Today’s young people aren’t sticking to traditional career scripts. Instead, they’re building businesses in between lectures and classroom assignments.
From freelancing brands to online clothing businesses, young people in the digital era are flexing their entrepreneurial muscles within college walls—and they’re thriving at it. But why are student entrepreneurs becoming more of a thing these days? We consider the factors influencing this recent trend below:
Access to Online Tools and Communities
There has never been an era where information has been so easily accessible. With a simple Google search, you can explore a library of content on any subject.
Platforms like YouTube also provide an abundance of resources to learn and develop new skills, while websites like Reddit offer communities the chance to interact and share ideas with like-minded individuals.
These online spaces mean young people can find insights on all the different aspects of building a thriving business—from marketing to branding, financing, customer engagement, and legal compliance.
Even risk management isn’t strange terrain to these young folks. Thanks to countless case studies, entrepreneur podcasts, and business forums, they’re not only learning how to grow – but how to protect what they’re building.
One topic that frequently comes up in these spaces is insurance. Whether it’s understanding liability, protecting physical assets, or preparing for unexpected disruptions, young entrepreneurs are learning how vital corporate insurance can be. These students know they are learning on the go. Having business insurance is an essential means to protect themselves and their businesses from any potential mistake they could make, offering them an ability to cover the cost of that mistake with their policy. So, rather than leave their SMEs exposed to risk, they’re exploring their options – like business insurance from Next Insurance – to safeguard their efforts and plan for long-term success.
To put it simply, college students today have access to solid business strategies on the internet that the older generation learnt by trial and error.
An Uncertain Job Market
Statistics show that 1.5 million people are laid off in America every month. With the growing adoption of artificial intelligence across industries, many key roles are being automated, leading to companies cutting down on their workforce.
As such, the traditional dream of getting a job after college no longer seems viable. Rather than cross their fingers and hope for the best in an uncertain job market, young people are creating their own opportunities right within college.
They’re building businesses and kick-starting careers side-by-side with academic commitments.
And they have role models who inspire these pursuits, such as Alexandr Wang—the founder of Scale AI and the youngest self-made billionaire in the world.
An Attraction to Freedom and Flexibility
Stay confined to a desk for much of your career as you work your way up the corporate ladder or build your own business and have the freedom to work on your terms from anywhere in the world? Well, the younger generation are choosing the latter.
With the internet making it easy to work remotely as a freelancer or build an e-commerce store from scratch, college students are opting for a life where they don’t have to be confined to an office cubicle.
Instead, they’re picking the appeal of the entrepreneurial path—a route that gives them autonomy and control. Sure, entrepreneurship comes with a fair amount of challenges, but at least they’ll experience these hurdles while trying their hands at the things they love.
Social Media and the Internet as a Marketplace
Imagine trying to set up a business before the internet era. You needed funding for a physical store, marketing, equipment, and employees. A truckload of patience was also required as you tried to scale the business from a small brand to a household name.
However, the playing field has changed today, thanks to the internet. Platforms like Shopify mean college students can launch online stores without the massive upfront costs required decades ago.
Even if they don’t want to go that route, social media spaces like TikTok and Instagram also offer opportunities to build thriving brands in niches like fitness coaching, affiliate marketing, and personal vlogging.
Conclusion
College students are trading the 9-5 dream for entrepreneurial ventures, largely due to the desire for freedom and flexibility and an uncertain job market with increasing layoffs. But beyond these factors, the internet is the major driving force behind this shift, providing access to tools and resources that help young folks navigate the business landscape with ease.