YOUNG MINDS ON THE FRONT LINES The Rising Trend of Youth Entrepreneurship

They’re young, they’re ambitious and they’re determined to make their own mark in the business world. They crave freedom and flexibility and they dream of working towards their own goals. Who are they?

They are part of the growing number of young entrepreneurs who are pushing the frontiers of business, using their enthusiasm and drive to reach new heights.

According to an Angus Reid poll, more young Canadians today between the ages of 18 and 35 dream of being an entrepreneur over any other profession and in the U.S., a UCLA study found that only 1-2% of graduating MBA students wanted to start out as entrepreneurs in the 1980s; today, 10-20% want to be their own bosses. By creating their own businesses, young people are taking control of their future and their aspirations.

Since 1996, young entrepreneurs across Canada have been entering the small and medium-sized business market at three times the rate per year of entrepreneurs over the age of 45. Entrepreneurship expert Evan Carmichael believes that this rising trend owes itself to the independence and responsibility that comes with owning a business. “Young people today are dreaming bigger dreams for themselves than ever before, and they’re not willing to give up those dreams for anybody.” A recent study in Atlantic Canada found that over half of young entrepreneurs cited being their own boss as the most important reason for starting a business. “They see it as a way to be in charge of their destiny and achieve success on their own terms.”

Young people have numerous advantages over others in the business world, says Carmichael. “Armed with a unique energy and an intense desire to succeed, young entrepreneurs are not afraid to take the risks they need to in order to get their businesses off the ground,” he says. “They crave the rush of owning a business and are committed to following their passions even in the face of uncertainty.”

From advertising to website design to the clothing industry, young entrepreneurs are taking the business world by storm. But, Carmichael warns that they need to be careful about taking on too much too fast. In 2000, the average net profit before taxes for young entrepreneurs in Canada was approximately half that of older entrepreneurs. “While their ambition and grit can challenge even the top CEOs, young entrepreneurs often do not have the proper capital or management skills to succeed,” he says. “Young entrepreneurs rush into business without enough preparation, quickly finding themselves in over their heads.”

According to a survey of young entrepreneurs across Canada, 39% saw financing as their biggest obstacle to business growth, along with the instability of demand and poor managerial skills. In order to help ensure their success, Evan Carmichael & Associates offers resources and tips for young entrepreneurs. From considering a co-signer to finding a business coach to exercising self-discipline, Carmichael says there are tried and true strategies young entrepreneurs can follow to grow their businesses. But, above all else, keep that day job until you get your business going, he says. “Having a backup is never a bad thing.”


Evan Carmichael is available for an interview. Please contact him at evan@evancarmichael.com.


Evan is an entrepreneur and international speaker. At the age of 19, he became an owner and Chief Operating Officer in Redasoft, a biotechnology software company. The company quickly grew to over 300 organizations as clients, including NASA and Johnson & Johnson, in 30 countries. He started Evan Carmichael & Associates with the goal to give entrepreneurs the motivation to follow their passion and the strategies they need to succeed. Evan has delivered over 100 keynote presentations to entrepreneurs in North America, Europe, and Asia. He has been interviewed by newspapers, radio stations, and television stations including CHUM FM, CityTV, Global TV, OMNI TV, Enterprise, and the Toronto Sun. Evan's website, http://www.evancarmichael.com is among the top 10 most popular online resources for entrepreneurs internationally.