From FinImpact

In times of economic uncertainty, it is easy to think that it is ‘impossible’ for anybody to make money. This is complete nonsense and the exact kind of thinking that new entrepreneurs should steer clear of. It is a poverty-based mindset that looks to respond defensively to conditions instead of looking for profit opportunities in all conditions.

To understand how to support and empower young entrepreneurs, we must look at statistics and theoretical knowledge but have a strong emphasis on practical experience.

• 👧 Entrepreneurship motivation seems to begin between 20 – 40 and peaks at 42 (Fraser).
• 👦 Self-employment rises dramatically with age (I4J).
• 👧 The Per Capita rate of new businesses is actually falling (I4J)
• 👦 The majority of entrepreneurs continue to be white males, despite a closing gap (Study.com).

This guide aims to equip the global youth with psychological tools and practical resources so they can confidently build wealth without buying into all of the drama. Saying this, the correct method through which to teach the youth psychological success principles remains a little uncertain and is most definitely not actively fostered in the schooling system.

What’s a ‘Young’ Entrepreneur Anyway?

A ‘young’ entrepreneur is aimed between 18 – 24 for statistical purposes. However, we will take a look at how child and teenage encouragement can assist the youth get set up for success at a later phase of their development. While many believe that the entrepreneurial spirit is dying, consider that a Gallup pollrevealed that:

• 👧77% of kids want to be their own boss.
• 👦40% want their own business.
• 👧42% say they will invent something that changes the world.
• 👦91% say they are not afraid to take risks.

The issue may be that they are not getting enough support from their wider environment, as the entrepreneurial spirit seems to be going strong. Most of the students surveyed did not have a credit union account and only half agreed that the school teaches them well about banking and finance. More statistics on global entrepreneurship are given below (on younger entrepreneurs as opposed to kids).

Read the full article by Sarah Davis on FinImpact’s website.