Dr Jeff Cornwall

Which
group of entrepreneurs is geared up to lead us out of the recession? 

According to the
a survey from American Express OPEN Small Business Monitor, it is the Entrepreneurial Generation (a.k.a Gen Y, or the Millennials). The survey found that Gen Y is the most optimistic group of entrepreneurs when
compared to other age groups and to the overall sample of business owners. More
than three-quarters (80%) of these entrepreneurs have a significantly more
positive outlook on business prospects versus Gen X and business owners overall
(each 55%), and Baby Boomers (52%).

The
optimism of Gen Y entrepreneurs extends across a number of areas:

• They’re most likely to hire (36%, vs. 25% of Gen X and
  20% of Boomers )
  
• They’re most likely to have capital investment plans
  (58%, vs. 41% of Gen X and 39% of Boomers)
• They’re most willing to take a financial risk (67%, vs.
  52% of Gen X and 47% of Boomers)
• They’re least likely to have cash flow issues (53%
  versus 59% for Gen X and 64% of Baby Boomers)
• They’re least stressed out by the economy (57% versus
  72% of Gen X’ers and 71% of Boomers)
• They’re most likely to implement employee-friendly
  policies to battle the recession.  Gen Y will allow employees to
  maintain a flexible schedule (44%), Baby Boomers will institute a hiring
  freeze (41%) and Gen X entrepreneurs will institute a salary freeze (39%)

This is consistent with the attitudes I am seeing among our Gen Y students this semester.  I am handing back the first installment of business plans to my seniors this week.  They are much more serious about trying to figure out a way to make their ventures work, as fewer believe that there will be jobs waiting for them when they graduate.