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: "I follow the news so I can make fun of the GOP presidential candidates..." -Male, 30, KN 

Selfies might be the next innovation in online security. MasterCard is experimenting with facial recognition scans that would ask users to simply look into their phones and blink to approve a purchase. Biometric security like face scans and fingerprints are easier than remembering a password, and the brand believes that “the new generation, which is into selfies…they'll find it cool. They'll embrace it." (CNN Money)

Millennials’ history of disrupting industries has many long-standing brands making big changes to appeal to young consumers—who are aging into their years of spending power dominance. Time’s list of “old person” brands getting a Millennial makeover include Maxwell House, Residence Inn, NASCAR, Good Humor, and KFC—all launching rebrands and “tweaking old products…with varying degrees of success—and awkwardness.” NASCAR’s efforts include a racing festival that includes DJs and foam parties. (Time)

We included golf on our list of things Millennials are being accused of killing, and now golf clubs breaking some sport taboos to try to attract young players. Footgolf, a hybrid soccer/golf game attracting twenty-somethings, is being offered by some. Speedier games, speakers on carts, prizes for Instagram golf pics, and beer tastings are other tactics being employed—and upsetting traditional golfers. (Chicago Business)

Put on your top hat and bow tie, the “Monopoly movie has passed go.” Lionsgate and Hasbro have greenlit a film based on everyone’s favorite property trading game, and starter of family fights. The 80-year-old board game is the latest classic toy box item to be given time on the big screen, and the film will reportedly be an action/adventure following a boy from Baltic Avenue building his fortune, and of course avoiding bankruptcy and jail. (Kidscreen)

Unplugging is not just a trend with young consumers here in the U.S. A survey of 16-24-year-olds in the U.K. found that only half watch live TV, preferring online streaming for the rest of their media consumption. Online viewing has “disproportionately affected” news shows, and TV news viewing among the age group has dropped 29% between 2008 and 2014. In our most recent media viewing tracker, we found that 29% of 13-32-year-olds watch live cable five or more days per week, while 35% watch Netflix and 10% watch Hulu Plus five or more days per week. (The Guardian)

The glittery dust has settled. There is no longer any question that digital celebrities’ popularity rivals Hollywood stars’—for teens, they’re even more popular. So what does celebrity look like now? Fame has been redefined by the next generation of viewers, and we’re officially in a new era of celebrity influencers. We cover this trend in-depth our Q2 2015 Ypulse Quarterly report, available to Gold subscribers. (One-off pricing for the report is $1250.) (Ypulse)

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