August 3rd, 2016
The field of entrepreneurship is becoming more viable and lucrative for young entrepreneurs. In the post-recession economy an increasing number of young working people are striking out on their own, launching startups and small businesses across the country. While entrepreneurial spirit has always run high in independent and energetic young adults, current economic and technological conditions have made these tendencies a reality. Nearly 67% of employed millennials want to become entrepreneurs. Funding for new startups is at an all time high, with almost 52,000 startups receiving funding from venture capital and angel investors. Over 80% of startup accelerators and incubators disappeared during the recession, but many are coming back in communities nationwide. Since the implementation of the Affordable Care Act, self employed entrepreneurs are now able to get affordable health care. These developments make the idea of becoming an entrepreneur less daunting, and increase the chance of success for new businesses and startups. Technological advances have made the world a smaller, more interconnected place. Social media allows businesses to target a larger audience, and work on a more global scale. As large corporations and conglomerates have lost their ability to innovate, and suffer under tarnished reputations, young entrepreneurs are stepping in with new ideas and technology.