USA Today reported Sunday that young Americas are more inclined to launch their own start-up businesses, despite the current tough economic climate. Several factors play into Millennials’ tendency to be more open to entrepreneurship in the early stages of their careers.
“Generation Y is the most entrepreneurial generation ever,” said Jeff Cornwall, director of the Center for Entrepreneurship at Belmont University in Nashville. “Parents raised their children to be independent,” Cornwall said.
When Cornwall wanted to start an entrepreneurial program at Belmont in the 1980s, “There were only about a dozen universities with this type of program — now, there are over 2,000,” he said. Belmont University touts a success rate of having 36.8% of entrepreneur majors and minors operating their own businesses post-graduation.
According to a 2012 report by the Kauffman Foundation, the largest entrepreneurial foundation in the U.S., 29.4% of entrepreneurs were 20 to 34 years old, and roughly 160,000 start-ups a month were led by Millennials in 2011.
Senator Chris Coons has been an advocate for helping startup businesses expand and create jobs. In November, Chris introduced the AGREE Act with Republican Senator Marco Rubio, which stems from areas of common agreement between the President’s jobs plan, recommendations from the President’s Council on Jobs and Competitiveness, and plans put forward by both parties in Congress. On Tuesday, the AGREE Act expanded with the introduction of the Startup Act 2.0, which takes elements from both the AGREE Act and Senators Warner and Moran’s Startup Act.
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