According to a Wall Street Journal analysis of Federal Reserve data, the share of people under 30 who own a business has fallen 65% since the 1980's and now sit at a quarter-century low. The Atlantic staffer Derek Thompson takes a look at millennials and who and what is behind this lack of real entrepreneurs.
The Kaufman foundation found that the average age of a successful startup founder is about 40 years old. Millennials being less entrepreneurial than originally thought could affect the competitiveness of the American economy:
Although venture-capital investment has grown in the last decade, the majority of “startups” are really what most people consider “small businesses.” A new bodega, coffee shop, or small construction firm doesn’t seem like a radical act of innovation. But the government considers such companies to be startups, and they’re getting rarer as a handful of large firms dominate each sector of the U.S. economy.