Despite all the buzz, millennials are on track to be the least entrepreneurial generation in the last century, according to Entrepreneur Magazine. While millennials are not lacking in entrepreneurial spirit or drive, they are bogged down by several factors that are somewhat unique to their generation.
First, there’s the debt issue. College costs have skyrocketed, leaving graduates deeper in debt every year. The average student debt in 2016 ($37,172) grew by 6 percent over the previous year and shows no sign of slowing. At the same time, millennials have been told by society that the only guarantee to job security is a college degree. As a result, college graduates no longer have as much of a competitive advantage and increasingly find themselves unemployed or underemployed as they struggle to pay off their student loans. These are not ideal circumstances for investment in a new business.
Afraid of failure, millennials are also less likely than previous generations to take risks.
They grew up with society’s mantra of “follow your heart” and were shielded by their parents and coaches from the blow of failure. Smith College in Massachusetts even launched an initiative called “Failing Well” to “destigmatize failure” for its students who lacked “resilience.”
This could be a side effect of the Great Recession, during which many millennials watched their parents’ and friends’ homes foreclose and some of their favorite local shops fail. Moreover, a large number of them graduated during the height of the recession.
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Millennials are the least entrepreneurial generation in the last 100 years, but why? https://t.co/ClTgX0AkA0 via @RedAlert pic.twitter.com/sX7EwQebkk
— Washington Examiner (@dcexaminer) November 18, 2017
I would say a lack of real education, even with a college degree. Courses like “White Privilege” and “Women Power” don’t prepare you to be an entrepreneur.
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