While the myth of millennial entrepreneur – independent startup owner with a promising new app – is still alive and well, the truth is that this generation is on its way to becoming the least entrepreneurial generation in US history. The statistics are there to back it up. A Wall Street Journal analysis of data gathered by Federal Reserve reveals that the share of business owners under 30 has fallen by 65% in the last 24 years.
On the opposite side, large companies like American Express have stated that “Millennials Could Be the Most Entrepreneurial Generation Ever“, but seemingly, the overall problem is that many young people view entrepreneurship as a state of mind. As a matter of fact, according to the editor-in-chief of the popular MiLLENNiAL magazine, around 60% of young adults consider themselves entrepreneurs and astonishing 90% recognize it as a mentality. Therefore, in order to keep up with the past generations, young millennial entrepreneurs have to put a lot of more work. [Read more…]