The entrepreneur has quickly become the new American dream. With over 40% of Americans now self-employed, it’s never been a better time to be your own boss–especially in this day and age where entrepreneurship is so highly encouraged by society and our government.
In fact, according to data from the U.S. Census Bureau, the number of people filing for self-employment tax deductions has increased by over 40% in just a decade.
Entrepreneurship is a desirable option that may not have been available to most Americans before–especially during times like these where many are still struggling with job security and unemployment from large corporate layoffs following the 2008 financial crisis.
With a high number of self-employed and freelancers, it’s also never been easier to find work–especially if your niche is in an area that isn’t suffering from economic recession or depression.
While the ultimate goal of entrepreneurship remains an incredibly successful business venture, there are many opportunities for those who want to start their own business or freelance their services.
For instance, an effective freelancer can create a successful small business by offering their skills on freelance websites such as oDesk and eLance. He can easily connect with clients who need his expertise.
As more people turn to freelance work, it’s apparent that the American dream is changing. It’s becoming more achievable for people who want to pursue it than ever before.
But what does this new age of entrepreneurship mean for you? What exactly are the financial and professional prospects that await you in a world where now over 40% of Americans live the life of an entrepreneur?
In this article, we’ll dive deeper into how entrepreneurship is changing the American dream for you.
What Is The American Dream?
The term “American dream” refers to an ideal that society expects its citizens to achieve: becoming successful and achieving a level of prosperity and success through ambition, hard work, determination–and in some cases, luck. In other words, becoming someone who can afford the luxuries of life and all that it has to offer.
This is a term that has been in existence since the early 20th century. During this time, the idea of “the American dream” was popularized by such notable figures as Thomas Jefferson and Benjamin Franklin, who encouraged citizens to chase their dreams and to work hard in pursuit of their goals. Of course, these famous founding fathers referred to the idea of success that one could achieve through his own efforts–not by way of a paycheck or social programs.
During the Great Depression, American dreamers blamed society for failing them. Instead of turning inward and blaming themselves for failing to achieve their goals, many citizens felt that society had let them down and that the government was responsible for their hardships.
Since then, “the American dream” has come to be associated with financial success and a comfortable living–a lifestyle that is now within reach of nearly any American citizen who wants to achieve it. Entrepreneurship is a key factor in realizing the American dream.
But is “the American dream” still relevant today? Is it true that any hardworking entrepreneur can achieve financial success and prosperity? Let’s find out exactly how entrepreneurs fit into this new vision for America’s economy, society, and culture.
How Entrepreneurship Is Changing The American Dream
You may have noticed that entrepreneurship is becoming a more popular career choice, especially among America’s youth. In fact, according to S. Census Bureau, the number of people filing for self-employment tax deductions has increased by over 40% in just a decade–and this trend isn’t likely to slow down anytime soon.
In the past, it was common for college graduates to enter the workforce at large corporations and work their way up the corporate ladder until they reached a position of financial stability. Entire generations have done this–and many still do.
However, millennials are thinking differently than previous generations did. They’re beginning to realize that they can create their own jobs by becoming entrepreneurs–and they’re following through on this realization.
For example, at the age of 23, Nick Hanauer became a partner at an 80 billion dollar private equity firm. However, he quickly realized that there was no financial security in his position. He’d be more likely to gain some stability if he invested in himself rather than in the multi-billion dollar company he worked for.
So, Nick left his job and invested $500,000 in a company he started with a friend called an “online collectibles business.” With this decision, Nick set himself up to achieve financial success and security–something that would have been out of reach had he continued working for someone else.
Nick isn’t alone in his pursuit of entrepreneurial success. The average age of a new business owner is becoming younger and younger–and millennials are leading the trend with their desire to live more interesting, fulfilling lives. According to Forbes contributor William Arruda, “the future belongs to those who have taken control of their own destiny.”
Thanks to technological innovations like the internet, smartphones, and social media, more people can chase their dreams of entrepreneurship than ever before. Thanks to sites like Etsy and Fiverr, anyone can earn a living by working from home–and it’s never been easier for someone with an idea and a computer to start their own business.
Millennials are driving this trend because they seek a sense of fulfillment that only comes from chasing their dreams. They want to be valuable and innovative–not just a cog in a machine like many workers have been for the past few generations. Millennials don’t mind working long hours if it means they get to create something valuable and use their talents to benefit society.
