5 Reasons Why the YOLO Economy is Here to Stay (And Why That Matters to Entrepreneurs) Millennials are reevaluating their lives and becoming entrepreneurs.

By Wayne Goshkarian

Opinions expressed by Entrepreneur contributors are their own.

You've likely heard the phrase you only live once (YOLO) as a call to take a risk and live life to the fullest, but have you heard of the YOLO Economy? After seeing the freedom of remote work or the benefit of having more downtime to focus on their side hustle, millennials are now questioning if a traditional 9-to-5 job is the best fit for them. Many millennials don't feel tied to the idea of staying with one job for decades or even working for another person. In fact, Gallup recently identified the generation as the most likely to switch jobs, mainly due to feeling unattached to their company.

While it may seem like a trend to some, the YOLO economy is here to stay for five reasons.

1. You're in control

Many millennials watched their parents work themselves to the bone for decades in traditional jobs with little to no reward for their hard work and dedication. Now that the ball is in their court, millennials have the opportunity to change their future and take control of their own life. As an employee, you're at the mercy of the company, but as an entrepreneur, you can make your own decisions that truly benefit you and your family.

Related: 4 Benefits Your Millennial Employees Actually Want

2. Flexible hours

One of the biggest perks of entrepreneurship is that you get to set your own hours. Are you more of a night owl? No problem. Do you work better when you take longer breaks in between your work? That's fine. You get to set your own workflow and adjust it as you see fit. This doesn't mean that you won't be working hard as an entrepreneur, but the freedom to arrange your schedule is something that can't be beat.

3. No more wasting time on a commute

3. Depending on where you live, a commute can eat anywhere from 45 minutes to several hours out of your day. Instead of wasting time commuting to and from an office, you can use that time for more meaningful activities. Try kickstarting your day with a workout or journaling to get your creative juices flowing. In the evening, you can take more time to create a nutritious meal rather than stopping for fast food. The options are truly endless.

Related: 6 Rules for Meeting Millennial Customer Service Expectations

4. Focus on your passion

Rather than working at a job you may not like just to make ends meet, becoming an entrepreneur allows you to focus on your passions and create a business you enjoy. Work is much more enjoyable when it's centered around something that you like and truly care about.

5. Self-fulfillment

The phrase YOLO is all about making your life what you want it to be and entrepreneurship opens the door to do just that. It's extremely fulfilling to take your dream and turn it into a reality and continue to work on that dream day in and day out. Working for yourself can be challenging, but when you're the one who reaps the rewards — rather than the company — your work for it makes it all worthwhile.

As more individuals evaluate their life post-pandemic, we're sure to see the YOLO economy continue to grow and thrive. Once you realize the opportunities entrepreneurship provides to live the life of your dreams, there's no turning back.

Related: A List of All of the Shortages in US Economy, From Diapers to Cars

Wayne Goshkarian

Director of Communications, Association for Entrepreneurship USA

Wayne Goshkarian assists entrepreneurs nationwide with creating, establishing and expanding their businesses. AFEUSA provides resources, networking and education to today's gig-economy entrepreneurs across all 50 states.

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