Dr Jeff Cornwall

With traditional employment looking so bleak a common question is this:
“Are you seeing more students interested in entrepreneurship given the
depths of this recession?”

This is a good question because historically we have seen a small
upswing in student interest in entrepreneurship when the economy and
job market soften. But this has become a much deeper recession and a
more worrisome long-term economic climate. How are students reacting
this time?

When
the bottom fell out of the economy, the initial reaction among my
students at Belmont University was one of shock. This generation is one
that has been protected from failure and insulated from risk. I tend to
have graduating seniors in the class that I teach, so those not already
in business did not know what to do next.

But
over the next few months, I saw a transformation. My students began to
accept the new state of the world and adjust their expectations. I
began to believe that this generation is ready to follow their
entrepreneurial spirit and help rebuild our economy.

The other day I received a piece of data about our program that affirmed my theory.

Many industries see interest

Each
year we usually see about 15 to 20 new businesses started by our
undergraduate students. Mind you, they do this in the midst of taking
classes and often while also working part time. This year we have seen
a tripling of new practicing student entrepreneurs.

We
went from 18 new undergraduate student businesses last year to 54 this
year. These students are coming from all across our campus from many
different majors.

The
businesses they are starting are in a variety of industries. As would
be expected in Nashville, a good number are in the entertainment
industry — including audio production, video production, artist
management, live performance and music promotion.

There
are several related to the food industry, too, including a couple of
different types of catering businesses, a manufacturer of food
flavorings, one that makes barbecue rubs and sauces and a food co-op.

Students
have set up online businesses that sell everything from golf clubs to
auto parts to high-end makeup. There are businesses that sell such
things as jewelry, lawn services, aprons and kitchen cabinets.

And
some students have created businesses that provide a variety of
services, including basketball training, online marketing, medical
waste disposal and even credit restoration.

Now
it is time to turn the newly minted “Entrepreneurial Generation” loose.
It is time to help give them the capital they need by cutting taxes. We
also need to provide the freedom they need to navigate a very
challenging marketplace by clearing the path to starting and growing
businesses by cutting regulatory red tape. The “Entrepreneurial
Generation” is willing to meet the challenges in our economy. This news
has certainly raised my spirits about our economic future.

(This post ran as my column in the Tennessean today).