In fact, the average millennial works over 40 hours a week–12 more than their 1980s counterpart. Millennials want hard work–and they’re willing to put in the time and effort necessary to achieve financial stability by becoming entrepreneurs. After all, founding your own business can lead you to a variety of different lifestyles–whether you want to work from home, on the road, or in an office.
Entrepreneurship Gives Americans A Sense Of Control In An Uncertain Economy
Like Nick Hanauer and other millennials before them, many people realize that entrepreneurship gives them more control over their financial future than any corporate job ever could.
Today’s economic problems have convinced many Americans that they can’t rely on anyone. According to Gallup, only 30% of Americans are confident in their financial situation–and 45% feel discouraged about the economy.
Still, they and the power of their ideas to create a better future for themselves, their families, and society as a whole.
This is likely why millennials are so driven to become entrepreneurs and take control of their own lives. They know that they can’t rely on anyone–not even the government–to improve their economic situation dramatically.
Rather than waiting for someone else to fix the problems we’re currently facing, entrepreneurial-minded millennials realize that they have the opportunity to create something incredible through their own ideas.
According to Arruda, “millennials are natural collaborators.” in fact, they realize that there are millions of other people just like them who want to find a way to achieve financial stability and live fulfilling lives.
They recognize the value in collaborating with other creative people towards achieving common goals–and that’s what makes millennials so unique and innovative.
Entrepreneurial Minded Millennials Are Building A Better Future For The Entire World
As millennials get older, they’ll have the power to change the world–and they’re already proving that. According to Forbes contributor Alex Moazed, millennials are leading a “third wave of entrepreneurship.”
While millennials are sometimes called “entitled” or “lazy,” they’re actually more motivated than ever to use their skills and talents to create something precious for society. They don’t care about getting rich–they care about making an impact on the world around them. Many millennials realize that a life of success can only be achieved if they help their fellow human beings.
Entrepreneurship is about helping others–and that’s something millennials understand better than anyone else. In fact, the social aspect of entrepreneurship is what makes it so beneficial for society at large.
For instance, many people benefit when a new company like Airbnb or Uber launches a new product or service. Airbnb, for example, is the fastest-growing company of all time–and it’s only been around since 2008!
Millennials Are Helping To Save The Economy Through Entrepreneurship
Entrepreneurship has played a major role in boosting the U.S economy throughout our history. In fact, according to economist Robert Litan, “every new business creates an additional five jobs on average.”
Millennials are on pace to become the most entrepreneurial generation in history–and that means they’ll actually have a chance of saving our economy. As Gen Y continues taking over the workforce and becoming leaders in various industries, they’ll continue generating millions of jobs.
This is great news, considering how much the economy has changed. Many corporations that once provided stable jobs with benefits are struggling to survive in a world filled with creative, entrepreneurial-minded millennials who are willing to work for less and value flexibility over stability.
Millennials Are Helping To Introduce A New Era Of Entrepreneurship Into Society
We live in a world where competition is almost always encouraged. It is necessary to ensure that businesses can continue innovating and creating new products or services in many cases.
Millennials understand this more than anyone else–and they’re using the power of technology to their advantage. Startups like Airbnb have made it easier for people to partner with other entrepreneurs and create their own businesses in a matter of hours.
Entrepreneurship is becoming so popular that many companies are willing to provide grants rather than loans to individuals who want to start startups.
These corporations have realized that the best way to stand out from the competition is by supporting millennial entrepreneurs who are willing to take risks and follow their dreams.
Millennials Are Changing The World Through Entrepreneurship
Social media websites like Facebook, Twitter, and Instagram have created a new way for millennials to connect online–and they’re taking advantage of it by starting creative businesses through the power of the Internet.
Millennial entrepreneurs aren’t just creating social media businesses–they’re also creating amazing companies that have the potential to change the world. They’re using cutting-edge technology, like 3D printing and drones to build revolutionary products and services at an unprecedented rate.
Entrepreneurship is about being creative as much as it’s about building a business. That’s something millennials understand better than anyone else–and it’s why they’re going to make a huge impact on society in the years to come!
Conclusion
Regardless of whether you are interested in Entrepreneurship or not, this article was written with one purpose: having more people be entrepreneurs and work for themselves (which is usually the dream or goal of most people).
The more entrepreneurs there are, the better our economy gets! So if you got what it takes to be a freelancer, entrepreneur, and business owner – don’t hesitate to do it. Take risks and have fun doing what you’re doing; even if nothing comes out of your hard work, you’ll at least enjoy doing it.
