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.
These Powerful Maps Show the Extremes of U.S. Population Density
The U.S. population is spread across a huge amount of land, but its distribution is far from equal. These maps are a unique look at population density
America’s 328 million people are spread across a huge amount of territory, but the population density of various regions is far from equal.
It’s no secret that cities like New York have a vastly different population density than, say, a rural county in North Dakota. Even so, this interactive map by Ben Blatt of Slate helps visualize the stark contrast between urban and rural densities in a way that might intrigue you.
How many counties does it take to equal the population of these large urban areas? Let’s find out.
New York City’s Rural Equivalent
New York City (proper) Population: 8.42 million
New York City Population density: 27,547 persons / mi²
New York City became the largest city in the U.S. back in 1781 and has long been the country’s most densely packed urban center. Today, 1 in every 38 people living in the United States resides in The Big Apple.
For the northwestern counties above to match the population of New York City, it takes a land area around the size of Mongolia. The region shown above is 645,934 mi², and runs through portions of 12 different states.
In order to match the population of the entire New York metropolitan area, which holds 18 million people and includes adjacent cities and towns in New York state, New Jersey, and Connecticut, the above equivalent area would have to be even more massive.
Los Angeles County’s Rural Equivalent
LA County Population: 10.04 million
LA County Population density: 2,100 persons / mi²
Los Angeles County is home to the 88 incorporated cities that make up the urban area of Los Angeles.
Even excluding nearby population centers such as Anaheim, San Bernadino, and Riverside (which are located in adjacent counties) it is still the most populous county in the United States, with over 10 million inhabitants.
To match this enormous scale in Middle America, it would take 298 counties covering an area of 471,941 mi².
Chicago’s Rural Equivalent
Chicago Metropolitan Area Population: 9.53 million
Chicago Metropolitan Area Population density: 1,318 persons / mi²
Next up is America’s third largest city, Chicago. For this visualization, we’re using the Chicago metropolitan area, which covers the full extent of the city’s population.
To match the scale of the population of the Windy City, we would need to add up every county in New Mexico, along with large portions of Colorado, Arizona, and Texas.
Turning the Tables?
Conversely, what if we transported the people in the country’s least densely populated counties into the middle of an urban center?
|1||Kalawao County, Hawaii||86|
|2||Loving County, Texas||169|
|3||King County, Texas||272|
|4||Kenedy County, Texas||404|
|5||Arthur County, Nebraska||463|
As it turns out, the total population of the five least populated counties is just 1,394—roughly the same amount of people that live on the average Manhattan block.
Visualized: Comparing the Titanic to a Modern Cruise Ship
The sheer size of the Titanic was a sight to behold in 1912, but over 100 years later, how does this vessel compare to a modern cruise ship?
Remembering the Tragedy of the Titanic
When the Titanic was completed on April 2, 1912, it was the largest and perhaps most luxurious ship in the world. The vessel could hold over 3,300 people including crew members, and boasted various amenities including a swimming pool and squash court.
The Titanic’s impressive size attracted many of the world’s wealthiest individuals, and on April 10, 1912, it set out on its maiden voyage. Just five days later, the ship sank after hitting an iceberg, resulting in more than 1,500 deaths.
It’s been over 100 years since the Titanic’s demise, so how have passenger ships evolved?
To find out, we’ve visualized it beside Royal Caribbean’s Symphony of the Seas, currently the world’s largest cruise ship.
The Size of the Titanic, in Perspective
The following table lists the dimensions of both ships to provide a better understanding of the Titanic’s relative size.
|RMS Titanic||Symphony of the Seas|
|Length||882ft (269m)||1,184ft (361m)|
|Width||92ft (28m)||215ft (66m)|
|Height||175ft (53m)||238ft (73m)|
|Internal volume||46,328 gross register tonnage (grt)||228,081 gross tonnage (gt)|
Source: Owlcation, Insider
Note: Gross register tonnage (grt) is a historic measure of a ship’s internal volume. This metric was replaced by gross tonnage (gt) on July 18, 1982.
One of the biggest differences between these two ships is width, with the latter being more than twice as wide. This is likely due to the vast amenities housed within the Symphony of the Seas, which includes 24 pools, 22 restaurants, 2 rock climbing walls, an ice-skating rink, and more. With accommodations for 6,680 passengers, the Symphony of the Seas also supports a crew that is 147% larger.
The Symphony of the Seas clearly surpasses the Titanic in terms of size, but there’s also a substantial difference in cost. When converted to today’s dollars, the bill for the Titanic equates to roughly $400 million, less than half of the Symphony of the Seas’ cost of $1.35 billion.
Lessons Learned from the Disaster
Inadequate safety preparations were a contributor to the Titanic’s high death toll. During its journey, the vessel carried enough lifeboats to accommodate just 33% of its total passengers and crew. This was legal at the time, as regulations based a ship’s number of required lifeboats on its weight, rather than its passenger capacity.
To make matters worse, investigations determined that the Titanic’s lifeboats had not been used to their full capacity, and that a scheduled lifeboat drill had been cancelled by the ship’s captain. These shortfalls, among others, paved the way for numerous improvements in maritime safety regulation.
These include the creation of the International Convention for the Safety of Life at Sea Treaty (SOLAS) in 1914, which is still in force today. Regarded as the most important international treaty on ship safety, SOLAS has been updated numerous times and is followed by 164 states, which together flag 99% of merchant ships (by gross tonnage) on the high seas today.
Money1 month ago
The Richest People in the World in 2021
Green2 months ago
Mapped: The Greenest Countries in the World
Markets2 months ago
World Beer Index 2021: What’s the Beer Price in Your Country?
Markets2 months ago
The Population of China in Perspective
Money2 months ago
Ranked: The World’s Black Billionaires in 2021
Sponsored2 months ago
The Carbon Footprint of Trucking: Driving Toward A Cleaner Future
Misc2 months ago
Slices of the Pie: Mapping Territorial Claims in Antarctica
Misc5 days ago
Visualized: Comparing the Titanic to a Modern Cruise Ship