Generation Y (Not Go For It)

Congratulations to Generation Y (born between 1980 - 1995) !  Recent surveys and research studies have concluded that they may be the most entrepreneurial generation in the history of the planet. They value independence, personal fulfillment, hard work and creativity.  Take Emily Brooke, a 28 year old graduate of product design at Brighton University, who now runs a small company in London, England.  She is an avid cyclist.  For a year, she studied the main cause of cycling fatalities - cars turning left or right straight into oncoming bike riders. Eventually, she had a "eurika"  moment and designed a product called BLAZE LAZERLIGHT.  It projects a green laser image of a bicycle 5 yards ahead of the cyclist that drivers will see as they begin making a turn.  She now has 6 people working for her in London and a small team in China where the handlebar-mounted light is made.  "So far the light has proved a success, with orders for the 125 pound gadget coming in from all around the world", said Brooke.

Taking a more traditional approach, 22 year old Canadian Bret Unger opened a restaurant in Toronto using $100,000 borrowed from his father.  His dad liked Bret's business plan and since he was a small business owner himself, he told his son to go for it.  Unger's confidence is boundless.  "Growing up, I always had the mindset that I would never work for anybody", he said.  His restaurant, BITE ME, specializes in hotdogs and so far is profitable.  Unger's planning is meticulous.  He calculated the costs of hiring staff (he has 6 employees), rent ($2,900 a month)  equipment, raw materials and marketing.  He sourced fresh meat from a small family farm in Ontario.  His hotdogs retail for $4.07 after tax.  "I know how many hotdogs need to be sold per hour to make a 70% profit", he said.

Of course, not all young entrepreneurs are as lucky as Bret Unger who can access family loans or "love money".  But as Lisa Fraser, a 26 year-old Vancouver art and design graduate, said "In my case, you can't get a loan if you don't own anything.  You have to learn to be really resourceful".  She secured $250,000 in government grants to start SNUG VEST, a therapeutic garment that inflates to give a hug-like feeling to the wearer.  It's particularly useful for children with autism or ADHD because the "hug"  has a soothing, calming effect.  Most of the grant money will be repaid if the company is successful but even if it fails, it shows that a creative idea can open doors to funding.

So again, kudos to Generation Y!  Propel us through the 21st century and boldly go where your entrepreneurial spirit leads you!