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.
Mapped: Human Impact on the Earth’s Surface
This detailed map looks at where humans have (and haven’t) modified Earth’s terrestrial environment. See human impact in incredible detail.
Mapped: Human Impact on the Earth’s Surface
With human population on Earth approaching 8 billion (we’ll likely hit that milestone in 2023), our impact on the planet is becoming harder to ignore with each passing year.
Our cities, infrastructure, agriculture, and pollution are all forms of stress we place on the natural world. This map, by David M. Theobald et al., shows just how much of the planet we’ve now modified. The researchers estimate that 14.6% or 18.5 million km² of land area has been modified – an area greater than Russia.
Defining Human Impact
Human impact on the Earth’s surface can take a number of different forms, and researchers took a nuanced approach to classifying the “modifications” we’ve made. In the end, 10 main stressors were used to create this map:
- Built-Up Areas: All of our cities and towns
- Agriculture: Areas devoted to crops and pastures
- Energy and extractive resources: Primarily locations where oil and gas are extracted
- Mines and quarries: Other ground-based natural resource extraction, excluding oil and gas
- Power plants: Areas where energy is produced – both renewable and non-renewable
- Transportation and service corridors: Primarily roads and railways
- Logging: This measures commodity-based forest loss (excludes factors like wildfire and urbanization)
- Human intrusion: Typically areas adjacent to population centers and roads that humans access
- Natural systems modification: Primarily modifications to water flow, including reservoir creation
- Pollution: Phenomenon such as acid rain and fog caused by air pollution
The classification descriptions above are simplified. See the methodology for full descriptions and calculations.
A Closer Look at Human Impact on the Earth’s Surface
To help better understand the level of impact humans can have on the planet, we’ll take a closer look three regions, and see how the situation on the ground relates to these maps.
Land Use Contrasts: Egypt
Almost all of Egypt’s population lives along the Nile and its delta, making it an interesting place to examine land use and human impact.
The towns and high intensity agricultural land following the river stand out clearly on the human modification map, while the nearby desert shows much less impact.
Intensive Modification: Netherlands
The Netherlands has some of the heavily modified landscapes on Earth, so the way it looks on this map will come as no surprise.
The area shown above, Rotterdam’s distinctive port and surround area, renders almost entirely in colors at the top of the human modification scale.
Resource Extraction: West Virginia
It isn’t just cities and towns that show up clearly on this map, it’s also the areas we extract our raw materials from as well. This mountainous region of West Virginia, in the United States, offers a very clear visual example.
The mountaintop removal method of mining—which involves blasting mountains in order to retrieve seams of bituminous coal—is common in this region, and mine sites show up clearly in the map.
You can explore the interactive version of this map yourself to view any area on the globe. What surprises you about these patterns of human impact?
Interactive Map: Tracking Global Hunger and Food Insecurity
Every day, hunger affects more than 700 million people. This live map from the UN highlights where hunger is hitting hardest around the world.
Interactive Map: Tracking Global Hunger and Food Insecurity
Hunger is still one the biggest—and most solvable—problems in the world.
Every day, more than 700 million people (8.8% of the world’s population) go to bed on an empty stomach, according to the UN World Food Programme (WFP).
The WFP’s HungerMap LIVE displayed here tracks core indicators of acute hunger like household food consumption, livelihoods, child nutritional status, mortality, and access to clean water in order to rank countries.
After sitting closer to 600 million from 2014 to 2019, the number of people in the world affected by hunger increased during the COVID-19 pandemic.
In 2020, 155 million people (2% of the world’s population) experienced acute hunger, requiring urgent assistance.
The Fight to Feed the World
The problem of global hunger isn’t new, and attempts to solve it have making headlines for decades.
On July 13, 1985, at Wembley Stadium in London, Prince Charles and Princess Diana officially opened Live Aid, a worldwide rock concert organized to raise money for the relief of famine-stricken Africans.
The event was followed by similar concerts at other arenas around the world, globally linked by satellite to more than a billion viewers in 110 nations, raising more than $125 million ($309 million in today’s dollars) in famine relief for Africa.
But 35+ years later, the continent still struggles. According to the UN, from 12 countries with the highest prevalence of insufficient food consumption in the world, nine are in Africa.
|Country||% Population Affected by Hunger||Population (millions)||Region|
|Burkina Faso 🇧🇫||61%||19.8||Africa|
|South Sudan 🇸🇸||60%||11.0||Africa|
|Sierra Leone 🇸🇱||55%||8.2||Africa|
|Syria 🇸🇾||55%||18.0||Middle East|
|Yemen 🇾🇪||44%||30.0||Middle East|
Approximately 30 million people in Africa face the effects of severe food insecurity, including malnutrition, starvation, and poverty.
Although many of the reasons for the food crisis around the globe involve conflicts or environmental challenges, one of the big contributors is food waste.
According to the United Nations, one-third of food produced for human consumption is lost or wasted globally. This amounts to about 1.3 billion tons of wasted food per year, worth approximately $1 trillion.
All the food produced but never eaten would be sufficient to feed two billion people. That’s more than twice the number of undernourished people across the globe. Consumers in rich countries waste almost as much food as the entire net food production of sub-Saharan Africa each year.
Solving Global Hunger
While many people may not be “hungry” in the sense that they are suffering physical discomfort, they may still be food insecure, lacking regular access to enough safe and nutritious food for normal growth and development.
Estimates of how much money it would take to end world hunger range from $7 billion to $265 billion per year.
But to tackle the problem, investments must be utilized in the right places. Specialists say that governments and organizations need to provide food and humanitarian relief to the most at-risk regions, increase agricultural productivity, and invest in more efficient supply chains.
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