The younger, career-age population right now is definitely ready for business ownership. And they are pushing their own limits as franchisees and young entrepreneurs. Starting a business may seem an unachievable goal for anyone, but young entrepreneurs are making franchise ownership one way to realize their dreams. For those who have only been out of high school for a decade, there are some striking traits that make them particularly suited to entrepreneurial endeavors.
Most people under the age of 25 view entrepreneurship and business ownership as the primary way to attain financial security and get ahead. To that end, this group has a great drive and desire to succeed or even fail as a step to longer-term success. I’ve never seen such creativity and willingness to try various approaches and ideas. The fear of failure, while there, is viewed more as a lesson to be learned, and young entrepreneurs seem to pick themselves up and start anew better than generations before them. Many started businesses while still in high school, so the idea of a business venture seems viable and full of potential.
The younger workforce is naturally tech-savvy. These digital natives are already ahead of their older counterparts where technology is concerned. This aspect of running a business is not infused with concern for them. They learn quickly and deeply understand the value that technology can bring to business operations. As a matter of fact, they cannot imagine the world or business without it.
There is no doubt that younger workers are somewhat cautious. After all, some were hit terribly hard by recession just as they were entering the workforce. A dismal labor market and economy have not been very welcoming, so many have looked for alternative ways to get ahead like moving home to save money and returning to school. The ones who are eager to become business owners are still careful. Jumping into a solo business has significant risks, but a franchise brand has a proven track record. This suits young entrepreneurs’ willingness to start young while playing it smart. A proven but calculated risk will boldly advance their pursuit of financial security.
Young franchise owners face some hurdles. Financial limitations might limit their choices. Lack of experience in business management will need mentoring from franchisers and others who have the knowledge to share. But what young franchise owners do have are high levels and enthusiasm and energy to build a successful business. Even if they are still “wet behind the ears” in some ways, I’d gladly work with this group of young professionals. Young franchise owners offer known brands an infusion of ideas and tenacity that is refreshing and headed for success.
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