How Parental Business Ownership Can Provide Stability and Legacy

Finding Jobs Difficult for College Graduates: How Parental Business Ownership Can Provide Stability and Legacy

The job market might appear strong, but finding employment has become increasingly difficult for the U.S. and Canada young people. Despite sending out more applications than ever before, the competition remains fierce. Parents may consider different ways to secure their children’s futures. Owning a business not only provides stability but also offers a legacy that can help children avoid the challenges of unemployment, bankruptcy, and layoffs. This path provides financial security and a stable career for our children.

The Paradox of Job Availability and Unemployment
The job market seems robust, with numerous openings, yet young people need help finding jobs. Even though the overall unemployment rate is low, youth unemployment remains stubbornly high.

• Statistics Canada reported that while the general employment rate improved, youth unemployment remained significant​.
• In the U.S., graduation-to-employment rates show a 5% jobless rate among recent graduates, a notable jump from previous years. (As noted by CNBC)

What are the Challenges for Young Job Seekers?
Young people face numerous obstacles when entering the job market, including:

• Mismatch Between Education and Job Experience: Many graduates find their educational qualifications must align with job market requirements, leading to underemployment.
• Intense Competition: The sheer number of applicants for each position makes securing a job particularly challenging.
• Job Market Saturation: Some industries need to be more saturated, limiting opportunities for new entrants.
• Impact of Automation and Outsourcing: These factors reduce the number of available positions in specific fields.

Unemployment Trends: In Canada, the unemployment rate for youth has been rising, reaching 12.8% in April 2024, up from 9.9% in April 2023​ (Statistics Canada)​​.
Similarly, in the U.S., youth face a challenging job market. The U.S. Bureau of Labor Statistics reports that the youth unemployment rate has fluctuated but remained elevated, reaching 8.9% in June 2024​.

Entrepreneurship as a Career Path
Choosing entrepreneurship can offer a unique sense of control and legacy. It provides an opportunity to create a family business that can be passed down through generations, offering financial security and job stability.

As parents, building a business can ensure long-term security and opportunities for our children. It creates wealth and offers a valuable legacy that can help them avoid the uncertainties of the job market.

• Stable Employment: Owning a business means providing stable employment opportunities for our children, reducing their dependence on an unpredictable job market.
• Hands-On Experience: Children can gain invaluable skills and experience by working in the family business.
• Pride and Purpose: Contributing to a family legacy can increase job satisfaction and personal fulfillment.

Wealth Creation and Inheritance:
Owning a business allows for wealth accumulation to be passed down to children. Unlike a traditional job, a successful business can grow in value and provide ongoing income. Profits can be invested in real estate and stocks, creating additional income streams and increasing family wealth. Inheritance of the business ensures children have a solid financial foundation, protecting them from economic uncertainties such as layoffs and bankruptcies.

• Business ownership provides significant opportunities for creating stable legacies. Family-owned businesses often survive economic downturns better than many jobs.
• Parents who own businesses can pass down wealth and entrepreneurial skills, shielding families from job market pitfalls such as bankruptcies and layoffs.
• Starting and running a business comes with risks. Financial instability, personal stress, and long hours are common challenges.

Statistics reveal that family-owned businesses are pivotal in maintaining economic stability across generations. They ensure the family’s financial foundation remains robust even when job markets fluctuate. This approach can help young people avoid the risks of job market volatility and secure a prosperous future.

• McKinsey & Company: Research indicates that family-owned businesses account for more than 70% of global GDP and about 60% of global employment. These businesses exhibit more robust performance during economic downturns due to their long-term perspective and focus on purpose beyond profits.
• Conway Center for Family Business: Family businesses in the United States contribute significantly to the economy. They account for 64% of the U.S. GDP and employ 62% of the workforce. This substantial economic contribution underlines their importance in maintaining financial stability​​.
• Family Business Survey 2023—Canadian insights: Family enterprises represent a significant portion of the economy, accounting for 63.1% of all private sector firms and generating 48.9% of Canada’s private sector GDP, approximately $574.6 billion.
• Family Business Review: Family-owned businesses often have longer leadership tenures and higher levels of employee commitment and trust. These factors contribute to their resilience and ability to sustain economic stability across generations​.

These sources demonstrate that family-owned businesses are crucial for economic stability and continuity, often outperforming their non-family-owned counterparts in various economic measures. Harnessing the power of entrepreneurship can establish enduring legacies and secure financial stability for our families, offering parents a transformative alternative.

About Your Career Revolution

Our mission is to help individuals explore self-sufficiency as an alternative career.

We help them define their Income, Lifestyle, Wealth, and Equity goals and provide education on the best ways to achieve them. We don’t sell franchises – we help people achieve their dreams of self-sufficiency through business ownership. The approach is different, the experience is different. And it works.

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