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Pioneers of the New Millennium

Pioneers of the New Millennium

Current Events Spur Millennials to Pursue Entrepreneurship

There are some generations that just thrive in uncertainty. There is a new generation of Millennium-Minded Americans who open themselves up to the options, possibilities, and dreams of a brighter future.

Millennials, defined as people between the ages of 28 and 42 in 2022, recently surpassed the baby boomers as the largest generation in the United States, with 76 million people. Following the pandemic outbreak, unemployment surged across the board, and millennials were one of the generations hit hardest by the new normal. Nearly one out of every five millennials lost their job owing to the aftershocks of the pandemic. It also took millennials longer to return to the workforce.

Hardship is not new for this tech-focused generation. Millennials are resilient. In the past two decades, they were forced to navigate the workforce and cope with 9/11, the Great Recession, a war in Afghanistan, and a divisive political climate. Technology plays an integral role in their daily lives. They are the first generation to grow up with smartphones and social media as the norm. Millennials are also one of the smartest generations, with 39% earning a college degree.

Yet, early in their careers, millennials gained a dubious reputation for job-hopping and entitlement. Often called the Boomerang Generation for their penchant to return to the nest to live rent-free when they start their careers after college graduation. Millennials often get a bad rap in the media, which cites participation trophies and helicopter parenting for helping create a generation seemingly unwilling to work their way up from the bottom like their contemporaries.

Many of the negative traits associated with millennials are helping them create a positive future and enabling them to weather current economic concerns. Millennials continue to rely on technology to improve their lives. Unwilling to settle for the status quo, millennials are paving a new path involving hybrid work environments and unlimited paid time off. Their tenacity, drive, and ambition make them an ideal fit for entrepreneurship.

In a bid to attain job security, work-life balance, and financial freedom, the millennial generation is turning to business ownership to discover the American dream. At least 77% of millennials aspire to be entrepreneurs, according to a recent survey of 2,050 Americans conducted by Lending Tree, a financial services provider. And nearly 37% of millennials considered business ownership during the pandemic.

Even prior to the unprecedented furloughs and layoffs in 2020, millennials were relying on business ownership to chart a new course. One out of every five millennials run a business as their main source of income, according to a GoDaddy survey of 1,000 millennials taken shortly before the pandemic outbreak. Nearly 30% of millennials supplement their corporate career with a side hustle for additional income.

Career Coaching Helps Millennials Achieve Goals

Bucking the system and kicking your corporate career to the curb is possible. Don’t let a looming recession or current events stop you from living your best life. The Entrepreneur’s Source^® helps hard-working millennials discover financial freedom by relying on career coaching. We use an education-based coaching strategy to help people determine their Income, Lifestyle, Wealth, and Equity goals at no cost. Our coaches help people at a crossroads in their careers determine if they want to take a new corporate job, start a business from scratch, or invest in a franchise.

Franchising Paves Way for Business Ownership

Franchising is the sweet spot for millennium-minded millennials with a growth mindset. A franchise business allows entrepreneurs to open up shop with a proven business model, training, and ongoing support. It’s a great vehicle for people who want to pursue entrepreneurship but are concerned they lack the skills to run a business. Here are some of the main reasons interest in the franchise industry is on the rise.

Opportunity to be the boss. If you want to become a business owner but don’t know where to start, franchising offers a path to entrepreneurship. By following a system, franchise owners create their own schedules, income potential, and growth strategy.
No experience required. One of the perks of owning a franchise is the initial training and ongoing support. Franchisors provide the owners in the system with all of the training and tools they need to be successful. Many franchisors also offer ongoing support and product development to keep pace with evolving market trends.
Low initial investment. One of the biggest things holding budding entrepreneurs back is finances. Sacrificing a steady paycheck and spending savings to get a business up and running is not for the faint of heart. While some franchise opportunities have high price tags, like large footprint fitness centers or fast-food restaurants, there are numerous options for less than $50,000. Mobile and work-from-home franchise options are ideal options for people seeing work-life balance and a low initial investment. Many franchisors also have relationships with lenders to streamline the financing process.
High growth potential. Franchises provide a scalable solution for people who want to diversify their income and grow their wealth. Most franchisees purchase a territory with the rights to grow the brand in a specific area to give them a competitive advantage. For many franchises, scaling only requires adding additional staff to provide service to a larger quantity of customers or adding additional vans. Rather than focus on daily operations, franchise owners use their business acumen to help the brand become a leader in their local area.

Discover If Entrepreneurship is Right for You
If you are ready to achieve the American dream and discover self-sufficiency, contact a Career Ownership Coach™ to learn more about entrepreneurship. For more information about TES, visit www.entrepreneurssource.com, or check out our guide book, “Your Career 2.0 ^® A Survival Guide for the Battered Career and Investor Syndrome ^®.”