The Kauffman Index reported in 2014 that 24.7 percent of new entrepreneurs were ages 20–34. That’s down from 1996, when 34.3 percent of new entrepreneurs were ages 20–34. That also represents a relatively steady slowdown.
So while entrepreneurship is at its highest mark since the early 2000s, the millennial generation isn’t contributing much to this trend. But there are reasons. They start their work lives several steps behind previous generations. They can’t raise capital, pay rent and pay massive student loans, so they head right back into the full-time workforce.
The jobs just aren’t there for them.
Cottage industries promoting summer camps, abrasive websites and coaching services to entrepreneurs are passing fads.
Millennials, forced to drill deep into their skills base and trust their own instincts, will see the stage set to drive change.
Moreover, their raw numbers make them a force across the globe. The Bernie Sanders movement in the US and the Podemos movement in Spain, regardless of the outcome of elections or positions they believe in, demonstrate the power of millennials’ driving force.
In trend forecasting, it is essential to identify and recognize that movements, be they social, political or economic, are often built and motivated by a small subset.
For millennials, identifying the cultural, historical and ethnic qualities of the communities they serve and bringing products and services to market that celebrate those attributes, will create profit opportunities.