Why More Millennials are Bullish on Entrepreneurship

Optimism is back in a big way among U.S. entrepreneurs, especially the millennial set. According to a new global report, the wounds of the Great Recession have healed and more Americans are willing to take a shot at being their own bosses.

More young people, ages 25 to 34. are starting businesses in the United States, according to the Global Entrepreneurship Monitor released Tuesday by Boston-area Babson College, compiling data from 73 economies and more than 200,000 respondents around the world. In 2014, 18 percent of Americans in that age group were starting or running new businesses, compared to 15 percent in 2013. This is the report's 16th year.

What's more, rates of entrepreneurship in the U.S. across all age groups climbed to nearly 14 percent last year, from a post-recession bottom of 7.6 percent in 2010. Babson entrepreneurship professor Donna Kelley adds the report's data are highly comprehensive in terms of early stage start-ups because researchers are monitoring people who are starting companies while they are still working other jobs.

Fifty-one percent of the working age population in America sees good opportunities to launch businesses according to this year's report, up from 47 percent in 2013, Kelley said. More people are also starting businesses because they want to, rather than because they have to, she points out.

"It's very motivating, and the rate of failure is also slightly declining," she said. "There may have been lingering hesitation, and some people had been wanting to hang on to their jobs. Banks also are more likely to lend, and there are more support systems that may not have been there during the recession."

Optimism among American entrepreneurs has also been increasing in the National Federation of Independent Business' monthly index, which hit its highest levels since October 2006 in last month's reading, bolstered by a sunnier outlook post- midterm elections, according to the conservative industry group.

For Jason Rappaport, now is as good a time as any to be an entrepreneur. In fact, he said he can't imagine doing anything else.

"I couldn't find meaning in something that I wasn't making myself," he said. "There are things that are very important to me, that I don't see other people doing."

Rappaport, 25, started his Philadelphia-based company Squareknot in 2013, which allows users to make collaborative online guides, adjusted to their own preferences.

"I feel strongly that part of being an entrepreneur is making it happen, even when the cards are stacked against me—time doesn't matter," he said. "Right now it's cheaper and easier than ever to build products."

The fact that there are fewer barriers to entry is one factor boosting entrepreneurial optimism globally, Kelley pointed out, with technology a leading force in this shift. Optimism levels climbed globally, with the exception of Europe, where entrepreneurs are feeling less certain about opportunities.

"People can start businesses on their own and be a part of the value chain that doesn't require you to hire employees," she said. "You can open a retail store on your own today thanks to technology."

Kate Rogers

15 Revealing Signs You Genuinely Love What You Do

 
Passion and purpose--in short, doing what you love--can be difficult to find. Some people search forever. Some gain remarkable skills and talents only to think, "I'm great at this... so why don't I feel successful?" Others, even after building successful businesses, suddenly think, "Hold on. This is just not me."

See what you think. While some of the following may not be true all of the time, when you love what you do many should be the case much of the time. There's a results chart at the end so keep track of how many apply to you:

1. You don't struggle to stay disciplined; you struggle to prioritize. Your problem definitely isn't staying busy and on task. Getting going isn't an issue. Your problem is you have so many things you want to do you struggle to decide what to do first.

2. You think, "I hope I get to..." instead of, "I hope I don't have to..." When you love your work it's like peeling an onion. There are always more layers to discover and explore. When you hate your work it's also like peeling an onion--but all you find are more tears.

3. You don't talk about other people; you talk about the cool things other people are doing. "I hear Chad just invested in a startup. What are they working on?"; "I can't believe Angie won their business back; I'd love to know how she did it."; "Cecilia developed a new sales channel. Let's ask her how we can best leverage that."
When you love your work you don't gossip about the personal failings of others. You talk about their successes because you're happy for them (which is also also a sign you're happy with yourself.)

4. You think about what you will say, not how you will say it. You don't have to worry about agendas or politics or subtle machinations. You trust your team--and they trust you.

5. You see your internal and external customers not as people to satisfy but simply as people. You don't customers as numbers. They're real people who have real needs. And you gain a real sense of fulfillment and purpose from taking care of those needs.

6. You enjoy your time at work. You don't have to put in time at work and then escape to "life" to be happy. You enjoy life and enjoy work. You feel alive and joyful not just at home but also at work. When you love your work it's a part of your life.

7. You enjoy attending meetings. No, seriously, you enjoy meetings. Why? Because you like being at the center of thoughtful, challenging discussions that lead to decisions, initiatives, and changes--changes you help make happen.

8. You don't think about surviving. You think about winning. You don't worry much about your business failing. You're more worried about your business not achieving its potential. And you worry about whether you're making as big an impact as you can. Those are good worries.

9. You're excited about what you're doing, but you're more excited about the people you're doing it with. Why? They're smart. Passionate. Confident. Funny. Dedicated. Giving. Inspiring. 

10. You hardly ever look at the clock. You're too busy making things happen. And when you do look at the clock, you often find that the time has flown.

11. You view success in terms of fulfillment and gratification, not just money. Everyone wants to build something bigger. Everyone wants benefit financially. Yet somewhere along the way your work has come to mean a lot more to you than just a living. And if you left your business, even if for something that paid more, you would still miss it. A lot.

12. You leave work with items on your to-do list you're excited about tackling tomorrow. Many people cross the "fun" tasks off their to-do lists within the first hour or two. You often have cool stuff--new initiatives, side projects, hunches you want to confirm with data, people you want to talk to--left over when it's time to go home.

13. You help without thinking. You like seeing your employees succeed so it's second nature to help them out. You pitch in automatically. And they do the same for you.

14. You don't think about retirement because retirement sounds boring..and a lot less fulfilling.

15. Your business is a business you would want your children to run. There may be aspects of your business you wouldn't wish on your worst enemy, much less your kids: insufferable customers, unbearable employees, difficult working conditions, uncertain long-term prospects.

If you would say to your child, "No, I would never want you to have to deal with that..." Why do allow yourself to continue to deal with that?
Naturally you want your kids to be happy. You also deserve to be happy. List the problems and then fix the problems.

Read more: http://www.inc.com/jeff-haden/15-revealing-signs-you-genuinely-love-what-you-do.html#ixzz30OnzXFPUay, Reinvest

 

This post originally appeared at Inc.