve of, care about, or resonate with, more millennials should believe in themselves, and their future. The economy, environment, and society need it.
We need ya’ll to step up.
Corporate security will only go so far, and small businesses can still offer retirement plans.
Nothing ventured, nothing gained.
US Insourcing, LLC is a business consulting and marketing agency located in Kansas City, Missouri. We focus on helping entrepreneurs to large businesses achieve their goals. Contact us now to jumpstart your business.
“The USI team was very professional and insightful. They made the process easy and answered all of my questions. I would definitely recommend USI to anyone.”
“The work completed by US Insourcing shows they are veteran SME consultants. They delivered a completed and well researched document. Thank you!”
“They did an amazing job. Delivered a complex and functional financial model for use by our organization.”
“The USI firm is led by very knowledgeable and experienced consultants. I would highly recommend hiring them to assist you with your business plan project. ”
”We asked the USI Digital team to assess our marketing potential and whether social media or pay per click would be more beneficial. They first spent time researching the market and costs and then came back with a workable plan. Well Done!!”
