In the age of the Millennials it seems like everyone is wanting to be an Entrepreneur. With popular TV shows like "Shark Tank" and "How I Made my Millions" it seems like the message is being driven everywhere. And yet, according to a study by the small business administration, less than 2 percent of millennials in 2014 were self-employed, compared with 7.6 percent of Generation Xers and 8.3 percent of baby boomers. This suggests that millennials are failing to start businesses. And in 2015, the Brookings Institution reported steady declines in business formation over the past decade. According to research by the Kaufman Foundation, young people accounted for 23 percent of new entrepreneurs in 2013, down from 35 percent in 1996. While millennials show both enthusiasm and optimism for starting a company, they are combating unemployment, underemployment, and the everlasting student loan crisis. Their financial struggles have become a burden, despite the fact that two- thirds of colleges now offer entrepreneurship programs. The U.S. Census Bureau estimates that young adults today make $2000 less than people at the same age did in 1980. Clearly, millennials are failing to live up to their "entrepreneurial" reputation. So you have to ask yourself "why the decline"?
Maybe it's a lack of understanding on how a successful business is truly built. In the age of instant gratification most people want immediate success. Every accomplished entrepreneur understands building a successful business is a process. It requires time and consistent action. They understand there will be short comings as well as setbacks along the way. But failure only happens when you call it quits. Every setback is meant to strengthen you and every mistake a lesson to be learned.
So before you venture out on your journey on becoming an entrepreneur, you need to ask yourself these 3 questions:
1.Are you passionate about what you are about to do?
I'm not saying you're going to be in love with the initial grind. However, knowing you are more concerned with the end result rather than what its going to take to get there. Identify what you value in life. Is it achievement, security or purpose? We call this having a “why” behind what you are doing. It has to be bigger than YOU.
2.Are you willing to give a little to get a little?
Success does not come without a price. You do have to be willing to trade your time, energy and effort for success. Everyone has an area within themselves that could use some improvement. For some it's more apparent than others. We like to call them “blinds spots”, areas in our life we would rather not focus on. Understanding that you have to be willing to change who you are to become who you are intended to be. This could be as simple as breaking some bad habits.
3. Can you have patience?
Darren Hardy talks about this in his book “The Compound Effect”. Most of the time people get frustrated with the journey. You don’t always see the results from your efforts and it can create a sense of doubt in the process. Most successful businesses were not built overnight. Success is not a result of one or two single events. Success is a result of making the right choices consistently over the course of time. Putting in small daily efforts and knowing over time your efforts will compound and the results will show. There are no overnight success stories.
Starting a business isn't easy. Even if you have a great idea, it can be difficult to bring that idea to life and make it successful. Entrepreneurship can lead to great success, but oftentimes not without challenges and roadblocks along the way. So if you're thinking of starting a business, what you really need to focus on is finding something you are passionate about and make a commitment to finish what you begin. Are there guarantees in starting ANY business? Absolutely not. But the reward is worth the experience. You will miss 100% of the shots you don't take.
Written By: Eddie Rodriguez