Launching an ambitious new venture is challenging even at the very best of times.
But for young entrepreneurs, especially those in Gen Z (born after the year 2000), running a business can have even more complications that make it difficult to get basic tasks done.
Whether it’s credit card age limitations or simply not being taken seriously by employees or vendors, young entrepreneurs must find ways to overcome these business challenges.
Identifying the Pitfalls
Today’s infographic comes to us from Insurance Quotes, and it identifies the pitfalls encountered by young entrepreneurs as well as some of youth’s most important advantages.
Millennials, in comparison to the generation before them, have been less entrepreneurial as a whole. In fact, only 24% of 20-34 year olds today are new entrepreneurs, compared to a 34% rate from two decades ago.
Gen Z, however, is looking to take the reins – and now, 72% of high schoolers say they want to start a business someday.
Pitfalls for Young Entrepreneurs
Despite this increased interest in entrepreneurship, Gen Z faces significant pitfalls that must be overcome:
Many small businesses use credit cards or bank loans for day-to-day purposes, whether they are for picking up small expenses, growth capital, or as cash flow buffers.
However, in the United States, you must be 21 years old to get a credit card without a cosigner or proof of regular income. For bank loans, that age requirement drops to 18, but even then a cosigner or good credit is usually required.
In the same vein, age restrictions can also make it hard for young people to network, since many conferences or events take place in licensed establishments like bars or casinos.
Vendors, colleagues, and employees may not take young entrepreneurs seriously. Sometimes stereotypes of young people being a certain way may persist, as well.
Young entrepreneurs must divide time between business and school, creating competing priorities.
Inexperience can also be an early enemy for young entrepreneurs – hiring friends (instead of qualified people), micromanaging, being overprotective of new ideas, or mixing business and personal finances can be just some mistakes made from a lack of experience.
Advantages of Youth
Despite the list of potential pitfalls, it’s also clear that youth can provide big benefits to an up-and-coming business owner.
Firstly, the barriers to entry of business today are lower than ever before. It’s now possible to sell almost anything online for next to nothing, and Gen Z is inherently knowledgeable when it comes to exploiting any new technologies.
Next, without families to provide for or mortgages to pay, young people also typically have fewer responsibilities. This sets them up to take on risks that might steer away more seasoned businesspeople.
Lastly, a lack of experience can also be a massive advantage if used correctly. Young people have no preconceptions of “how things should be”, and can use that to pull off new ideas that others simply couldn’t imagine. This naiveté is arguably a big part of how today’s modern giants like Airbnb and Facebook came to be.
Craft Beer Boom: The Numbers Behind the Industry’s Explosive Growth
This infographic takes a closer look at the craft beer revolution sweeping across the U.S,. and its far reaching economic impact.
All movements start with rebellion, and the craft beer revolution is no different.
Born from the frustration of mass-produced beer made from cheap ingredients, entrepreneurs went head-to-head with global brewery giants to showcase local and independent craftsmanship.
Suddenly, drinking beer became less about the alcoholic content and more about the quality and experience. Craft beer allowed for constantly changing flavors, recipes, and stories. With sales accounting for 24% of U.S. beer market worth over $114 billion, the global craft beer movement has been historic.
Which States Bring Home the Beer?
Today’s map from C+R research demonstrates the growth of the craft beer market, by ranking the U.S. states based on craft breweries per capita.
The data for this visualization comes from The Brewers Association—an American trade group of over 7,200 craft brewers, suppliers, and distributors, as well as the Alcohol and Tobacco Tax and Trade Bureau.
According to the data, Vermont has emerged as the craft beer capital of the U.S. with 11.5 breweries per 100,000 people. That’s equal to 151 pints of beer produced per drinking-age adult. Following closely behind are Montana and Maine, each with 9.6 breweries per capita.
You’ll notice that in Southern states such as Alabama, Georgia, and Mississippi, that there are only 0-0.9 breweries per capita. This is actually because of tighter liquor laws—for example, only 10 years ago, it was illegal to sell specialty beer in South Carolina that contained more alcohol content than a typical Budweiser.
Becoming a Brewery Nation
In 2008, there were only 1,574 breweries across the United States.
However, as you can see in the below data from the Brewers Association, the total amount of craft breweries, microbreweries, and brewpubs has climbed to 7,346 in just a decade.
Of the three categories of craft beer, microbreweries have contributed the most to recent production growth. Last year, they accounted for 80% of this growth, up from 60% in 2017.
