Each generation has its share of unique qualities which separate it from previous and future years. While previous generations did business by a certain model, with the introduction of easier crowdfunding and more liberal business ideas the ability to own or pursue owning your own business is easier than ever.
A recent study by The Global Entrepreneurship Monitor, known as GEM, showed that youth, as a whole, were far more interested in entrepreneurial endeavors than adults. The study found that, “Across five world regions, youth are 1.6 times more likely to want to start a business than adults.” These five regions include sub-Saharan Africa, Middle East and North Africa, South and East Asia, Latin America and the Caribbean, and European culture countries including the United States and Canada.
The reasons for this link are plenty. One of the strong reasons for this spike, as reported by GEM, is education. “One of the consistent findings has been that there is a strong link between general education and training in starting a business and entrepreneurial behavior. It is positive therefore that this research is showing that youth in all regions are now more likely than adults to be educated. Entrepreneurship specific training in schools has also more than doubled from one generation to the next.”
GEM’s report also found that while young adults were more interested in entrepreneurial business, older entrepreneurs likely had a mature business with more than one employee. As the economy weaves and changes so does the need for a new generation to find out how best to pave their way in the world of business.
The information provided in this post can be found at GEM’s website.