Young People Giving Up the Rat Race

There has seen a 25% upsurge in enquiries from people looking to leave their jobs and start online businesses since the first lockdowns in 2020. 25 to 34 year olds, aka millennials, were the main age group applying to YBG.

Explaining the Great Resignation 

YBG Co-Founder, Jey Jeynathan, explained why he thinks this trend is happening,

“During the lockdowns, a lot of people reevaluated their life and work situations. I think people realised they didn’t want to spend their lives working hard to make someone else rich.”

The Digital Generation

YBG Co-Founder Jey Jeynathan also believes that the younger generations are digitally smart on and able to embrace technology in business,

“Many younger people are tech savvy and with the massive increase in digital business due to covid, they realise the potential in running their own online business as e-commerce and other fields boom.”

Record Numbers Leaving Jobs Worldwide 

A Microsoft survey showed that 41% were thinking of quitting or changing their professions in January 2022. By March 2022, stats showed that  4.3 million people quit their jobs in January in the USA.

 In 2021, almost 48 million people quit their jobs in the USA which was a new record. In the UK a survey conducted reported that one third of staff were considering changing their jobs in 2022, while in Australia one in five people quit their jobs in 2021. 

In September 2022, the Great Resignation was still continuing as companies were forced to hire more freelancers according to a new survey,

“The survey, published by the A.Team and MassChallenge on the impact of the great resignation, sheds new light on the future of work for tech and IT companies. It is based on the insights of 580 tech founders and executives, and found that 44% of those surveyed said that a “significant number” of their best staff had left their companies in recent months.”

Source: Tech Monitor.ai, Sept 2022

 Reasons for Leaving the Rat Race

Co-Founder of YBG, Jey, speculated  on other reasons for people quitting their jobs, ‘people are disgruntled with their job, boss, reliance on a salary (or salary-slave as I called it) and a risk of redundancy.’

FInancial Freedom As a Business Owner

Jey quit the 9 to 5 life years ago and ‘decided to create a central resource of tried and tested internet business models to help others wanting to go on the same journey.’ Running his own business gave him new found freedom,

“The biggest change would be time-freedom. I would class this above financial freedom. I am free to conduct each day as I see fit. I don't have a boss chasing me, or expecting me in the office.”

Jey’s advice for people who want to start a business is to, ‘Go for it. You will never look back.’

Read more about online business opportunities.

About The Author

Jamieson Lee Hill, Head of Content and Copywriting

Hill designed the Knowledge Base for our sister organisation Love My Businesses.com and is a feature articles writer. With a Postgraduate Diploma in Business Management (DMS) and Certified in 11 areas by DigitalMarketer, USA, Hill is well versed in Business and Marketing. As a lecturer, Hill taught English, Business English, and Enterprise for Business in the UK and managed the curriculum in FE colleges and schools. 

In addition, he was a Curriculum Design Consultant for large training organisations such as Avanta and Ixion College and well known UK brands from 2012 to 2018. Author of two pedagogical books (E Training books for Ixion College and RET International), editor for 3 novels (‘The Adventures of Tom Sharpe’ by Peter Drinkwater) and one autobiography ‘Life’s A Game’ by Mev Dinc, founding father of the Turkish video games industry, Hill is a diligent writer and editor.