In a new survey, 55% of millennials say their generation is more entrepreneurial than those before them, reports Fast Company writer Ben Schiller. But as much as millennials would love to start their own companies, they just don't have the money. Turns out that millennials are actually less entrepreneurial than generation X, or the boomers, based on the rate of new business formation.
Millennials do think entrepreneurship is the best way to advance the economy as a whole. "[They] admire entrepreneurs and would seriously consider entrepreneurship for themselves—if only they had the financial means," says the report from Economic Innovation Group, an economics think tank, and consultants Ernst & Young.
Whether it's because millennials are averse to starting businesses or are forced out of markets is a bigger question. A lot of commentators think the economy has become less competitive, that is, less open to new entrants. If you look at profits in many industries, they are increasingly going to the biggest companies. That makes millennials continue to bite the bullet on student tuition, even if they can also see the debts are crippling. The next generation will have to do a better job of managing costs—perhaps with new types of college degrees—since the growth of college costs is surely unsustainable in the long run.