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3 Ways Millennials Can Become Their Own Boss This Year

Even though there are a slew of opportunities made available by the internet, it’s never been harder for Millennials to become entrepreneurs. In fact fewer than 2% of Millennials claimed to be self-employed in 2014, and the U.S Small Business Administration states that this number isn’t expected to increase for several decades.

Despite this reality, a desire for self-employment has risen to all-time highs. Approximately 72% of Millennials express an interest in being their own boss, making entrepreneurship a popular alternative to more established career paths.

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Learn a Skill and Sell It

More than 53 million American’s make a full-time living selling their expertise, or do so to supplement their existing income. Contingent workers like freelancers or consultants are expected to make up 40% of the US workforce by the end of the decade – and Millennials are perfectly suited to thrive in these alternative work arrangements.

According to the Bureau of Labour Statistics some contingent workers only earn 12.9% less per year working part-time than most regular employees do working full-time. This makes contingent work (like freelancing) a viable and sustainable option for Millennials who prioritise personal freedom over a high income.

But before you can set yourself up as a freelancer or consultant you need to develop a skill that people are actually willing to pay for. While this type of expertise can take a long time to accumulate, you can skill yourself up faster than you think.

In fact, research suggests it only takes 20 hours of practice to go from knowing nothing about a subject, to being competent in a field. Within a year you could easily be confident enough to teach what you know to others, or apply your knowledge to solve their problems.

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