The Entrepreneurial Spirit of Gen Y

Is Gen Y a more entrepreneurial generation than the previous generations? This MSNBC article suggests that it is.  In general, people from Gen Y have seen massive layoffs, as well as peers from once lucrative financial market positions fall from grace.  At the same time, they grew up with supportive parents and the encouragement to “do what you love!” and “follow your dreams!” The Internet has lowered the costs of entry into business and many Gen Y are taking advantage of that to forge their own path.

However, as the MSNBC article highlights, one of the biggest barriers to starting a business is debt from student loans.  In a move that echoes the work of Baby Boomers, activist groups for Gen Y, by Gen Y, are working to create a Youth Entrepreneur Act to create incentives for young people to start businesses.

Will their entrepreneurial spirit provide a panacea to our ailing economy?  It has yet to be seen. However their generational personality dictates that they have the confidence and skills to give it a good try!