Entrepreneurship is a unique field in which many of the most successful people are actually quite young and found their success in their early twenties, rather than decades later after years of climbing a corporate ladder. There are many reasons why young people are well-suited to entrepreneurial success, and as long as they have the ambition and confidence to move forward with their ideas, these young people are likely to continue to dominate this field. That said, it’s important that we reinforce their capabilities and equip these adolescents, teens, and young adults with the tools, resources, and support to try their hand at entrepreneurship in the first place. This encouragement can come from supportive parents, entrepreneurial clubs and programs in schools, and business-building extracurricular programs like Beta Bowl, that help give students their first positive entrée into the world of entrepreneurship. In case you needed a refresher on why teens are such perfect candidates for entrepreneurial success, just keep reading.
They Are Excited By a Challenge
Entrepreneurship is a field that not only rewards innovation and creativity, but it requires it, and that’s where teens come in. Young people who have yet to enter the corporate world or become jaded by their boss’s demands at their 9 to 5 are brimming with ideas, excitement, and ambition.
They aren’t afraid of challenges; but rather they crave seeking them out and tackling them with their own unique solutions. This is because young people truly believe they are somewhat invincible and capable of whatever they put their minds to, and this is the ideal attitude and mindset for a successful entrepreneur. There will always be challenges, but a true entrepreneur is always on the hunt for innovative solutions and new ways of doing things.
They Ask Questions
Another great asset for young aspiring entrepreneurs is their inquisitive nature and humility. Adolescents, teens, and young adults know that they lack the wisdom and experience of those decades older, and they’re not afraid to ask questions and seek out help from more experienced adults who’ve gone before them.
This openness to seeking out help and guidance is key to success in entrepreneurship, as entrepreneurs should be constantly learning, seeking feedback, and soaking up as much knowledge and wisdom as possible. This is one of the biggest advantages young entrepreneurs have over experienced experts, as those experts are often too set in their ways to either come up with innovative and disruptive solutions in their industry or to seek out guidance and feedback from others.
They Are Not Afraid to Challenge Old Ideas
So much of entrepreneurship is about innovation, disruption, and change, and that often comes in the form of challenging old long-standing ideas, products, services, and industries. Young people, especially those growing up today, have seen so much rapid innovation, from tech to social media to delivery apps and ride sharing…the list goes on.
These young people are accustomed to change, and they embrace new ideas that challenge traditions and disrupt the status quo. Since young people are willing to challenge old ideas, they bring a much more creative and open-minded perspective, which is exactly what’s needed to bring new ideas, products, and services into the world.
Related: Entrepreneur Ideas for Teens
What Industry Works Best for Young Entrepreneurs?
There are many industries ripe for innovation and disruption that young entrepreneurs should consider. The industries that are older, more established, and full of a few dominant players are great examples of opportunities for disruption from a new startup or idea. There are also a few newer industries that have come about in the past decade that, since being relatively new, could also use improvements and innovation. These are also great candidates for disruption.
However, regardless of the industry, if a young person has an idea or notes a problem, they should do their research and determine if it’s something worth pursuing. Read on for a few industries that present current opportunities for young entrepreneurial disruption.
Esports
Anyone who isn’t living under a rock has probably heard of the rise of gaming and esports, but not everyone realizes just how massive and rapidly growing this industry is. There are already over 385 million people viewing esports worldwide, and the market has increased in size to over $1.5 billion in 2020, with a 36.5% CAGR (compounded annual growth rate) over the past five years. But the size and growth of the market isn’t the only selling point; esports has also emerged as the market with the highest amount of daily active user time – and this is important.
When considering other online platforms, the daily active user time can be directly correlated to the platform’s advertising potential. The longer people actively play or watch esports on a daily basis, the more time and room there is for advertising and sales to be made with this consistently captive audience.
Without a deep knowledge of esports, business opportunities in this space may seem obscure and hard to brainstorm or quantify; however, when you relate the industry to real sports, it becomes a lot simpler. Esports talent is already making between hundreds of thousands and millions of dollars a year through sponsorships and affiliates, not unlike professional athletes in traditional sports.
Esports opens up the opportunities of talent management companies, sponsorship marketplaces specifically for esports talent, esports spectator betting, and fantasy esports betting, similar to fantasy football. Additionally, there are so far untouched opportunities for esports investment management companies, which may be on the rise in future years as traditional investors warm up to the idea of putting money into this growing industry.
Health Care
The healthcare industry may come across as a stagnant one, and while it is teeming with household-name behemoth companies and decades-old practices, this industry is ripe for disruption in many ways. As technology continues to advance, so do opportunities in healthcare. Additionally, as patients become more price-sensitive and choose to be more active in managing their own healthcare, new opportunities have arisen. Finally, with the growing senior population, a rise in the number of procedures and illnesses has been predicted and has begun to reveal itself, and this is another great window for new technology, products, therapies, drugs, and services to enter the market.
