Entrepreneurship and Gen Y

Entrepreneurship in this current economic climate is a very opinionated topic indeed. More business schemes and scams have cropped up in the past decade than can be counted; and many theorize that today’s market will eliminate much of the entrepreneur boom of years past.

I do believe that a severe thinning of the market will occur, however, I consider the majority to be a group looking for a quick buck with no real work ethic or vision. It is true that the word entrepreneur conjures up images of the “dot com” millionaire or the franchise tycoon – however more often than not, the real entrepreneurs are in the cubicle next to you or in front of you at the grocery store.

Throughout history the entrepreneurial spirit of individuals has always been the backbone on which innovation and salvation have been carried…corporations are large and slow.

While they do have the power and deep pockets that come with large size, the recent bankruptcies illustrate that size is no guarantee for success. One person with a truly enlightened idea can move more quickly and reach customers and markets a lumbering corporation could not.

The downside is that there is a much higher percentage of failure. A true entrepreneur, however, knows how much to risk and what not to risk. The future of the U.S. economy is entrepreneurial in nature; and the unemployment rate is the highest it has been in years. That said, much of society will look to a non-traditional business model for their income needs.

If unemployment provides the need, then the digital revolution certainly provides the means.

In recent years, the Internet has been the most powerful molding force to the world of the entrepreneur. While so called “Brick & Mortar” business opportunities are still numerous, not everyone has the means or desire to start a business that involves a physical store front, inventory, employees, etc. In this day and age, there are many armchair entrepreneurs that do not have the time and money needed for such investments. Many may have 9-to-5 jobs or still be in school.

These are the millennials, or quarterlifers, and this demographic is driving the business ideas that will carry us into the next generation. This group of people is behind the Internet-based opportunities that require little or no start up money, can be run from home, and utilize all the technology that has so recently changed our world. People in their quarterlife are both the producers and consumers of these “products.”

From Web 2.0 to social networks like Facebook and LinkedIn, from blogging sites like Blogger and WordPress to the micro-blogging titan – Twitter, from the iPhone and similar devices with their applications – all these things and so many more are used and created by entrepreneurial millennials.

This is one of those rare occurrences where there is a type of synergy where the summation of the individual technologies and business concepts create a lot more than the totals of their parts. These entrepreneurial people are able to stand on the shoulders of great businessmen and women past, utilizing enterprising concepts that are perpetually logical. While at the same time, they are able to adapt these ideas to the modern world of business with its lightning-fast processes and technology.

I believe that in the coming years entrepreneurship will not only be a trend, but it will also be one of the defining and primary factors that lead us out of this recession. Young, intelligent and innovative people who embrace cutting edge technology, while using instantaneous information and communication, will produce ideas that have yet to be dreamed. A perfect melding of old and new business plans, working in tandem to create the dreams of tomorrow… the entrepreneur of tomorrow.

For everything from what to do with the new millennial work force, healthcare opportunities, and what the baby boomers are up to, to all the exciting new “green” ventures, be sure to check out the top trends for 2009 at Entrepreneur.com.

Their short list of young millionaires also illustrates many of the concepts I have shared with you above and gives us all something to shoot for.