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Rise of the Fearless Millennial Entrepreneurs


An environment has been created in which millennials take greater risks, which is to prompt a global startup renaissance.
 
At the same time of a whole generation of students were leaving school and were coming of age, The Great Recession had just begun and years of sudden international growth were on the way. Young millennials have sat back and watched as the years of lackluster have grown, with not only companies cautiously refusing to hire new employees, but technology eliminating the need for certain employees, and unpaid internships taking over part of the job market making any entry level positions need-less.
 
With international trends having a massive impact during their short lifespan in the labor market, a need for political understanding among millennials is needed more than ever before. Employment among the youth generation has had the hardest hit due to the economic fluctuation as well as the funding provided for certain youth-centric policies and education, due to how the government looks towards austerity in order to balance their budgeting.
 
With the global economic risks in the back of their heads, millennials entered the working world with their chins up. The risks that they took created an interesting atmosphere in the working world which welcomed greater risk-taking rather than the usual risk aversion which accompanied millennials. The result of this risk-taking has begun a global startup renaissance, although just not in North America.
 
Using a collection of recent survey data on the attitude of millennial has shown how there had been an increase in the lack of interest of jobs that their parents had shown to be satisfied with. Although with disregard to this fact, there is no generational unwillingness for working, in fact the opposite of this. Roughly half of the millennials have stated that they would, at one point or another, like to start up their own business and with one in five of these millennials wishing to quit their day job and in the coming year, begin running their business.
 
On top of these statistics, 32% of the current self-employed millennials are running a startup business against the 9% of those millennials who failed to do so. Perhaps a more informative statistic is that 23% of millennials say that it wasn't possible for their business to exist twenty years ago due to the technology that they use to run it.
 
Millennials fueling startup companies around the globe
 
With millennials entering a very highly interconnected and international labor-based market, political risks have tempered with the country's economic system and caused a slowing growth in China, although it has always caused there to be a feedback loop. The specific topic of discussion there is how as there are slow growths in China, the number of unemployed youths rise which has caused reasoning for both political and security concerns in the city of Beijing.
 
Furthermore, this leads more youth to believe that a viable alternative to a career is a startup business, especially when the rates of digital services among the Chinese millennials have been rising. As China looks towards a transition in which its economy will push towards a more consumption and service based economy, having a diverse group of millennial-driven starts are an important factor when pushing for this. With this in mind, China continues to look to the success achieved by young Western companies including both Uber, and AirBnB.
 
Beijing began noticed this, and on February the 18th the State Council first announced how they planned to develop more plotting zones, or maker spaces, for startups. On top of this, the Chinese government has implemented preferential tax into the economy, which has cut $46 billion in tax costs, as well as financial and investment policies to help those who need it set up platforms which assist them with public innovation.
 
While the government continues to call for a mass of entrepreneurs to seek and to galvanize the public, the tone is reminiscent of Great Leap Forward slogans which are designed to encourage people to set steel furnaces up in their backyards. This comparison is not in any way meant to refer to the efforts of the Chinese but instead show to which degree the focus of Beijing is centered in on this initiative.
 
Similarly to Beijing, India has made changes to their government in order to encourage millennials to seek interests in an entrepreneurship. With over 65% of India's community being under the age of 35, the Prime Minister of India's startup initiative is in response to this massive demographic shift. India has no hope in employing all of these millennials, as much as they'd like to, with the current economic situation.
 
Startup in India is not only a means to push millennials to take part in the laboring market but also a response. This is because of how roughly 72% of the startup founders based in India are under the age of 35. India intends to design 75 startup support hubs within the Indian Institutes of Technology while at the same time enabling the approval and exempting any startup businesses from income tax, capital gains tax, and profit tax, for the first three years of their lifespan, giving them a real chance to grow as a business.
 
How millennials are capitalized
 
With these opportunities in mind, China and India both need to put in the effort. Promote startup businesses, and capitalize, so that they can balance their economy growth for the huge populations they have in their countries.
 
Millennial startups have a lot to offer and benefit developed nations very well. Considering that both global commodities and energy prices are at a record low point, countries that aren't as well developed as China and India such as Australia and Canada need to push themselves away from overdependence on sectors which are extractive.
 
Instead of seizing these opportunities, these smaller countries should take hold of their young growing populations, which is a huge advantage from a competitive standpoint over both Europe and East Asia. With millennial entrepreneurs being more proactive in areas of the world such as Canada, millennial entrepreneurs are now outnumbering the number of companies which are unsuccessful, which is in response to opportunities which are caused by the global trends.
 
Ontario's provincial government is sending mixed signals to a wide area of entrepreneurs and small businesses. On one hand they are heavily invested in a well-developed infrastructure and have put a lot of effort into their green energy efforts, but on the other hand they have risen utility costs across the boards for small businesses. Recent reports show that due to rising costs, in the next 5 years roughly 5% of businesses in Ontario are expecting to have shut down.
 
Finally, on a federal level the recent Trudeau government has focused in on technology and entrepreneurship. While this is great there are a lot of mixed signals, just like in Ontario. While they seem to have dropped the taxes on small businesses from 11% all the way down to 9%, they have also increased the taxes on stock options dramatically.
 
While this was originally meant to impact the higher up wealthy company executives, it has also caused problems for startup businesses.