Startup companies and businesses have become a fascinating factor to Millennials. Students are more inclined towards becoming entrepreneurs and taking financial risks.
A research has been made on this phenomenon by America’s Small Business Development Centers (SBDC). It shows that 49 percent of Students aim to start a small business in the next three years. The results further indicate that 68 percent already own a startup or are a part of one. According to the report, this new gig helps them fund their Overseas Education.
The SBDC study also proves that 45 percent of Millennials lack financial stability with these startup businesses. The question, hence, arises why so many of them are still running after those options.
Marlenne Ferrales, the founder of The L Team has expressed his views to the AZ Big Media. She said that doing it seems easy to Millennials, although keeping it up does not. The L Team sells dog bandanas on Etsy, an e-commerce site. Ferrales started the small start-up in November 2017. She added that the aim was to fund her overseas education.
Another young entrepreneur, Abigail Spong, founder of Valley Girls, owns a clothing brand. It was born from her passion for fashion. She runs her business primarily through social media. It’s a growing trend with Students and Millennials.
Social media sites like Instagram, Facebook are one-stop shops for young adults. Businesses even reach out to people with huge followers to market their products. This is one reason Millennials feel they should market themselves.
Valley Girls hosted its first pop-up shop in September at POP PHX. POP PHX is another start-up, created by Ashley Bourget. It is meant for small business owners who operate online. She comes from a real estate background. She says providing vendors with a platform to grow their customer base keep her excited and committed. Bourget added that initially, it started as a hobby. However, it is the demand for it that made her turn it into a business.
Students now do not dream of holding an average 9 to 5 job. Marlenne Ferrales told AZ Big Media that she would never want to work for someone else. Older generations may perceive this attitude as lazy. In truth, it is a strong entrepreneurial desire.
However, young adults are held back by financial instability. Hence these startups are mostly not their sole occupations. Ferrales and Spong both are students. In fact, they both started the businesses to fund their Overseas Education. According to Spong, through Valley Girls, she has got a creative outlet. She hopes to see it grow.
Ashley Bourget, despite being financially established, operates POP PHX secondary to her real estate career. Nevertheless, Marlenne Ferrales puts more focus into her startup The L Team. She even wants to take the day off since she believes it will bring her more money eventually.
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Posted on November 16, 2018