College students no longer wait until graduation to start a business. Combining studies with entrepreneurship is far from easy. But that doesn’t stop learners from pursuing their ambitions. They launch lifestyle brands, freelance as intro video creators, web designers, develop mobile apps and tools, and more.
What makes youth look for business opportunities? Below is the list of the most common reasons that push them to go into business. So, let’s start.
Many entrepreneurs mention the need for autonomy and independence as a key driver of their choice to start a business. A study revealed that it is a strong motivation for 35% of beginning business owners in the US, 39% in the UK, and 57% in Australia and Japan.
Freedom means having more control over your life and directing it in the way you want. When you own a business, you can work on projects that are meaningful for you, rather than working for someone else’s goals. Moreover, being your own boss gives you the privilege to decide when to work, how to work, and what to work on.
Believe it or not, but the majority of people get into the business world at least partially because of the possibility to generate more income. If you work in a corporate environment, your salary depends on how much money your employer think you should earn. Some people don’t want to put up with these limits and choose to be their own bosses.
Some young entrepreneurs make terrific money on their businesses ventures. Some don’t. But the point is that owning a business gives the possibility of making more than you could possibly make in a traditional position.
Better work-life balance
Being a business owner can give the lifestyle flexibility necessary to study in college or raise a family and still have a successful career. It frees you from restraints. You create your schedule and set your own goals and responsibilities.
Students find running a startup much better than a part-time job. They have enough time to complete their academic writing assignments and lab works and take care of business tasks, spend time with their family, or practice a hobby.
Pessimistic view on the labor market
Students of higher learning institutions find improving the job situation a significant issue. The official unemployment rate includes neither the number of people who want a job nor those who would like to have a better job or a higher position in a company.
Of course, running a business entails a set of challenges, but beginning entrepreneurs find it a better alternative to having a corporate job. Aron Schoenfeld, a co-founder of DreamArtists Studios and founder of Doitinperson.com says that he is “scared of going back to corporate and being a robot again.”
This factor is a powerful motivation for two types of entrepreneurs. The first type includes those who are from the families with an entrepreneurial background. They chose this career path in order to keep a standard living style that usually comes as a result of family influence.
The second type includes people with competitive nature. There will always be someone who tells you that you can’t do it. Sunil Rajaraman, a co-founder of Scripted.com, thinks that the biggest challenge of entrepreneurship is “proving doubters wrong”.
The wish to make a difference
Bill Gates, Mark Zuckerberg, Sergey Brin, and other famous entrepreneurs have really changed the world in some way. Your business doesn’t have to become the next Microsoft, Facebook or Google to prove itself life-changing.
While making the world a better place is a pretty ambitious target, changing just a piece of it for the better is still a valuable effort. If you have solution to a problem that can help people in some way then why wouldn’t you do it?
Entrepreneurship fuels economic growth. The scheme is simple: entrepreneurs start their own businesses, new businesses create jobs, and people with jobs are good customers.
Business can have an incredible influence. It can promote the economic prosperity of regional areas and serve society as it helps to find innovative solutions to problems and challenges.
Yodle is an online advertising company designed to assist beginning local entrepreneurs. Its co-founder and vice-president of Sales Operations Ben Rubenstein says, “I want to help other small businesses grow”.
Acquiring new skills
Journal of Business Venturing survey found that education is a primary reason for people to be involved in business. 65% of the respondents admitted that they started their entrepreneurial activity business, to varying degrees, to keep learning. Some of the skills modern business owners develop are:
- Search engine optimization (SEO)
- Business budgeting
- Online marketing
- Copywriting, essay writing and business writing skills
- Social media
Responsibility to society
Making a positive contribution to society is what drives the work of socially conscious people. Many corporations and business owners consider social responsibility important. They give money to charity, participate in charitable activities, and work on solving social and environmental problems.
Josh Allan Dykstra is an entrepreneur, author, speaker and consultant. He says that business people are constantly searching for the ways to “improve society in some meaningful way.”
The need for achievement and recognition
The need for accomplishment often acts as the main driving force to new venture creation. People who like taking new challenges, are excited about the possibility to set their own goals and reach them through their own effort and are creative enough to find innovative solutions have big chances to succeed.
Some entrepreneurs like the idea of being publicly recognized for their achievements. There are thousands of awards that recognize outstanding businesses on the local, regional, and national levels.
There’s no right or wrong motivation that drives people to choose entrepreneurship. Whether it is financial independence, being helpful to society, or developing as a professional, it is a good motivation as long as it makes you work.