22 is the New Average Age of a CEO
Are you tossing around the idea of becoming your own boss? Cannot wait to increase your monthly pay by doing something you actually love? Venturing down that new path in your life where you are doing something creative and fulfilling with your time is life changing. Yep, you should think seriously about becoming an entrepreneur. Few things are better than jumping out of bed in the morning, excited to start profiting from you passion!
In the UK, there are more than 1,000 small businesses started every day. And did you know that out of the total 5.7 million, over 560 new businesses are started by 16-24-year-olds on a weekly basis? In fact, young adults are twice as likely to start a business than baby boomers did at their age. According to recent research, 4 in 10 teenagers are interested in starting a business rather than work for someone else.
Now, more than ever before, is the perfect time to start your business venture. You can start a business with very low overhead and startup costs. If you go with an online business model, you can get started immediately with something as simple as selling on Amazon or setting up a blog and profiting from ad space. And thanks to the power of the World Wide Web, you can easily reach an international audience.
Teenagers Opt Out of the Unstable Job Market and the 9-5
Within the UK, the number of teenagers who have started a business has increased by 700% within the last decade. Where previous generations usually founded their companies typically around age 35, young adults are starting their own small operations in their early 20s.
Motivated by a sense of purpose and personal satisfaction, teenagers and young adults alike look to build a company that is not only born from a passion but also shaped by values and culture from the ground up.
The top three reasons young people are starting businesses:
- Financial independence
- Better work-life balance
- Job security
The Average Age of a CEO has Lowered by Almost 20 Years
Between side hustles and skill-swaps, adults looking to enter the working world or new industries faster and at more senior levels. The average age of a CEO or manager has dramatically lowered from around the age of 40 to just 22 years old.
Globally, 53% of men and 55% of women say they started managing before the age of 30, with the average age of a millennial manager being between 25 and 29 years old. Just under two-thirds of generation X are in management positions today, closely followed by 62% of millennials.
As the workforce continues to change, and be shaped by younger generations, the gig economy has helped pave the way for teenagers and young adults to earn an income, while pursuing a passion.
Universities have transitioned from being just a place primarily for further education a birthplace for many businesses now enabling young adults to hone in on their talents while developing their knowledge around areas of passion; regardless of whether this is in their field of study.