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June 17, 2004
What motivates today's young entrepreneurs?
What is driving so many young people to pursue careers as entrepreneurs? Why are my entrepreneurship classes getting so FULL?? StartupJournal.com provides some insights into these trends. The article opens with Duke University, where they are seeing a reverse in this trend. But this is not the reality most of us are seeing at our schools. Duke has only graduate studies in business. Most if the boom in entrepreneurship studies has been in undergraduate programs, where students are not looking for a ticket out of corporate America, but are looking to take a road in life that will never lead them into the corporate world.
What are they looking for? They want more freedom. They seek a greater upside potential. They love the rush. They insist on the flexibility they can create through their own business. They like working for their own goals and their own measures of success in life. I can tell you that these students create an incredible energy everyday that I walk into the classroom. Their optimism and enthusiasm make my job pure joy.
Posted June 17, 2004 07:36 AM
Comments
Entrepreneurship is the perpetual frontier. People have the same attitude toward entrepreneurship today as people in the 19th century had toward the frontier: it was a territory where people could create their lives anew and take a hand in their own destiny.
Dr. Cornwall could you provide a list of books that you use in your classes and other books that you think should be essential reading for aspiring entrepreneurs?
Posted by: phil at June 17, 2004 07:57 PM
The July/August 2004 issue of AARP Magazine says (p.18, "You Can't Fire Me Now") that people 45 - 54 are now the fastest growing group of entrepreneurs in the nation. I'll bet most people don't think of entrepreneurs as being in this age bracket. Longer lifespans coupled with good health, corporate lay-offs, and an increased need for income to meet rising cost of living probably explain some of this.
Have you come across this trend?
Posted by: Cindy at June 17, 2004 10:32 PM
Since the AARP includes my age in their studies, I try to be in denial of anything they say.... ;-)
It is a trend that has caught many people's attention. The paths that I have seen from the entrepreneurs I meet with that are leading baby boomers into entrepreneurship are many: lay-offs, mid-life crises, cultural and societal support, stagnency in traditional corporate America, etc.
I will look around for any recent studies on this trend and its causes.
Posted by: Jeff at June 18, 2004 08:19 AM
Never, ever underestimate the chance to work as hard as you want at something you like that might pay off. Back in my small business days, I sometimes worked 16-hour days seven days a week in busy season and loved it. I also jammed in some time for family and friends. I slept less and needed it less. I grew a business with the help of some good employees. I innovated and kicked some competitor posterior. It was fun!! Sure, it was mine, and sure, there were problems. But that's what made it fun.
Imagine paying 22.5% interest on short-term loans and waking up every morning knowing that you had to make $14,000 that day just to pay interest. Boy did I learn how important tenths of percents were in virtually all areas.
Imagine involving your workers and paying them based on the outcomes. Imagine them working almost as hard as you because they wanted to.
It's not just the opportunity to be your own boss, it's the fact that being your own boss lets you get the real return on your effort.
Posted by: JorgXMcKie at June 20, 2004 06:39 PM
at Belmont University in Nashville, Tennessee. He consults with a variety of businesses on start-up and growth related issues, and with larger corporations on re-establishing entrepreneurial cultures within their organizations. Dr. Cornwall's current research interests include entrepreneurial finance and entrepreneurial ethics. He has authored or co-authored four books.
