Journal of Business and Hotel ManagementISSN: 2324-9129

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How Millennials Can Achieve Entrepreneurship Success

Millennials have shown more interest in entrepreneurship than any previous generation; however, research also shows that millennials are starting their own businesses at a slower rate than those generations before them. There are a number of problems cited for this statistic: lack of financial resources, lack of self-confidence, and even economic climates. Richard Lorenzen founded his company, Fifth Avenue Brands, twelve years ago at the age of 15. He argues that millennial today actually have the great opportunity of any generation to reach success in entrepreneurship, and he is going to share his story for how he built a successful, global company starting at age 15, the lessons he learned along the way, and how other members of Gen Y and Z can use those lessons to reach success in their own careers. There has never been a more opportune time for members of Gen Y and Z to pursue entrepreneurship and to impact the world. The world and how business is conducted is vastly different than even just 10-20 years ago, which has created much disruption and uncertainty. However, that isn’t an impediment to success but rather a great opportunity for millennials who recognize and seize it. Society has sold us a number of myths and falsehoods about entrepreneurship, risk, and building a successful life. The world today is vastly different than the past and the formula to success has been disrupted and turned upside down. There are several key lessons about mindset, the new paths to education, and capitalizing on technology and globalization that Richard will share from his journey as a millennial entrepreneur.

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