Tag Archives: millennials

Big Jobs Gain in November … Really?

The media and the White House are having a field day celebrating the great news of the recent employment numbers… 321,000 new jobs added in November and a steady low unemployment rate of 5.8%.

The news also continues to dominate all of the first 10 pages of Google (I didn’t look beyond 10 pages).

Truly that is good news for 321,000 people who were looking for work, and I am happy for them.

But, here’s a group that can’t be all that thrilled about the current employment situation—the millennials (18 to 34 years of age).

Here’s why:

A recent survey by the U.S. Census Bureau shows that the millennials are much worse off today than the same age group over the prior three decades, as follows:

  • Only 65% of millennials currently have a job.
  • Close to 20% of them live in poverty.
  • Millennials with jobs earned an average $33,883 a year between 2009 and 2013—compared to $35,845 for the same age group back in 1980 (current dollar adjustment).
  • Over 30% of all millennials live at home, mainly because they can’t find a job.
  • Only about 2% of this age group (18 to 34) are veterans. In 1980 veterans comprised about 10% of this age group.

From the above, it appears that even though this generation has more education, are more diverse, and many of them speak multiple languages… they are having a tough time making their economic way in the U.S.

eeyore-150

Now, before you write me off as some kind of eeyore—Consider This!

Of the 535 lawmakers in Washington, over 50% of them are millionaires—excluding real estate holdings such as their homes… while only around 5% of their constituents are millionaires—including their homes.

In addition, our lawmakers annual salaries are $174,000 (plus perks and benefits), while the per capita annual income in 2012 was $28,051 (with no perks and few benefits).

 

So, here’s what I think: Our lawmakers and policy creators at all levels of government are totally out of touch with the people they are supposed to represent and serve.

Furthermore, I think it’s time to make our voices heard in Washington—not through riots and property damage to our neighbors, but through communication and the voter’s ballot. Somehow, our voices need to rise above the big money lobbyists and campaign contributors.

If we are going to have an actual sustained growth in our economy where everyone (who wants one) has a job—or better yet—an opportunity to start a business of their own—there must be change.

There needs to be some major changes in our representative government so we the people are being represented… instead of just the lobbyists and campaign contributors.

O.K., that’s what I think, now, what do you think? Are our lawmakers too out of touch with the real world to make the U.S. a better place for our younger generations (all of us for that matter)… or am I just being an eeyore, and everything will likely turn our fine for everyone anyway?

How do you feel about it?

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Millennials and Entrepreneurship

A report on the entrepreneurial interests of young people ages 18-30 (approximately the Millennial generation) was released recently. It was conducted by Lake Research Partners and Bellwether Research and funded by the Kauffman Foundation. It provided some interesting insights into the future of young entrepreneurs in the U.S.—for instance:

  1. Over 50 percent of those millennials surveyed said they would like to start a business one day.
  2. 38 percent said they have delayed starting a business because of the economy.
  3. Most of this age group sees limited access to credit as a barrier to starting a business.
  4. 81 percent of this group strongly support student loan relief for those who want to start a business.
  5. 83 percent of these young people think Congress should provide easier access to startup loans.

So, as I understand it from this report: if we improved the economy, forgave student loans, and provided easy access to funding—half of the millennial generation would start a business.

That is interesting, but would any of them start a business if none of those things ever happened (because they likely won’t anytime soon)? Does that mean those millennials who would like to start a business never will—until the government makes it “easy” for them?

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What does that really say about our younger generations and entreprepreneurship?

Well, for comparison, let’s take a look at someone from a little older generation—an early baby boomer. I ran across this information about the same time I read the above requirements for the millennials. Here was the situation when this person decided to start a business in the U.S.:

Economy:

  1. Unemployment was at 10.5%
  2. Inflation was at 12.5%
  3. Interest rates were at 18%, and heading higher.
  4. Funding was very nearly impossible to obtain for a startup.
  5. A person had to wait in line sometimes hours to buy 5 gallons of gasoline.

This Baby Boomer was:

  • Son of immigrants (who divorced when he was two years old).
  • Former gang member.
  • Homeless—slept in his car.
  • Picked up bottles for the deposit value, to buy food for he and his young son.
  • No college or special education.
  • Worked at odd jobs—from janitor to encyclopedia salesman.
  • Was 36 when he tried starting a business—with $350 he borrowed from his mother.
  • Lived in his car (again) while starting his business.

Situation Today:

  • Is now on Forbes “100 richest people in the U.S.” list (#88).
  • Got there through hard work and perseverance.
  • Is considered by many to be the most philanthropic businessman on Forbes list—his belief is that “Success unshared is failure.”

Who is this person? You likely never heard his name, and it doesn’t matter, because it could just as well be you.

I just saw on the evening news that around 50% of the upcoming college graduates will not have a suitable job after graduation. Well, here is your chance—become an entrepreneur! If the guy above could do it—so can you.

What—you don’t have any money to start a business? The truth is; if you wait until you get financial help from the government, or the banks, to start a business—hell will freeze over first. And you need to understand that investors are highly selective about who they invest in…and then they only rarely invest.

So, here are a couple of things for you to try—if you have what it takes to become an entrepreneur:

Creative Financing

Bootstrapping

Just remember that entrepreneurship is not for the lazy, or the coddled—there are no entitlements in the world of the entrepreneur.

Here is what our friend above has to say about work and success: The big difference between successful and unsuccessful people is that successful people do all the things unsuccessful people don’t want to do.

The perfect time to start a business is now—your now. If you wait until everything seems to fall in line for you…you will never start a business.

On the other hand, if you are really an aspiring entrepreneur and don’t know quite where to begin, I suggest you take a thorough look at this website set up specifically for beginning entrepreneurs, by clicking here.

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Come on you millennials—any of you can become an entrepreneur, so give it a try. It sure beats the “would-you-like-fries-with-that” crowd (unless you own the place). There is nothing you cannot learn about starting and running a small business—as long as you have the “fire in the belly” for it.

If you request it in the comments or Contact form, I’ll give you the above Baby Boomer’s name, as well as some information on young entrepreneurs worldwide who will be following in the footsteps of the Baby Boomer described above.

What’s your story? Are you waiting, or “doing?”

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