Millennials Are More Interested in Entrepreneurship Than Previous Generations

Millennials have been bitten by the entrepreneurial bug. According to The Global Entrepreneurship Monitor Report, there are 165 million entrepreneurs between the ages of 18 and 25 around the world. The US has the highest percentage of young entrepreneurs, and every year, more colleges are turning their focus on entrepreneurial studies. The Young Entrepreneur Council found that almost 90 percent of young people believe that business education is important, but nearly three-quarters of college students say they have no access to on-campus entrepreneurship resources. While many millennials are interested in entrepreneurship, the top two reasons that are stopping some of them from starting a business are lack of resources and lack of government or financial support. Still, 16 percent of 2011’s college class launched their own businesses right after graduation, a notable increase from 5 percent in the early 1990s. And now, more prospective MBAs want schools to offer entrepreneurship programs, according to a 2011 survey by the Association of Business Schools.

Entrepreneur magazine has listed the best colleges and graduate schools for entrepreneurs in America. The top five include Babson College’s Arthur M. Blank Center for Entrepreneurship (Babson Park, Massachusetts); the University of Michigan’s Samuel Zell & Robert H. Lurie Institute for Entrepreneurial Studies (Ann Arbor, Michigan); Brigham Young University’s Rollins Center for Entrepreneurship and Technology (Provo, Utah); Rice University’s Jones Graduate School for Entrepreneurship Program (Houston, Texas); and the University of Texas’s Herb Kelleher Center for Entrepreneurship (Austin, Texas).

Two-thirds of the colleges and universities in the US (over 2,000) now offer a course in entrepreneurship. A survey by Payscale and Millennial Branding revealed that millennials are almost twice as likely to major in entrepreneurship. And compared to previous generations, today’s young entrepreneurs are more likely to start businesses as their first job (120 percent), sell their businesses (100 percent), and grow their businesses (50 percent).

[via Young Entrepreneur]

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