Startup Advices

What Drives People toward Entrepreneurship?

entrepreneurship

Entrepreneurship was regarded as an unconventional path in the late 90s. Many social stigmas were attached to this journey. The risk takers often battled society and overlooked taunts. The professional world was also pretty speculative about adopting entrepreneurs or accepting their services and Internet and telecommunication were still at a nascent phase.

If we fast forward to the present 21st century we realize that things have changed. Many entrepreneurial companies are being created and things have relatively become simpler. The trend is now all for entrepreneurship and many youngsters are now jumping on the boat. After the hype surrounding men like Mark Zuckerberg and Steve Jobs, who dared to chunk the traditional path of education to start their venture at very young age, people have slowly started to deviate from the norms surrounding choosing a career line. But what, apart from this idol-istic motivation, urges the young generation to adopt this risky path?

According to an article published in Entrepreneur, it was quoted –

It does not take a million to start your own venture at a young age

The Online World has minimized the risk of starting out. One does not require the building of a traditional warehouse for one’s company. The article mentioned above, further reveals how four persons aged 20 built a successful online business using their brilliant ideas.

In a youth entrepreneurship paper published in the Darmount College, David G. Blanchflower an Economics professor concludes that the

Youth unemployment triggers the young generation to follow the entrepreneurial path

The study was conducted on the youth in the European Union countries. The study also concluded that

The self employed entrepreneurs are very well satisfied with their respective jobs and lives

However this study does not reveal the exact factors responsible for youth to take the entrepreneurial path but it did suggested that

Entrepreneurship has a direct micro-benefit to the people” and ” they prefer to work for themselves rather than work for others

Further on, the study also reveals more interesting results. For instance, many interviewed youngsters of the west, who were favoring entrepreneurship over traditional career path, had self employed parents. This factor helped youngsters to set up their initial business and they also obtained the necessary support or guidance from their families.
In a separate study conducted by the professors of Utkal University in Orissa, it was concluded that

The desire to become independent and earn money

was the most dominating factor causing people to choose entrepreneurship as a career option.

 

Although the barrier to set up a potential business has been lowered, there are still many factors a young entrepreneur might face while starting-up. Attracting funds from the investors is still difficult for instance. The young entrepreneurs from the African or Asian countries have to battle with the mindset of the people and society.

Inspite of the difficulties, youngsters find battling the challenges as exciting.

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IndiStart Team

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