Davenport Magical Entertainment, L.L.C.
Seems Like Millennials Are Having Trouble Starting Businesses
That’s concerning for me. I have a step son and one of my goals is to be sure that the generation that comes after me has great opportunity. I think the last thing I would want is to enjoy great opportunity myself but then the next generation doesn’t have the same opportunities that I do. I think one of my long term goals will be to help future generations get the same opportunities at entrepreneurship or of the American Dream or both that I had. I found this NPR article on some of the tough hurdles that the Millennial generation faces: Tough Hurdles New Generation Faces. I have always felt that the Millennials are a great generation and I still feel that they are. I think this particular generation will do fine and do great if given the opportunity.
Here is what the article has to say about some of the hurdles the millennials currently face:
Maria Hollenhorst of NPR writes in her article “Millennials Want To Be Entrepreneurs, But A Tough Economy Stands In Their Way”
Financial challenges facing today’s young adults are stifling their entrepreneurial dreams. The results of a nationwide survey published by EY, a professional services firm, and Economic Innovation Group, a policy and advocacy group, suggest millennials’ economic hardships prevent them from starting businesses.
You know, I can see that. Especially with the high levels of student loan debt a lot of the folks from this particular generation are carrying. Back in the day, you used to be able to declare bankruptcy on student loans but now you can’t. Their was this con game that was played that if you just went to college and graduated, you would be OK with your student loan debt because then you could find a high paying job to pay off your student loans. The only problem was that their was no high paying jobs waiting for these college graduates and to make the problem worse, they couldn’t declare bankruptcy on those student loans, so they were stuck in indentured servitude to private banks or the taxpayer or in most cases, both. In many cases, student loan debt was just as much as any mortgage debt, which prevents people from starting businesses, buying homes, having children and starting families, ALL of which can harm the economy in the long term and have negative economic impact.
Maria Hollenhorst of NPR continues to write in her article “Millennials Want To Be Entrepreneurs, But A Tough Economy Stands In Their Way”
“Millennials are on track to be the least entrepreneurial generation in history,” EIG co-founder John Lettieri told the U.S. Senate Committee on Small Business and Entrepreneurship earlier this year. Millennials admire startup founders and revere self-employment, the new survey findings show, but they’re wary of starting businesses in an unforgiving economic environment.
With hordes of young people selling homemade clothing on Etsy, driving for Uber and opening food trucks on every corner, and with a much smaller group founding influential tech companies, this generation embodies the spirit of a “startup culture.”
In an op-ed, published on Mic.com, Hillary Clinton described the millennial generation as the most “diverse and entrepreneurial generation in our country’s history.” Fifty-five percent of survey respondents shared her belief that millennials are more entrepreneurial than the previous generation.
My opinion on this particular part of the article is that Millennials have what it takes to be a success, they are just trapped in student loan debt and inherited an economy that just didn’t have a strong Middle Class like others did in the past and an economy which did not provide economic mobility for folks to where they can work hard and move up from being poor to Middle Class. This all adds up in that the talent and potential that exists in the Millennial generation is going unused and it will harm our economy in the long term. It is a problem, in my view that needs to be fixed and addressed if we wish to have a strong economy in the future.