Why Are Entrepreneurs Getting Younger?

Today’s young people get a bad rap for being lazy, entitled members of the millennial or Gen Z generation. But is this a fair characterisation?

At a mere 10 years of age, a primary school student has embarked on his entrepreneurial journey by launching his first business venture.

According to the BBC report, Kasper Alexander was impatient to receive a VR headset for his birthday after his father said he must wait or earn the money needed himself. Driven by impatience, Kasper devised a creative solution: crafting art from disassembled game controllers.

While Kasper’s achievement is remarkable, it reflects a broader trend of young entrepreneurs entering the business arena.

This phenomenon prompts us to ponder: What is fuelling the rising trend of entrepreneurial brilliance among the younger generation? Is it mere coincidence, or does it signify deeper societal dynamics?

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The Story Of A 10-Year Old Entrepreneur

Kasper Alexander is a gleaming example of how age is just a number when it comes to entrepreneurial success.

The 10-year-old from York was motivated not only by his desire for a VR headset but also by his aspiration to support his parents in retiring early.

“My birthday is in June and I was too impatient to wait, so my dad said I would have to earn the money to pay for it.”

“I don’t want to be arrogant so I just hope I make a couple of sales”

“One day, I want to be a successful businessman and make enough to retire my parents,” he expressed.

Mr. Alexander facilitated the process by sourcing supplies from eBay, and Kasper levelled the costs by deducting materials from sales.

“I think it is a great idea and I’m proud of him,” said his father.

“He will learn lessons about costs, materials and product research – I want to encourage him to do it properly.”

Kasper’s venture, Kasper Global Business Enterprises, offers framed artwork priced at £79.99, a figure the youngster determined through market research of similar products. The business is set to launch this weekend on a prominent online craft store.

Are Entrepreneurs Getting Younger?

Kasper’s venture stands as an impressive achievement, prompting the question: Is he merely an exceptional case or part of a larger trend?

A cursory examination reveals a striking rise in young entrepreneurs.

According to the Centre for Entrepreneurs, today’s youth are launching twice as many businesses as the baby boomer generation, as per recent data analysis.

Additionally, Crunch notes a significant uptick in self-employment among individuals aged 16 to 24 since 2016, reflecting a departure from traditional work structures toward a more entrepreneurial ethos.

Forbes, in a 2016 article, highlighted the growing phenomenon of younger entrepreneurs, tracing its roots to preceding decades.

So, while today’s younger generations get a bad reputation for being lazy, entitled, and unwilling to work, this seems a rather unfair generalisation. Indeed, despite the risks, it seems more young people are embracing entrepreneurship than ever before.

Drawing inspiration from the likes of Mark Zuckerberg, who founded Facebook at the tender age of 19, today’s youth are carving their paths with entrepreneurial zeal. Time to explore why this might be.

Why Are Today’s Entrepreneurs Getting Younger?

There is no one reason why more young people are walking the entrepreneurial path, but there could be some broader reasons fuelling this trend.

Speaking of business heroes such as Zuckerberg, consider the influence of such iconic figures; such success stories in the past decades have prompted millennials, Gen Z, and Gen Alphas alike (if these terms confused you, this covers those born post-1982) to perceive youth entrepreneurship as attainable.

With major UK publications spotlighting young business founders like Kasper Alexander and other young business founders such as Hilary Yip (who founded MinorMynas last year at the age of 10) news on these achievements easily spreads, potentially motivating others to follow suit.

Not only do these success stories show the young people of today the endless professional opportunities, but they may also be motivated by the general move away from the conventional norms that have happened, especially since the pandemic.

The post-pandemic world reshaped the professional landscape. While certain opportunities seem to come to an end, in its wake, it has opened new doors in the working world and fostered opportunities for remote work, digital nomadism, self-employment, and freelancing.

Indeed, many have moved away from the conventional 9-5 office job and striven towards finding new ways of working that allow them more freedom over their time and ability to pursue passions.

And lest we forget that age can be a benefit, not a hindrance, in today’s digital age. These days, a good knowledge of modern technology is essential in most professional endeavours. Anyone born in the millennial and subsequent generations inherently possesses a familiarity with technology and understands how to use it to their personal, and professional, advantage.

Post-pandemic tough economic conditions may have also motivated youngsters of today to pursue their dreams of making millions, after seeing others do the same in publications and, of course, on social media, which has become a hub for inspiration and motivation for the entrepreneurial-minded of today.

Of course, entrepreneurialism is always a challenge. But, is it worth it? The youth of today certainly seem to think so, and this trend ought to do them credit. Be gone, stereotypes of a lazy, docile generation; time to usher in their reputation as risk-takers and trailblazers of creativity and innovation.