Young adults are redefining what it means to be an entrepreneur as 16-24-year olds are twice as likely to start a business than baby boomers did at their age. As younger generations choose to skip spending years climbing the ladder and working long hours to become CEOs before the age of 30, Fresh Student Living has explored today’s young entrepreneurs who are climbing the corporate ladder faster than any generation before them.
According to recent research, 4 in 10 teenagers are interested in starting a business rather than work for someone else.
Teenagers Opt Out Of The Unstable Job Market & The 9-5
Within the UK, the number of teenagers who have started a business has increased by 700% within the last decade. Where previous generations usually founded their companies typically around age 35, young adults are starting their own small operations in their early 20s.
Motivated by a sense of purpose and personal satisfaction, teenagers and young adults alike look to build a company that is not only born from a passion but also shaped by values and culture from the ground up. The top three reasons young people are starting businesses:
- Financial independence
- Better work-life balance
- Job security
The Average Age Of A CEO Has Lowered By Almost 20 Years
Between side hustles and skill-swaps, adults looking to enter the working world or new industries faster and at more senior levels. The average age of a CEO or manager has dramatically lowered from around the age of 40 to just 22 years old.
Globally, 53% of men and 55% of women say they started managing before the age of 30, with the average age of a millennial manager being between 25 and 29 years old. Just under two-thirds of generation X are in management positions today, closely followed by 62% of millennials.
As the workforce continues to change, and be shaped by younger generations, the gig economy has helped pave the way for teenagers and young adults to earn an income, while pursuing a passion. Universities have transitioned from being just a place primarily for further education a birthplace for many businesses now enabling young adults to hone in on their talents while developing their knowledge around areas of passion; regardless of whether this is in their field of study.
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