The term microbrewery refers to the maximum amount of beer the brewery can produce. For microbreweries, that number is 15,000 barrels (460,000 U.S. gallons) of beer per year. They also have to sell 25% or more of their beer on site, which is why we are witnessing a surge in breweries that double up as a restaurant or bar.
Comparing this data to figures on larger breweries available from the Breweries Association, it is clear that it is the larger, more established breweries that are feeling the heat. While their growth slows, more small breweries open, and sales are further cannibalized.
The Economic Impact of the Craft Beer Market
When it comes to pure dollars, C+R Research notes that Colorado comes in at #1 with an economic impact of $764 per person. Vermont is at the #2 spot with an economic impact of $667 per person, despite having a higher concentration of breweries per capita.
How do the rest of the states compare?
The global craft beer market is expected to reach $502.9 billion by 2025—while the craft brewing industry contributed $76.2 billion to the U.S. economy in 2017, including more than 500,000 jobs.
Will Craft Remain a Growth Category?
While many argue that craft beer is approaching its peak, the data is promising. Experimentation with new processes and ingredients will continue to drive the market forward.
Craft brewers all over the world are tapping into the novelty factor by exploring weird and wonderful innovations, like deer antler-infused beer and take-home brewing kits.
While the overall beer market lagged in sales by 0.8% last year, the craft brew category grew by 3.9% using the same measure. Further, craft still only makes up 13.2% in total beer volume in the U.S., meaning there is still plenty of market share to gain.
The World’s Most Innovative Economies
What countries have the most innovative economies? This index uses seven equally-weighted variables, including R&D spending and patents, to rank countries.
The World’s 10 Most Innovative Economies
In the 21st century, innovation has become the heart and soul of economic policy. Developed and developing nations alike are in the race to leave industrialization behind, adapting instead to technology-focused, entrepreneurial societies.
Customized cancer treatment, faux meat products, and the smart home technologies are frequently positioned as ‘the next big thing’. But which countries are consistently innovating the most?
Today’s graphic comes from the seventh annual Bloomberg Innovation Index and highlights the 10 most innovative economies, and the seven metrics used to rank 2019’s top contenders.
Bloomberg calculated each country’s innovation score using seven equally-weighted metrics.
- R&D Spending
All research and development funding invested in an economy each year.
- Patent Activity
Number of domestic patents filed, total patent grants, patents per population, filings per GDP, and total grants awarded measured against the global total.
- Tertiary Efficiency
Total enrollment at post-secondary institutions, graduation levels, and number of science and engineering graduates.
- Manufacturing Value-added
Manufacturing output levels that contribute to exports and domestic economic growth.
Overall productivity levels of the working-age population.
- High-tech Density
Number of domestic high-tech public companies, measured against the number of domestic public companies and the global total of public high-tech companies.
- Researcher Concentration
Number of professionals currently engaged in research and development roles.
More than 200 countries were initially considered for Bloomberg’s Innovation Index. Any country reporting in less than six categories was automatically eliminated, leaving 95 countries remaining. Bloomberg publishes the results for the top 60 most innovative economies each year.
Notable Countries in the Top 60
The U.S. rejoined the top 10 after dropping to 11th in 2018 for low scores in education. Israel moved up five spots to 5th place, while Romania made the largest overall gain, jumping six spots to rank in the top 30.
|2019 Rank||Economy||Total Score||Change in Ranking|
|#1||🇰🇷 South Korea||87.38||0|
|#8||🇺🇸 United States||83.21||3|
Brazil rejoined the list at number 45, after not being included on the 2018 list. The United Arab Emirates made the list for the first time, marking the highest debut ever at number 46.
Tunisia and Ukraine were the two countries with the largest losses, which both fell out of the top 50 this year. To date, South Africa is the only Sub-Saharan nation to be ranked in the index.
Newcomers to the Innovation Index in 2019 are some of the largest emerging economies, such as India, Mexico, Vietnam, and Saudi Arabia.
Impact of Global Innovation
Innovation is complex─many factors play a role in the ideation, development, and commercialization of any new technology. And while innovation success can fuel economic growth, it is generally more accessible in high-income economies, where R&D funding is readily available.
“The battle for control of the global economy in the 21st century will be won and lost over control of innovative technologies.”
—Tom Orlik, Bloomberg Economics
The focus of an economy that prioritizes innovation, however, is not simply allocating resources for a group of people─it’s discovering new methods, models, and products that create a better quality of life for society.
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