1. Mindsumo
Contributor:
Mina
Ehab
Kodsi
Profile
Link:
https://www.mindsumo.com/user/55500
Challenging
Employer:
Software
Company
(Anonymous)
Place
Ranked:
1st
place
(Highest
rated
submission)
Utilized
Sources:
Individual,
independent
research
and
analysis
from
students
at
the
Wharton
School
of
Business
at
University
of
Pennsylvania
Challenge
Task:
Describe
the
Mindset
of
the
Young
Entrepreneur
1.How
do
young
people
view
starting
a
business?
How
are
young
people’s
views
different
than
those
of
older
people?
The young leap into idealism while the old retreat to realism.
In these new and changing times, the younger generation of so-called “millennials” have
surged forward as being much more idealistic and enterprising individuals than their
elders. The increased egotism and self-empowerment present in younger generations
allows them to embrace new ideas and goals much more readily and whole-heartedly
than their age-hardened elders. Therefore, when young people start a business, they tend
to have a much more idealistic approach; believing their ideas can, and will, make the
world a better place. This sense of empowerment leads to much more driven and excited
entrepreneurs populating the business world today than there was 50 years ago. A
business to a young person is a means to change his/her world and to make a difference
in the lives of millions.
Much of this difference in ambition and dedication comes from the naiveté of youth;
those readily willing to believe their ideas can change the world tend to throw themselves
whole-heartedly into their work. However, the wisdom and experience of age forces an
older individual to become more contemplative and hesitant when making such decisions.
Thus, when an older person looks to start a business, they tend to stick to a much more
realistic business plan; looking for attainable profits and SMART goals for realistic
success.

2. 2.
If
you
know
someone
25
or
under
who
started
a
business,
describe
him/her
and
why
you
think
this
person
chose
to
be
an
entrepreneur.
(It
is
totally
OK
if
the
person
is
you!)
The Young Entrepreneur: an individual with a dream to change the world.
My close friend and peer in secondary school began his own phone case company when
he was only 15 years old - his mission: to create and distribute the world’s most
protective cell phone cases. My friend was always the dreamer. His parents were
physicians and provided for him well. However, he was always looking for some risk
and he loved to do crazy things. Skydiving, spelunking, soccer; just a few of his hobbies.
His parents lived an insanely stable life with two high-paying jobs and great family
dynamics. But my friend had always wanted more. He believed he was different and he
thought he could change the world. So for years he begged his parents to let him start his
own business; persistently annoying them about it whenever he could. Until finally, his
perseverance paid off. Chris started his own cell phone case company, Whoorah, and
watched it grow and grow until he set his sights on greater things. A man with unlimited
goals, impossible persistence, and a belief that he could change the world found his
dream of being an entrepreneur. I thought he was crazy. But like they said about my
favorite entrepreneur Steve Jobs; “Those who are crazy enough to thing they can change
the world, are the ones who do.” (Apple’s “Think Different” campaign)
3.
Are
young
people
more
or
less
empowered
to
start
businesses
nowadays?
Why/why
not?
What
are
young
entrepreneurs
already
good
at
that
they
naturally
bring
to
the
table?
The younger generation has been set ablaze by a sense of both ambition and entitlement.
As a generation, the “millennials” are extremely empowered to start new businesses and
turn their ideas into realities. The inherent naiveté of the younger generation allows them
to more easily overcome the risk barrier present in starting a business. An overall sense
of egotism and entitlement further encourage one to challenge the status quo and start
their own company. The idealism of the young is an indispensible tool to an
entrepreneur. The fear of failing and the consequences of starting a company and
covering starting costs is overshadowed by the younger person’s tendency to jump into
things head first without thinking; a skill that could lead to great success, or untimely
failure. Regardless however, this inherent love for life and eagerness to make a change is
a skill that the younger generation has in multitude and leads to success as new
entrepreneurs in a world that constantly encourages complacency.

3. 4.
If
you
led
an
organization
to
help
young
entrepreneurs,
what
would
you
call
it,
and
how
would
you
effectively
reach
young
entrepreneurs
to
spread
your
message?
If there is one thing young entrepreneurs lack in their quest to change the world with their
exciting and bold ideas it is the ability to anticipate the future. This is due to the simple
fact that foresight requires experience; something life has not yet given to many younger
people. It is therefore essential for this organization to foster experience in these
individuals. It is my belief that experience can be gained very easily through the
acquisition of one virtue; empathy. Leaders in Empathy: a program which would train
ambitious young people to think about the other side. This could include thinking like
the consumer, the company with whom they are interacting, or even with people in their
own personal lives. With empathy comes a multitude of understanding, wisdom, and
experience. Individuals would gain a sense of what humanity really is; learning to
distinguish and recognize the feelings of others. This assimilation of everyone’s interests
would not only lead to more experienced, contemplative, and retrospective entrepreneurs,
but also ones with a genuine concern for their fellow man; a trait, unfortunately, not
found in many of the power-mongering entrepreneurs we’ve seen in the past. The best
way in which to reach these aspiring young businessmen and woman is through gateway
institutions to the world of entrepreneurship; colleges, high school programs, and
internships. Colleges such as Wharton School of Business at UPenn (top university for
business education) and other prestigious schools of business offer a pool of highly
motivated individuals who are perfect for the profession of entrepreneur; if not for their
lack of empathy and experience. College level education programs and the institution of
the Leaders in Empathy program would allow a new generation of highly motivated,
compassionate, and driven entrepreneurs to propel our business world into the next
generation.