How to Feel Like an Entrepreneur Without Risking a Thing

Today Ypulse staffer Phil Savarese takes us through the growing category of online services that are allowing Millennials to feel like the entrepreneurs they want to be, without the investments and risks they can’t afford to make.

 No Risk(y) Business

Millennials have been viewed as extremely entrepreneurial. Their non-traditional approach to achieving their career aspirations leads many to view them as an entire group of future Zuckerbergs. And though they might aspire to be, Millennials are also a risk-averse generation. Witnessing their parents make risky (and sometimes irresponsible) financial decisions as the economy began to fail has affected them greatly. Often called the children of the recession, they are well aware of the importance in being financially responsible. As one 24-year-old Gen Y told us, “My generation has learned [not to] take financial risks. Play it safe and save.” Ypulse’s research has found that 46% of Millennials 14-to-29-years-old would rather have stability working for a larger company than risk losing their own money to start a business. At the same time, 81% admire those who do start their own companies. Clearly, there is a tension between their appreciation for the entrepreneurial spirit and their recently validated fear of losing what little money some have managed to make. The problem lies in who is willing to take that big jump and invest all they have into their idea.

Enter the age of the no-risk entrepreneur. Online retail tools are providing an increasing number of ways for Gen Ys to feel like they are starting a business, without any of the traditional burdens and dangers. Here are three services currently offering viable outlets for the risk-averse Millennial entrepreneur to satisfy their urge for self-made success. 

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Millennial News Feed

Quote of the Day: “Calling doctor offices takes too much time. If they don't have a patient portal where I can do everything online, I find another doctor. I couldn't find a dermatologist in my area who didn't require several phone calls, so I gave up.” –Female, 30, FL

Mobile devices are the first thing that 80% of Millennials reach for in the morning, and their digital dependence is seeping into more than just wake-up media. 88% have or would deposit a check by snapping a picture of it and 45% would want to pay bills the same way. The camera is the number one most important smartphone feature among this generation, and 33% even think a photo of their driver’s license could be put to good use as a way to enroll in anything from gym memberships to credit cards. (USA Today)

While online dating seems to give Millennials increasing hope of a modern day “happily ever after,” their happiness may be short-lived. Researchers from Stanford and MSU have found that breakups are more prevalent among couples, both married and unmarried, who met online than those who met in more traditional social settings. These stats are credited to simple facts: the mystery and risk of who is behind the other side of screen causes online relationships to take much longer to form into something real. (Jezebel)

To help heighten Millennial traffic, Jack-in-the-Box will feature an instant-win game promotion with prizes ranging from date night movie tickets to a two night VIP experience in Las Vegas. These big ticket offerings will capitalize on the healthy performance of their late-night menu, accounting for 16% of their sales in the first three quarters of this year. The chain has lost its once strong hold on the late-night market, and hopes to regain Millennial consumers with a menu of savory, mash-up items that they may not crave for lunch or dinner but become must haves after dark. (Huffington Post)

Millennial parents are more practical than ever, a trend we explore in-depth in the new edition of Ypulse Quarterly releasing tomorrow. Upcycling used clothing and embracing swaps are the kind of sustainability minded and money-conscious initiatives they support, so it’s no wonder that Kallio, a children’s clothing line made entirely from upcycled men’s shirts, reached its full funding on Kickstarter today.  The Brooklyn-based brand intends to invest in both the clothing line as well as a community workshop to teach sustainable design technique. (Fast Company)

While social media platforms like Instagram and Twitter seem to be dominating for innovative marketing efforts, Facebook still holds steady ground. In a small study of marketing professionals, digital platform Offerpop found that 92% of social marketing budgets will be spent on Facebook this holiday season. The survey from Offerpop also shows that 16% plan to spend money on Snapchat, but finds that 48% are hesitant to invest their budget in untested networks such as Yo and Wanelo. (The Drum)

Every other week we tap into our panel of 150,000+ Millennials in a survey of 1,000 14-32-year-olds to keep our finger on the pulse of trending topics, changing attitudes, and new norms among young consumers. The question library in the My Library tab on Ypulse.com allows Silver and Gold subscribers to see every question we’ve asked and how we’ve asked it for our entire history of bi-weekly surveys, and a search of Ypulse surfaces all the relevant related data that we’ve collected from young consumers. (Ypulse)

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