Recent studies have shown that entrepreneurship has been slowly trending downward. Just 20 years ago there were 10% more young entrepreneurs aged 20 to 34 than there are today. Even though 10% doesn’t seem like much in the grand scheme of things, it clearly shows that our economy is not at its peak and that our younger generations are struggling to live up to their true potential.
However, it seems that things are about to change. Generation Z, today’s high schoolers, are more interested in starting their own businesses than any generation before. More than 70% have expressed that they want to become their own bosses someday. But before they do, there are a couple of entrepreneurial pitfalls that they need to avoid.
For example, many young entrepreneurs come under scrutiny from their older peers. Sure, it’s hard to take a high schooler with no experience seriously, but a genius app has tremendous potential. Another hurdle that might slow a young entrepreneur down is taking out loans. Almost 50% of small business rely on bank loans, but you need to be over 18 to get them. Unfortunately, you can come across many more obstacles.
Obstacles pop up on every great adventure and becoming an entrepreneur is no different. So, if you plan to be your own boss someday, make sure to read this infographic carefully.