Say ‘hello’ to the young generation of entrepreneurs. By the way: it’s almost EVERYONE. Look at this Gallup survey about kids in grades 5 to 12. In the study, researchers found that 77% wanted to be their own boss, 45% wanted to start their own business, and 42% wanted to invent something that changes the world. Even including my own kid! See his car vacuuming business he started at age 8 in the picture above. What are the implications?
Entrepreneurship is the New MBA
The allure of entrepreneurship couldn’t be more apparent from the decline of the almighty MBA. When I graduated into the late 90’s recession, the automatic thing for everyone was to go get an MBA. Now, apparently the largest business schools are shutting down their MBA programs and attendance at those remaining is consistently declining. Instead, Millenials are now turning to starting their own businesses and entrepreneurship is on the rise every year. In fact, a study found that self-employment will triple amongst young people by 2020!
Failure Rates Makes My Stomach Ache
More than one out of every two new business is doomed to fail after 5 years of business, according to a study by a Harvard professor. I don’t mean to depress you but the number one reason these businesses fail is the lack of market demand. In other words, somebody (you-the failed business owner) didn’t do their homework in researching if there was an actual need that people are willing to pay a certain price for, for that product or service that they’re selling. With such high failure rates, what will our kiddos do when they’re faced with seeing their bootstrap savings go down the drain?
Resilience Is The Name of The Game
The lesson in entrepreneurship for my pork chop Logan as well as every other business owner I have ever met is that you never give up. You shake it off and get back up. Lost a client? Lost your shirt? Get busy marketing. Get visible and above all, get your strategy straight. Course-correct and go. Just never stop doing it. Then, all your dreams can also come true like mine did.