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. 

styleowner1. StyleOwner

Ever…

 
 

Want to talk to us about the article
or dive into a custom study?


Millennial News Feed

Quote of the Day: “I accept friend requests on social media from people I don’t know or have mutual friends with to broaden my horizons; meet people I otherwise wouldn't in day-to-day life.”—Male, 23, MN

Vice’s fastest growing division is news, and the media brand has struck gold with younger audiences by filling the “big white space” co-founder Shane Smith says was created by “perception that Gen Y didn’t really care about news which is obviously not true.” Their unconventional approach to news has been incredibly successful with the generation, and their new channel Viceland will continue to cover the stories that young viewers are passionate about. Prioritizing young people’s point of view is a part of how the network is run. Smith explains, “the BBC isn’t going to give a 23-year-old kid straight out of college $10 million to make a TV show–but we are. It’s about taking risks.” (Creative Review

Millennials are at a greater risk to be scammed than the elderly. A new survey released by the Better Business Bureau revealed that almost 90% seniors have been able to spot a scam in time, compared to 66% of Millennials. The BBB cites online scams like the request of usernames and passwords from “official-looking” emails as the most common. Our recent trend The Privacy Issue found that Millennials assume security is part of the deal when using trusted sites for email, social media, and even payments, with 65% of 13-33-year-olds saying they assume the websites they visit are secure. (Airdrie City View)

Mobile wallets have become one of the main channels that Millennials would prefer that brands send them sales and offers on. Along with email, websites, and apps, mobile wallets like Apple Pay, Android Pay, and Samsung Pay have become logical platforms for brands to use to send out marketing messaging to young consumers. Campaigns like loyalty programs, push messaging, and digital coupons can all be held on mobile wallet platforms. Over half of consumers say they have used mobile wallets and 30% say they have used them in the past week. (MediaPost

AT&T Hello Lab and Rooster Teeth are looking for the next big competitive gaming star. The digital series Schooled will be following the digital media company’s co-founder as he puts together a team of 8-12-year-old gamers to take on his experienced staff in a “winner-take-all finale.” Rooster Teeth, best known for “web classic” Red Vs. Blue and the Let’s Play franchise, hopes to be “the next big gaming sensation” with young players, and introduce their brand to a younger audience. (StreamDaily

According to an Adobe survey, over half of Millennials say that email is their preferred option to be contacted by a brand—so what’s the best way to use it? Thinking mobile is a good start. The same study found that 88% of Millennials are using smartphone to check their emails, so marketers need to find the best strategy to “optimize their content and campaigns for mobile devices to effectively convey their messages.” Including social media links to continue the conversation and going image heavy is also crucial. (Huffington Post

Quote of the Day: “Whether I want to draw, paint, read, study, or dance, influences the kind of music I listen to.”—Female, 25, GA

Sign Up Now

Subscribe for premium access to our content, data, and tools.

Already a subscriber? Sign in.

Upgrade Now

Upgrade for full access to the best marketing tools for understanding the next generation.

View our Client Case Studies