New Grads Choosing Entrepreneurship was originally published on College Recruiter.
There aren’t many positives that have come out of this terrible recession, but one just might be the vast number of people who have chosen or been forced into starting their own businesses. Although you would never know it from reading most daily newspapers or listening to most broadcast media outlets, the majority of wealth in this country is created by small business, not government and not large businesses.
Today’s Wall Street Journal had an excellent article about this topic. The article With Scant Jobs, Grads Make Their Own informs the reader that the unemployment rate for 20- to 24-year-olds is a whopping 16 percent and that anecdotal evidence from colleges, universities, and entrepreneurship programs is that a growing number of recent college and grad-school graduates are launching their own companies. This trend, according to the article, is likely to continue as the National Association of Colleges and Employers is reporting a 22 drop in hiring from the classes of 2008 to 2009 and a projected further seven percent from the classes of 2009 to 2010.
Where will all of these grads end up? Many will start their owns businesses just like unemployed from other demographics do. The article indicates that the annual average percentage of all job seekers starting their own businesses increased to nine percent through the third quarter of 2009 versus with five percent at the end of 2008.
As an entrepreneur whose father was an entrepreneur and his father before him, I applaud those with the competencies, interests, and values needed to succeed in running a business. Those who have been wage earners their entire lives have no clue how difficult and stressful it can be nor do they understand that the vast majority of entrepreneurs choose to work for themselves not because the money is better but because it makes them happier. And good thing too, because entrepreneurs tend to make less money than they would if they had a “real job.” So if you’re looking for a job, consider creating your own. But don’t do so because of a desire to make more money or work fewer hours. You’ll likely make less money and work more hours. Nevertheless, if you’re like my grandfather, father, or me, you’ll be happier so the decision will have been the correct one for you.
