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“The Entrepreneur Equation” author Carol Roth on the factors leading to young people starting new businesses.
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OK a brand spanking new survey finds Generation Y.
those who have kids born in the early eighties to the late ninety's.
They might end up being the most entrepreneurial generation.
Ever last year the survey says roughly a 160000 -- a month were led by -- else.
Carol -- is a business expert and she's the author of the bestselling book the entrepreneur nor equation.
Welcome back to show O'Hara okay so you know you're talking in the break -- I said are these kids.
Are they really starting new businesses are they just you know plane around at home and mom and dad's basement.
Wiley think it's an interesting excuse -- -- so why can't find a job.
I'm gonna go out and start a business -- well if you can't -- One employer into hiring you -- you know better fit anybody else on the planet how are you -- -- customers on a daily -- if you're seeing that tens of with thousands of customers every day that you have to convince to buy your product or service brain can't convince one person you and so for me I just don't understand that as an excuse to go out and start a business well.
Okay but but in reality there are pro with sending you think -- a little -- lemonade girl she goes out and starts her own business okay it's fake lifted its anatomy now.
OK so aren't being -- -- does.
Teach you a lot of lessons in and you do learn how to start a business what else are the what are the pros can you think.
Well I think you obviously entrepreneurship and innovation is the cornerstone of America and technology is what's gonna drive this company -- this country forward so if you think about gen -- they're entrenched in the Internet and social media and technology and mobile so -- certainly in a good position to be able to start those business says they also don't have a lot -- -- -- -- they can go inputs you know 1620 hours a day seven days a week -- eat Rama noodles because they don't have to worry about family so from that standpoint from a risk and reward standpoint.
They don't have a lot of downside so that's what makes cents to eight years Harry but it still excuse for and I get a job that's really not only -- the lame excuse but the other issue is how do they have the money to start the business and to live on because that they -- welcome mom and dad you know that's the -- -- -- what if you have college -- -- -- the business and living and paying down -- college -- That's my question because it takes -- -- for these businesses to get you don't think that some of these kids are part that did did.
Political generations that's protests in occupy everything and they don't wanna be part of corporate America.
I actually think that's a brilliant point and I think that that's an issue we're gonna face going forward mean think about you've got the PNG is of the world all the fortune 501000 how many of those are in America what are we gonna do only got this whole generation -- that.
Oh -- the corporate -- name I don't wanna go working for him.
Could be running these businesses twenty years from now that's a big concern for me and I think another thing Jerry.
You're talking about FaceBook right now they're going public an -- to -- and I think there's this sort of new like -- -- I just hang out for a little while I'm gonna be a billionaire.
We're talking about these because there's still.
Extreme examples that if they weren't -- -- would be newsworthy it doesn't have number every area that rights are at Citi is launching a new program for small business operators and -- interesting -- Amex American Express has claimed this as their turf for ever what do you make of it.
Law you know loyalty programs are sort of like the toaster of the 21 century raided the sparkly new well.
You know here's here's -- fizzled but at the business owner -- really encourage you to look at the stake because.
Your financials are too important to think about the relationships.
Think about the fees think about the access to capital so yeah I understand you wanna have the full guarantee programs the -- little bit deeper.
The other thing that concerns me about this is that they -- they're gonna make it easier to combine your personal points.
In your business points and to -- for that a business owner that raises a huge red flag.
Because business owners are having such a hard time keeping their personal and professional life separate.
The IRS does not like when you co mingle your funds so if you get in the -- you get -- practice.
Emerging your personal in your business together.
That's gonna -- and -- you during tax time bad habits bad habits so that's very Carol rock thanks for coming on tonight -- great information and really good insight into the millennial fat cat that was fascinating thank you.
