There’s never a bad time to bet on yourself. And there’s no better time to do so than when prospects for a long career with a single company, or even in a single industry, seem to diminish by the day. For students and young professionals, the temptations of the entrepreneurial path are proving to be increasingly enticing – and luckily for them, there are plenty of great reasons to pursue it.
The Young are Better at It
Studies have shown that youth generate “more original, transformational, implementable, and relevant” ideas than adults in terms of coming up with creative ideas for tech. With the criteria for true natives of the current digital paradigm constantly shifting, the generation best able to generate great business ideas shifts with it.
So, teenagers, or those who still hold a teenager in their heart, don’t dismiss your crazy, creative kid dreams. Write them down and draw up a business plan. It’s a great time to see where it takes you.
The Support Programs
In Canada, the amount and quality of support programs for youth entrepreneurs are at an all-time high. Programs like NEXT Canada, led by serial entrepreneur and Harvard Business School professor Reza Satchu, are designed to identify and nurture the next generation of Canadian business.
“With NEXT, we’ve created a family for future entrepreneurs from which they can draw advice, mentorship, and guidance in their journey to realize their vision,” says Satchu.
Youth-led startups have a 60% higher success rate when supported by structured entrepreneurship programs like NEXT Canada.
Creativity in a New Era
Not only are “the youth” better at creating ideas – they’re coming up in an environment where creativity has more of a chance to blossom, in more venues and contexts, than ever before. Our ability to build both an audience and a network of support and guidance is unparalleled, and we must take a moment to appreciate the opportunities that we all possess to pursue our creative dreams via accessible tools and decipherable tricks.
But the big trick, stresses Reza Satchu, is turning all of that creativity into commitment. Commitment, he says, is where the real magic happens. It’s very hard to fully commit without the support of your peers and family. Once again, young people find themselves in a fertile environment for this necessary resource.
Support from Family at an All-Time High
Family is typically reliable for pushing whatever the conventional wisdom may be onto their children – mainly because they love them, and they want them to be safe, and conventional certainly seems safer than crazy.
It can still seem a little crazy to declare yourself an entrepreneur. But with more “unconventional” success stories spreading through communities, and models for self-made success seeming more attainable, family support has followed suit.
That applies not just to loving parents, but to skeptical spouses, as well.
“There is no greater or more important support than that of my wife,” says Reza Satchu. I believe that partnerships like ours provide incalculable benefits for successful business leaders.”
Satchu credits support from his brother and sister-in-law as well. “Find people who care enough about you to disagree with you. You can usually count on your family for that,” Satchu concludes.
Making the Maximum Impact
You’re never more of an idealist than in your youth, and being an entrepreneur is nothing if not idealistic. For many people, becoming an entrepreneur is all about making the maximum impact on the world. They view success in business as a means to accomplish this, whether through philanthropy, industry disruption, or the power of the product itself.
For many, the vision is to have enough success in their business to be able to transition into a full-time philanthropist, whether through setting up their own foundation, like Reza Satchu has with NEXT Canada, or becoming an integral supporter to existing organizations and causes. The most effective way to make a difference is still by funding it, and the most fervent funders are usually successful entrepreneurs.
In Summary
The rising number of young entrepreneurs is part of a push towards more creativity, autonomy, and purpose. But success is not a solitary achievement, even for a founder. Success typically requires a blend of social and family support, and those resources are more abundant than ever.
Further Reading & Programs
- OECD youth entrepreneurship policy guide (com, growett.com)
- Network for Teaching Entrepreneurship (NFTE) global youth programs (wikipedia.org)
- Reza Satchu on commitment and co‑founder dynamics (Exeleon Magazine)