There are countless opportunities to disrupt and improve the healthcare space, but one that healthcare providers and patients would benefit from is better technology to gather and organize big data. Data in healthcare is important for predictive and preventative care, both of which are vital to tending to our aging population. Digital healthcare and more tech-enabled solutions that enable for patient-managed care is another great opportunity, and we’ve already seen startups enter this market in the mental health space.
Additionally, products and services that make healthcare more affordable and accessible, including telehealth, for those in third-world countries, open global market opportunities. Finally, artificial intelligence is one of the opportunities with the greatest potential value in improving patient care, the speed of care, and the future cost of those solutions by increasing accuracy and reducing medical health professional man hours required.
Government Services
Believe it or not, the government services industry is actually very open and receptive to innovation. The government is constantly seeking to better provide for, protect, and communicate with its people. Therefore, any new ideas, products, services, and technologies that afford the government better data, more streamlined forms of communication, and better access to its people are welcomed. Additionally, the government constantly seeks to both save money and improve the lives and jobs of its employees; any innovation that addresses these areas would be happily integrated.
Opportunities for innovation in the government services industry are vast, but those that focus on efficiencies, either saving the government money or time, or improved services, so improving the way the government serves its people are ripe for inclusion. This is where technology comes in, as well as artificial intelligence.
If technology and artificial intelligence can remove the mundane and inefficient processes and jobs currently in the government sector, they can reallocate time and funds to more pressing issues. This is one of the biggest opportunities, and an idea that promises to save the government time and money is sure to be considered.
Related: Creative Business Ideas for Kids in 2020
Transportation
While the transportation industry has been known to grow steadily, but slowly (under 3% per year), it has experienced a few recent developments that are cause for innovation, including ride-share apps and the increase in online shopping. There are more and more people who make driving their full-time or part-time job with ride-share apps, like Lyft and Uber, which opens up the industry to new business models, including new structures for purchasing and renting vehicles.
Additionally, the increase in online shopping means an increase in the transportation of goods, and finding reliable, affordable, efficient, and environmentally friendly methods of doing so should be at the forefront of innovators’ minds.
Entrepreneurs and innovators interested in the transportation industry have a lot to tackle, and that means many opportunities. Self-driving vehicles, machine-learning, artificial intelligence and automation, and drones are a few of the technologies that could be used to innovate in this industry. Any new more environmentally friendly alternatives, especially for the transportation and delivery of goods, could be huge game-changers.
Likewise, artificial intelligence and automation to potentially replace this, like Amazon has begun with their drone delivery, could be a whole industry onto itself. Finally, solutions to improve safety, while also taking advantage of these new technologies, like self-driving cars, would be a valuable asset and potentially a highly profitable market.
Energy and Environment
Energy and environmental solutions are one industry that is on the cusp of much innovation and thirsting for better solutions every day. The three biggest drivers of growth, particularly in the clean energy sector, are dropping technology costs, a greater demand for clean energy and efficiency technology, and supportive policies and investments. Along those lines, as young people become more aware of climate change, pollution, and the environmental consequences we face today, there is a clear need for better eco-friendly solutions.
While there are many companies making use of solar and wind power, we are very far from replacing all the world’s (or even the country’s) energy needs with environmentally friendly solutions. Since every person and business relies on some forms of energy, the market opportunity for cost-effective environmentally friendly solutions is huge, and this would be a great place for young aspiring entrepreneurs to focus their time and attention.
Since renewable energy is such an important focus, any innovations in terms of bioenergy, wind, or solar power would be welcomed into the market, as well as entirely new forms of renewable energy altogether. Additionally, better, bigger, and more reliable and powerful energy storage systems for renewable energy would be a great innovation, to ensure that we can store and rely upon these sources, regardless of disruptions like a cloud passing over a solar panel, for instance.
Any innovation that enhances the efficiency of these renewable energy sources would also be a great addition to the clean energy space. Finally, clean energy solutions for the automotive and transportation space could make a huge impact on both the economy and the environment.
Conclusion
Young entrepreneurs growing up in today’s world are inheriting a unique and encouraging entrepreneurial environment. Youth is no longer seen as a downfall, but rather an asset to those innovating, especially with technology-related products and services. Additionally, technology and the vast amount of information and resources on the internet has equipped young people with the skills to bring new ideas to life, and crowdfunding platforms have made this available to everyone.
For those creative, innovative individuals out there looking to make an impact on today’s world and bring new solutions to market, they’re at the right place and the right time; it’s just up to them to take those first steps.
We see the potential and capability in young future entrepreneurs, and that’s why we’ve developed our Beta Bowl business-building extracurricular enrichment programs, to help give these motivated adolescents and teens the tools, resources, curriculum, and 1-on-1 guidance and support to bring their ideas to life.
