Business ownership by the young at 24 year low

Business ownership by the young at 24 year low

Business ownership by people under the age of 30 is at a 24 year low according to data from the Federal Reserve Survey of Consumer Finances (http://www.federalreserve.gov/econresdata/scf/scfindex.htm).  This data flies in the face of recent trends towards a focus on entrepreneurship at universities and in economic development.  Private business ownership has dropped from over 10% in 1989 to a low of 3.6% in 2013.  Increased fear of failure, the skills required in the tech world, weaker financial positions, all coupled with changing demographics are cited as potentially influencing this trend.

All this serves to highlight the importance of the support and programming available at Rev Ithaca.  Dedicated workshops, affordable high quality resources and infrastructure, and access to a community of like-minded entrepreneurs and mentors all can help overcome the challenges of launching your own business.  This is important work … a resilient culture of entrepreneurship is at the heart of a robust U.S. economy.

Brian Bauer