Why are millennials becoming online entrepreneurs and why is it forcing them to also learn Financial Understanding!?

When we read about millennials some common traits come up. While they are known for their disinterest in regular television they have a higher consumption of streaming programs and binge watching.

Their lack of interpersonal skills come out when talking one on one but they are extremely skilled in using other forms of communication that are more texted base. (But they hate to read)

They don't like to buy cars or homes for the most part for a few reasons. One being that for many, they have witnessed their parents lose their homes. (2008 -2010). Many are also so laden with student loan debt, have lower paying jobs or can't find one they like, do not want to spend money on buying a car or a home that has become too expensive to buy and maintain. (Property tax, insurance, upkeep etc)

Since they were entitled growing up, I prefer saying given more freedom in believing they are special, are less willing to settle for something they do not like. Which is not a bad thing. It will help raise standards and expectations that will force companies to make adjustments.

They do enjoy to travel and would rather use the money saved from not buying a car or a home and travel around the world.

They, however, are less likely to be trendsetters but more followers.

Sorry millennials most of you are sheep.

There has been a recent trend because of their lack of finding work that fulfills their wants and desires, to become entrepreneurs and start their own business.

The millennial have observed the advent of the online businesses in all possible niches significantly.

Owing to this reason, millennials are shifting their attention from the traditional job to the highly adaptive & profitable online business scenarios. There are several profitable online businesses out there that are run & managed effectively by the young group of the millennials.

Reasons why the modern-age group of young individuals is preferring being online entrepreneurs than heading out to any typical 9 to 5 job.

If you are looking forward to becoming an online entrepreneur, then here are some points of the potential benefits that you can get out of the same.

Have a glance:

• Being in a Location Free Business: One of the major advantages offered by being an online entrepreneur is that you are allowed freedom to work in the comfort of your home, at a coffee shop, –even on the beach halfway around the world!

You do not have to be location based or stuck as some say.

Online businesses and entrepreneurship have begun to explode. What some are saying is an evolutional shift in the way we do business. Big box stores are falling and dying out at a rate similar to the dinosaur extinction.

The recent closing of ToysRus and over 27 other brick and mortar based companies is proof this shift is exploding. We as business owners need to adapt. Millenials are adapting and driving this shift. So it makes sense that they are becoming entrepreneurs themselves.

When you are on an online business owner, all that you need is a laptop and a stable Internet connection in order to run your business anytime and from anywhere.

• Lesser Risk:

With online business venture, there is less risk in comparison to setting up a regular location-based business. In the case of setting up a regular business, you need a completely different store, equipment, utilities, physical space, and a stack of products in order to become operational and open for business.

However, with online business, there is no such traditional overhead. Instead of paying tens of thousands for setting up a separate store, you can start an online venture by paying for your domain name and hosting. Then customizing websites, e-commerce and monetization options and marketing to your niche.

• This is Your Own Work:

When you start out as an online entrepreneur, you are the owner and will be doing most of the work. While a millennial was working for someone else in a corporate job, there is always the added burden of impressing your boss and striving hard to move forward and up the corporate ladder.

Now Millennials are starting to own the ladders!

However, this is not the case with your online business. As an entrepreneur, all of your efforts are put in for pushing your online business in the right direction. There is no wastage of money, time & energy when you are the owner of your own online business.

• There is Never a Dull Moment:

As an online business owner, Millennials must be able to learn quickly, adapt even faster and be very efficient. When you are dealing with your own online business, you have to face new opportunities and challenges all the time. As such, there is hardly a dull moment when you are handling your online venture.

Being an online entrepreneur, you are also supposed to play diverse roles including that of a designer, coder, manager, salesperson, accountant and so more. As such, it always turns out to be highly exhilarating when running an online business.

• Learning Something New Every Day:

Online business offers you the opportunity of learning something new and every day. There will also be many failures that will help you learn as well. As an online business owner, it is imperative for you to be updated with the latest technologies, trends, and techniques related to the online business scenario.

There will also be many failures that will help you learn as well.

Since the first 2 years on average. Are very lean years for Millennials starting an online business many are forced to learn and have a better Financial Understanding. They have to budget and plan. As their experience grows they also learn to adopt more income streams to protect themselves better.

By being updated and well-informed of the necessary aspects of running an online business, you can enhance the chances of being successful.

There are several benefits of being an online entrepreneur today. You can harness the benefits of the same in order to achieve ultimate success as a millennial.

A special shout out to these groups who have been super supportive and who have motivated me here on my journey in Steemit.

#steemcreators #payitforward #minnowsupport #militaryveteransofsteemit #sharkschool #steemsugars #peaceabundanceliberty #onelovedtube