Visualizing your own business or company and becoming an entrepreneur is something that many young people dream about. You become your own boss, do what you like, follow your morals and life purpose, have a possibly better personal life with flexibility and prosperity. Becoming a young entrepreneur is definitely an experience that is unforgettable and a great classroom to pivot and launch you to being what you are destined to be.
Young People Want to Become Entrepreneurs because They Are Not Afraid to Challenge Old Ideas
Since young people are willing to challenge old ideas, they bring a much more creative and open-minded perspective, which is exactly what’s needed to bring new ideas, products, and services into the world. (Full Article Here)
According to the 2015/16 National Report of the Global Entrepreneurship Monitor , the majority of entrepreneurs around the world are driven more by opportunity (as a voluntary alternative to entrepreneurship) than by necessity (as a forced decision due to lack of employment).
They Are Excited by a Challenge
They Ask Questions
Another great asset for young aspiring entrepreneurs is their inquisitive nature and humility. Adolescents, teens, and young adults know that they lack the wisdom and experience of those decades older, and they’re not afraid to ask questions and seek out help from more experienced adults who’ve gone before them.
This openness to seeking out help and guidance is key to success in entrepreneurship, as entrepreneurs should be constantly learning, seeking feedback, and soaking up as much knowledge and wisdom as possible. This is one of the biggest advantages young entrepreneurs have over experienced experts, as those experts are often too set in their ways to either come up with innovative and disruptive solutions in their industry or to seek out guidance and feedback from others.
What Industry Works Best for Young Entrepreneurs?
There are many industries ripe for innovation and disruption that young entrepreneurs should consider. The industries that are older, more established, and full of a few dominant players are great examples of opportunities for disruption from a new startup or idea. There are also a few newer industries that have come about in the past decade that, since being relatively new, could also use improvements and innovation. These are also great candidates for disruption.
However, regardless of the industry, if a young person has an idea or notes a problem, they should do their research and determine if it’s something worth pursuing. Read on for a few industries that present current opportunities for young entrepreneurial disruption.
Anyone who isn’t living under a rock has probably heard of the rise of gaming and esports, but not everyone realizes just how massive and rapidly growing this industry is. There are already over 385 million people viewing esports worldwide, and the market has increased in size to over $1.5 billion in 2020, with a 36.5% CAGR (compounded annual growth rate) over the past five years. But the size and growth of the market isn’t the only selling point; esports has also emerged as the market with the highest amount of daily active user time – and this is important.
There are countless opportunities to disrupt and improve the healthcare space, but one that healthcare providers and patients would benefit from is better technology to gather and organize big data. Data in healthcare is important for predictive and preventative care, both of which are vital to tending to our aging population. Digital healthcare and more tech-enabled solutions that enable for patient-managed care is another great opportunity, and we’ve already seen startups enter this market in the mental health space.
Believe it or not, the government services industry is actually very open and receptive to innovation. The government is constantly seeking to better provide for, protect, and communicate with its people. Therefore, any new ideas, products, services, and technologies that afford the government better data, more streamlined forms of communication, and better access to its people are welcomed. Additionally, the government constantly seeks to both save money and improve the lives and jobs of its employees; any innovation that addresses these areas would be happily integrated.
While the transportation industry has been known to grow steadily, but slowly (under 3% per year), it has experienced a few recent developments that are cause for innovation, including ride-share apps and the increase in online shopping. There are more and more people who make driving their full-time or part-time job with ride-share apps, like Lyft and Uber, which opens up the industry to new business models, including new structures for purchasing and renting vehicles.
Energy and Environment
Energy and environmental solutions are one industry that is on the cusp of much innovation and thirsting for better solutions every day. The three biggest drivers of growth, particularly in the clean energy sector, are dropping technology costs, a greater demand for clean energy and efficiency technology, and supportive policies and investments. Along those lines, as young people become more aware of climate change, pollution, and the environmental consequences we face today, there is a clear need for better eco-friendly solutions.
Young entrepreneurs growing up in today’s world are inheriting a unique and encouraging entrepreneurial environment. Youth is no longer seen as a downfall, but rather an asset to those innovating, especially with technology-related products and services. Additionally, technology and the vast amount of information and resources on the internet has equipped young people with the skills to bring new ideas to life, and crowdfunding platforms have made this available to everyone.
For those creative, innovative individuals out there looking to make an impact on today’s world and bring new solutions to market, they’re at the right place and the right time; it’s just up to them to take those first steps.
IMPACT for Youth sees the potential and capacity of young entrepreneurs and how important they are to building our future world in an innovative way. IMPACT on Youth understands there are so many opportunities available for young people, make sure to take our test and explore how you can take part on this exciting future for young people – innovation, ‘doing good for everyone and the planet’, new technologies and a better world for everyone…