Infographic: The Major Pitfalls Faced by Young Entrepreneurs
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The Major Pitfalls Faced by Young Entrepreneurs

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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.

The Major Pitfalls Faced by Young Entrepreneurs

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:

Age Limits
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.

Age Discrimination
Vendors, colleagues, and employees may not take young entrepreneurs seriously. Sometimes stereotypes of young people being a certain way may persist, as well.

Passing Class
Young entrepreneurs must divide time between business and school, creating competing priorities.

Rookie Mistakes
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.

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Misc

10 Travel Destinations for Post-Pandemic Life

Excited to get back to travelling the world? This infographic highlights the 10 most popular tourist destinations.

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10 Travel Destinations for Post-Pandemic Life

On March 11, 2020, the World Health Organization formally classified the COVID-19 outbreak as a pandemic. The resulting travel bans decimated the tourism industry, and international air travel initially fell by as much as 98%.

Almost two years later, travel is finally back on the table, though there are many restrictions to consider. Regardless, a survey conducted in September 2021 found that, as things revert to normalcy, 82% of Americans are looking forward to international travel more than anything else.

To give inspiration for your next vacation (whenever that may be), this infographic lists the 10 most visited countries in 2019, as well as three of their top attractions according to Google Maps.

Bon Voyage

Here were the 10 most popular travel destinations in 2019, measured by their number of international arrivals.

CountryNumber of international arrivals in 2019 (millions)
🇫🇷 France*90.0
🇪🇸 Spain83.5
🇺🇸 U.S.79.3
🇨🇳 China65.7
🇮🇹 Italy64.5
🇹🇷 Turkey51.2
🇲🇽 Mexico45.0
🇹🇭 Thailand39.8
🇩🇪 Germany39.6
🇬🇧 United Kingdom39.4

*Estimate | Source: World Bank

France was the most popular travel destination by a significant margin, and it’s easy to see why. The country is home to many of the world’s most renowned sights, including the Arc de Triomphe and Louvre Museum.

The Arc de Triomphe was built in the early 1800s, and honors those who died in the French Revolutionary and Napoleonic Wars. In 1944, Allied soldiers marched through the monument after Paris was liberated from the Nazis.

The Louvre Museum, on the other hand, is often recognized by its giant glass pyramid. The museum houses over 480,000 works of art, including Leonardo da Vinci’s Mona Lisa.

Art isn’t the only thing that France has to offer. The country has a reputation for culinary excellence, and is home to 632 Michelin-starred restaurants, the most out of any country. Japan comes in at second, with 413.

While You’re There…

After seeing the sights in Paris, you may want to consider a visit to Spain. The country is the southern neighbor of France and is known for its beautiful villages and beaches.

One of its most impressive sights is the Sagrada Familia, a massive 440,000 square feet church which began construction in 1882, and is still being worked on today (139 years in the making). The video below shows the structure’s striking evolution.

At a height of 172 meters, the Sagrada Familia is approximately 52 stories tall.

Another popular spot is Ibiza, an island off the coast of Spain that is famous for its robust nightlife scene. The island is frequently mentioned in pop culture—Netflix released an adventure/romance movie titled Ibiza in 2018, and the remix of Mike Posner’s song I Took a Pill in Ibiza has over 1.4 billion views on YouTube.

Beaches Galore

If you’re looking for something outside of Europe, consider Mexico or Thailand, which are the 7th and 8th most popular travel destinations. Both offer hot weather and an abundance of white sand beaches.

If you need even more convincing, check out these links:

Expect Turbulence

Under normal circumstances, hundreds of billions of dollars are spent each year by international tourists. According to the World Travel & Tourism Council (WTCC), this spending accounted for an impressive 10.4% of global GDP in 2019.

Travel restrictions introduced in 2020 dealt a serious blow to the industry, reducing its share of global GDP to 5.5%, and wiping out an estimated 62 million jobs. While the WTCC believes these jobs could return by 2022, the emerging Omicron variant has already prompted many countries to tighten restrictions once again.

To avoid headaches in the future, make sure you fully understand the rules and restrictions of where you’re heading.

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Which Values Children Should Be Encouraged to Learn, By Country

Which qualities do people think are most important for children to learn? The answer differs from country to country.

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Qualities Children Should Learn

Many of the values we prioritize as adults were instilled in us during our childhood days.

They’re called our formative years for a reason—from when we’re born up until we’re about eight years old, our brains are easily molded and remain highly sensitive to external influences and environments. But depending on where you grew up, you may have been exposed to different values during your childhood compared to someone from another place.

These visualizations by Anders Sundell illustrate the most important values people think children should learn at home, across more than 80 different countries.

Methodology

Sundell used data from the World Values Survey, an international survey that interviews hundreds of thousands of participants from across the globe. Respondents were asked to pick up to five qualities they believe are the most desirable for children to have:

  • Good manners
  • Independence
  • Hard work
  • Feeling of responsibility
  • Imagination
  • Tolerance and respect for other people
  • Thrift, saving money
  • Determination and perseverance
  • Religious faith
  • Unselfishness
  • Obedience

Sundell took the survey data and calculated the proportion of people in each country that selected each quality. From there, he took the top qualities and created three separate plot graphs to show the contrast between them.

Let’s look at the importance that countries placed on different values, including (1) independence and obedience, (2) unselfishness and religious faith, and (3) hard work and imagination.

1. Independence vs Obedience

Nordic countries value independence greatly, and find obedience to be a less important quality to instill in children.

Independence_vs_Obedience

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Other available data also supports that adults in Nordic countries value independence. According to Eurostat, the most common age to leave home in Sweden is between 17 and 18—nearly a decade sooner than the average age across the EU (26 years old).

Denmark’s average age to leave home is also below the European average, at 21 years old.

On the other end of the spectrum, countries like Iraq and Egypt believe obedience is much more important for children to learn.

2. Unselfishness vs Religious Faith

Bangladesh, Egypt, and Jordan all place a strong emphasis on faith, and fall on the far right of this graph.

unselfishness_versus_faith

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Islam is a strong influence in all three of these countries. In Bangladesh and Jordan, it’s the official state religion. And while Egypt is a secular country, a majority of citizens identify as Muslim—about 90% of the population.

Interestingly, places like the U.S. and Hong Kong fall right in the between, placing relatively equal importance on religion and unselfishness.

3. Hard Work vs Imagination

Left-leaning Nordic countries like Sweden, Norway, Denmark, and Finland think imagination is more important for children to learn than hard work.

Hardwork_versus_imagination

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Interestingly, Japan also scored high for imagination, seeing it was a more important value to teach children than hard work. This is despite the fact that the country has an international reputation for being a hardworking country, where even taking an extended vacation can be frowned upon. Then again, Japan has a reputation for producing wildly creative works of art that are popular internationally (anime, for instance).

As expected, countries and cultures contain multitudes, and can often seem paradoxical and complex to those who try to codify them.

What qualities do you think are most important, and what countries surprised you with their placements?

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