Millennials: A Generation of Un-Entrepreneurs

Abstract

Entrepreneurship has been crucial to the U.S. economy and startup rates have been in decline. The paper proposes a part of the decline is generational. Millennials are not generating startup activity at the rate of previous generations even though educational levels are at historic highs and there is a well-supported research link between education and entrepreneurial activity. The paper proposes that common characteristics of millennials and entrepreneurs are nearly exclusive. Implications of this generational skip or delay in entrepreneurship activity, including implications to higher education, are discussed.