July 8, 2016
By: Daniella Soloway
Millennials have been given many names, from lazy to entitled and fearless, to entrepreneurial. There’s no doubt that this generation has shifted workplace culture and office development, but is it really filled with start-up founders, as so many believe?
According to an article published in The Atlantic, the numbers of those who own a business under 30 has fallen by 65% since the 1980s “and is now at a quarter-century low.” While it’s true that many 20-somethings possess founder mentality and vision, The Kauffman Foundation found that the average age for a person opening a small business is actually 40 years old.
With more debt, and thus a smaller tolerance for risk, entrepreneurship may be too big of a leap for most millennials. As less new businesses open, the competitive landscape in America dwindles, while oligopolies continue to take over (i.e. CVS, Walgreens and Rite Aid own 99% of pharmaceuticals).