Generation Y is known for its entrepreneurial spirit. In the last decade alone, the 46 percent of young adults have pursued their own business venture or have thought about starting one up. 80 percent of entrepreneurs are between the ages of 18 and 34!
If you feel like you have an entrepreneurial spirit flowing through your veins, then you should consider the following pros and cons of starting your own business:
Pro: The freedom to be innovative and creative
Millennials often turn into entrepreneurs because of their thirst for creativity and innovation. Sometimes, Millennials need to branch out from their corporate jobs. Launching a business, provides the opportunity to chase your goals and make your dreams become reality. When starting your own business, you have the power to bring your ideas to life. This is why many Millennials have an entrepreneurial spirit — because they no longer want to be confined by the walls of another company.
Con: Sometimes you won’t receive a paycheck
This is a tough reality many Millennials don’t want to face when it comes to starting their own business. Especially when your business is just taking off, it can be difficult to make ends meet every month. One of the biggest sacrifices you may face as an entrepreneur is a salary you can depend on, but sometimes you have to take that risk to make your dreams happen.
Pro: It’s fast-paced and exciting
Especially in the world of startups, every day is new and exciting for entrepreneurs. Since you’re working with a smaller team or even working independently, the work, challenges, and rewards can vary greatly from day to day. Whether it’s working on your marketing strategy or developing your product, each day can bring a new and exciting project to always keep you engaged at work.
Con: You have to wear different hats
Since you are the owner and founder of your startup, there are many challenges of creating your business plan and following it through. Your entrepreneurial spirit can only carry you so far through the struggles and stress of managing your own business. As the owner of your business, you have to be the accountant, janitor, and even the public relations manager. When you have to wear so many hats, it can cause the stress of owning a business to compound quickly over a short period of time.
Pro: Owning your business is very rewarding
At the end of the day, there’s nothing more satisfying than knowing how far you’ve taken your business and watching it grow. Despite all the ups and downs you will likely experience with your startup, having the satisfaction of building your business from the ground up can bring much joy to your career.
Con: You have to be your own boss
Being your own boss takes a lot of discipline and dedication. You have no one to rely on but yourself as a small business owner. When you own a business, you can expect to work around the clock and dedicate much of your “free” time to making sure tasks get accomplished and goals are met. While being a boss has its perks, it can also take away from your work-life balance.
From the rewards to the challenges, being a Millennial entrepreneur can provide you with a very exciting career. However, if you are considering leaving your career to start your own business, make sure you weigh all your options before you make the career switch. While most Millennials do find satisfaction from being entrepreneurs, it’s also a life-changing move that should take a lot of consideration.
What ways do you think Millennials benefit or challenge themselves because of their entrepreneurial spirit?
Ask Founder and Creative Director at CollegeFashionista and Levo mentor, Amy Levin, what her experience has been like as a Millennial entrepreneur!