Whether it’s student debt or lack of credibility, the Millennial generation faces some hurdles in order to thrive in the startup world. We took to Twitter, with the help of our special guest the U.S. Small Business Administration (@SBAgov), to discuss with others the opportunities and challenges for Millennial entrepreneurs.
Here are some of our favorite responses from the chat.
Q1: What challenges do Millennials face when starting a business? #MillennialTreps
The biggest challenge I am facing is finding the right sources of capital. Loan vs. Equity. #MillennialTreps @KauffmanFS @SBAgov. — Andy Cabistan (@AndyCabistan) February 24, 2015
— Scott Lara (@scottlara1961) February 24, 2015
@KauffmanFS Lack of credibility and/or experience coupled with international competition. Biggest threats to #MillennialTreps — Jared Hasson (@JaredEzz) February 24, 2015
A1: access to capital, understanding legal requirements, & finding career/start-up mentors. #MillennialTreps @KauffmanFS — 2025 Solutions (@2025Solutions) February 24, 2015
Q2: What role does student debt play in your decision to start a business? #MillennialTreps
A2: The Student Startup Plan helps lower student loan repayments which may help you start a biz: http://t.co/1Yw2iojQTa #MillennialTreps — SBA (@SBAgov) February 24, 2015
A2: a huge role in starting @2025Solutions. It made my business partner & I learn how to do things on our own. #MillennialTreps — 2025 Solutions (@2025Solutions) February 24, 2015
A2: Our #Growthology bloggers have a great post re: student debt & entrepreneurship http://t.co/YgVqe2ZsyZ #MillennialTreps — Kauffman Foundation (@KauffmanFDN) February 24, 2015
It's huge! With all this #studentdebt Millennials have a hard time starting businesses. http://t.co/tjtQw15MAB @KauffmanFS #MillennialTreps — Higher Ed, Not Debt (@HigherEdNotDebt) February 24, 2015
Q3: How does today’s employment landscape affect young people's view of entrepreneurship? #MillennialTreps
.@SBAgov @KauffmanFS the underemployed also have lots to gain by adopting the #entrepreneurial #mindset cc @GarySchoeniger #MillennialTreps — Cafe Commerce SA (@CafeCommSA) February 24, 2015
A3: Employment challenges can also cause #Millennials to look to themselves for work. Freelancing/beginning their own biz. #MillennialTreps — Amanda Schnieders (@Am_Chaos) February 24, 2015
.#entrepreneurs & #smallbiz owners are helping bring back our economy & provide jobs for hardworking Americans #MillennialTreps @KauffmanFS — StreetShares (@StreetShares) February 24, 2015
Q4: How can colleges integrate entrepreneurship into the college experience? #MillennialTreps
A4: Go beyond internships to apprenticeships. Longer, more intentional training. Better connect biz with schools. #MillennialTreps — Leslie Scott (@lscott1967) February 24, 2015
@KauffmanFS A4: Colleges can help with commercialization of students' ideas. #MillennialTreps — Michael Nardi (@iPublicPolicy) February 24, 2015
A4: Bring back successful entrepreneurs for teaching & have students solve real-world problems with startups #MillennialTreps — Kim Wallace (@kimberlyloc) February 24, 2015
A4: @1millioncups really is the perfect platform and opportunity to integrate entrepreneurship into college. #MillennialTreps — Aleea Slappy (@AHappySlappyinc) February 24, 2015
A4: Host events, business plan competitions & conferences around the topic of entrepreneurship #MillennialTreps — SBA (@SBAgov) February 24, 2015
Q5: What’s your go-to resource for information & support to start a business? #MillennialTreps
A5: @SBAgov for broad info. Magazines/blogs @YoungTrep @Inc @FastCompany @WeWorkMagazine for real-time trends in biz. #MillennialTreps — 2025 Solutions (@2025Solutions) February 24, 2015
@KauffmanFS @SBAgov @sama How To Start A Startup is a great resource for #MillennialTreps http://t.co/W8qyeZe0Yw — Brad Chapman (@bradjchapman) February 24, 2015
A5: OK, I'm biased, but I love Kauffman Founders School, esp. @craigwortmann @AnitaBNewton series! #millennialtreps :) — Kim Wallace (@kimberlyloc) February 24, 2015
A5: SBA partners like @SCOREmentors, @ASBDC & Women’s Biz Centers provide free counseling: http://t.co/KKTI2lWui1 #MillennialTreps — SBA (@SBAgov) February 24, 2015
Thanks for everyone’s participation, and we look forward to hearing from you more in future Twitter chats. To see the full list of tweets, check out #MillennialTreps on Twitter and follow @KauffmanFS to see when we’ll be having our next chat.