Young Americans aged 18 to 34 (also known as millennials) apparently love the idea of being entrepreneurs. Since many are burdened with massive student debt, they can’t afford to launch startups. So a new survey shows they’ll grudgingly join America’s corporate workforce.
More than 55 percent of them think their generation is more entrepreneurial than were Generation X, or even baby boomers. In reality, not only are there fewer entrepreneurs among millennials, they’re moving in the opposite direction: More view rising through the ranks of existing companies as the best route to success.
Sixty-two percent of millennials have considered starting their own businesses, and 72 percent think startups are “essential for new innovation and jobs,” according to The Millennial Economy (PDF), a survey of 1,200 18- to 34-year-olds commissioned by EY (formerly Ernst & Young LLP) and the Economic Innovation Group (EIG). At the same time, a total of 42 percent said that they don’t have the means to be entrepreneurs, in part due to student debt, which 48 percent believe has limited their career prospects.
By: Suzanne Woolley, Bloomberg
Read the full article here.