Technology
Are Millennials More Entrepreneurial Than Previous Generations?
The relationship between millennials and the concept of “entrepreneurship” is nuanced and complex.
Millennials clearly value entrepreneurship, and 67% of this group says that their goals involve eventually starting a business. Statistics show that millennials are always “on”, motivated to make a difference, and consider flexible hours to be a key to boosting productivity.
Unfortunately, millennials do not necessarily walk the walk – yet, anyways.
In 2014, only 2% of millennials in the U.S. were self-employed, compared to 7.6% and 8.3% for Gen X and Boomers respectively. This is partly understandable, since millennials are younger and less financially established. However, the situation is worse than one would think. For example, most millennials have less than $1,000 in savings, and many have paralyzing amounts of student debt, rising debt delinquencies, stagnating household income, and a fear of failure.
Are Millennials More Entrepreneurial Than Past Generations?
Today’s infographic from Online MBA Page shows statistics on entrepreneurship for America’s most interesting generation.
It appears that a confluence of factors is set to eventually make millennials the most entrepreneurial generation ever.
The proliferation of technology, the growth in available private startup capital, and the millennial mindset are all things that should help enable a shift to entrepreneurship. All millennials have to do is take advantage of the circumstances around them.
The challenge? Between 2004 and 2014, the average balance size held by student debt borrowers increased 77%, while the amount of student borrowers increased 89%. Meanwhile, home ownership for people aged 25-34 has decreased 10% from 2004-2015, and more Americans aged 25-34 say that “fear of failure” is preventing them from owning their own businesses.
In other words, the financial headwinds that millennials are facing are real. Understandably, it’s difficult to take on the risk of starting a business when living paycheck to paycheck, or when an ugly student loan is sitting on the personal balance sheet.
With a questionable macroeconomic outlook and central banks painted into a corner, it’s hard to see how this situation will be resolved anytime soon. If and when it does, look for many of the previously “reluctant” millennials to take advantage and finally hand in resignations to their current career tracks.
Technology
Mapped: Internet Download Speeds by Region
North America and East Asia have the speediest internet.
Mapped: Internet Download Speeds by Region
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
In today’s fast-paced world, internet speed isn’t just a convenience—it’s the driving force behind how we work, play, and connect.
In this map, we illustrate median download speeds in each global region, based on data from the World Bank’s Digital Progress and Trends Report 2023.
North America and East Asia Have the Speediest Internet
According to the World Bank, download speeds in high-income countries increased significantly between 2019 and 2023, while speeds in lower-income countries stagnated.
As of 2022, North America and East Asia have the speediest internet.
Region | Median mobile download speed (Mb/sec) | Median fixed broadband download speed (Mb/sec) |
---|---|---|
East Asia & Pacific | 90 | 171 |
Europe & Central Asia | 44 | 85 |
Latin America & the Caribbean | 26 | 74 |
Middle East & North Africa | 36 | 36 |
North America | 83 | 193 |
South Asia | 27 | 43 |
Sub-Saharan Africa | 16 | 15 |
This difference in broadband speeds can mainly be attributed to investment.
In 2020, nearly 90% of global telecommunication investment came from East Asia and the Pacific, Europe and Central Asia, and North America. These regions not only concentrate the highest-income population but also the top technology hubs.
Meanwhile, low- and middle-income regions such as Latin America and the Caribbean, South Asia, and Sub-Saharan Africa accounted for less than 10% of total investment.
Most of the investment is directed towards fiber optic and 5G mobile networks. According to the mobile industry association GSMA, mobile operators alone are projected to invest more than $600 billion between 2022 and 2025, with 85% of the total allocated for 5G.
In 2023, broadband speeds in high-income countries were 10x faster for fixed connections, and 5x faster for mobile connections compared to those in low-income countries.
Fixed broadband connections, which provide high-speed internet to residences or businesses, reached 38% of the population in high-income countries. In comparison, fixed broadband penetration was only 4% of the population in lower-middle-income countries and almost zero in low-income countries.
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