Build Your Empire

More than 50 per cent of millennials plan to start a small business but hesitate. Here are some reasons why they should take the plunge.

- Mukul Kashyap

Millennials have a strong inclination to start their own business. They are a generation that has grown up in the startup culture. They idolise gutsy entrepreneurs such as Mark Zuckerberg and Steve Jobs, who made fortunes by following their passion. They are also the ones that are the least likely to follow the status quo.

For most people, life can be seen as a risk avoidance strategy. They get professional degrees, life insurance, eat healthy and exercise regularly. Entrepreneurship at a young age is left to the oddballs, as most of us are content with getting by with the least amount of resistance. A wise man once said, ‘Some people choose their lives, others have their lives chosen for them.’ The law of least resistance takes us on a seemingly simple course through our lives. However, it is never too early to change paths. While it is true that the risks of starting a business are enormous, the rewards are nothing to scoff at. For someone in their 20s, it makes sense to start a business because they have very little, or better yet, almost nothing to lose.

Entrepreneurship builds risk taking ability

Our schools and professional degrees teach us to eliminate risk. Small wonder that most people are looking for a safe and secure job. However, we got along fine before companies and jobs were created. Humans are natural pioneers and have an inherent risk taking capacity.