Self-employment
Entrepreneurship on the riseThey're young, they're ambitious and they're determined to make their own mark in the business world. They crave freedom and flexibility and dream of working towards their own goals. Who are they? Sun Media |
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 [ 2006-07-19 ] |
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They are part of the growing number of young entrepreneurs who are pushing the frontiers of business, using their enthusiasm and drive to reach new heights.
An Angus Reid poll says more young Canadians today between the ages of 18 and 35 dream of being an entrepreneur over any other profession. In the U.S., a UCLA study found only 1-2% of graduating MBA students wanted to start out as entrepreneurs in the 1980s; today, 10-20% want to be their own bosses. By creating their own businesses, young people are taking control of their future and aspirations.
Since 1996, young entrepreneurs across Canada have been entering the small and medium-sized business market at three times the rate per year of entrepreneurs over age 45.
Entrepreneurship expert Evan Carmichael believes this rising trend owes itself to the independence and responsibility that comes with owning a business.
"Young people today are dreaming bigger dreams for themselves than ever before, and they're not willing to give up those dreams for anybody," he said. "They see it as a way to be in charge of their destiny and achieve success on their own terms."
A recent study in Atlantic Canada found more than half of young entrepreneurs cited being their own boss as the most important reason for starting a business.
From advertising to website design to the clothing industry, young entrepreneurs are taking the business world by storm. But, Carmichael warns that they need to be careful about taking on too much too fast. In 2000, the average net profit before taxes for young entrepreneurs in Canada was approximately half that of older entrepreneurs.
"Armed with a unique energy and an intense desire to succeed, young entrepreneurs are not afraid to take the risks they need to in order to get their businesses off the ground," says Carmichael, who, at the age of 19, became an owner and COO in Redasoft, a biotechnology software company, whose clients include NASA and Johnson & Johnson, in 30 countries.
"They crave the rush of owning a business and are committed to following their passions even in the face of uncertainty."
For more information see www.evancarmichael.com.
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