By Natalia Olson-Urtecho
“Millennials,” those born between 1980 and the mid-2000s, are the largest generation in the U.S., representing one-third of the total U.S. population in 2013. Their unprecedented enthusiasm for technology has the potential to spark change in traditional economic institutions and the labor market. The priority they place on creativity and innovation make them an important engine for the U.S. economy for the decades ahead.
In many ways, millennials were born to be entrepreneurs, and at the U.S. Small Business Administration (SBA) mid-Atlantic, we make entrepreneurship a reality. For example, in West Virginia, millennial entrepreneur Shahram Shafii from the Donut Connection in Fairmont harnessed SBA’s microloan program through the First Microloan of West Virginia to jumpstart his business. It’s exciting to witness entrepreneurial trailblazers in our local communities and neighborhoods succeeding with SBA assistance.
Despite their promise, unemployment remains high among millennials – one in four is experiencing unemployment. Those growing up in underserved communities face even higher rates of poverty and unemployment. Young African-Americans and Latinos under 25 are twice as likely to be unemployed.
For many young millennials, entrepreneurship isn’t about monetizing a hobby for some extra cash; it’s about finding a way to support themselves. That’s why Administrator of the U.S. Small Business Administration, Maria Contreras-Sweet, recently announced My Brother’s Keeper Initiative for Millennial Entrepreneurs. It’s a new federal outreach and education campaign to help America’s millennials become what we call “enterprise-ready.”
President Obama launched My Brother’s Keeper to address persistent opportunity gaps faced by young people in underrepresented areas of our population, and to ensure all young people can overcome challenges and achieve their potential. The President’s new economic opportunity agenda for millennials creates new policies to support this generation.
At the SBA, our message to millennials is clear. It’s a message of inclusion and possibility to help jumpstart their small business potential in where their talents and interests lie. Overall, we want to help entrepreneurs start, grow, and succeed their businesses, and we won’t charge them a dime for it.
Entrepreneurship can be the answer if your question is “What’s next for me?” If you’re a potential millennial entrepreneur or know someone that is, go to www.sba.gov/young to learn more.
