The Rise of the Entrepreneur in School Students have more in common than they used to, a new report finds
By Amy Purdy and Amy RinaldiPublished Nov 05, 2018 11:30:16As college students get ready to start college, they’re looking to the future.
The number of students planning to start a business has more in line with their peers in the past decade than it did just 10 years ago.
The number of people thinking about starting a business also increased during the same time period.
And the number of adults who have taken the plunge into starting their own business has increased.
A new report by the Institute for College Access and Success (ICAS) finds that the surge in students wanting to start their own businesses was a natural outcome of the rise of entrepreneurship and the increasing availability of information and tools.
“A lot of these young people are having an impact on their communities,” said ICAAS executive director Chris Rittel.
“They’re making a difference.”
The rise of the entrepreneurial generation has been driven by an increased willingness to get into the business arena.
A 2017 study from the Economic Policy Institute found that college graduates and those ages 25-34 accounted for 43% of all entrepreneurs.
That’s a jump of 2.5 percentage points since 2007.
The numbers are much higher for college students and students of color, but Rittl noted that this is because students of all racial and ethnic groups are starting businesses.
The ICAIS study also found that more than half of the companies that students have launched have been successful, with more than 80% of companies achieving a profit margin of more than 10% and more than one in five of those businesses being profitable.
“Students who are looking for opportunities are going to be in demand,” said Rittels research director, Stephanie Stapleton.
“There’s going to always be opportunities out there.”
Stapleton said that a college degree is not the end of the story for many students, but rather a starting point for their careers.
“The idea that you need a high school diploma or a college diploma to start your own business is a myth,” she said.
“We think of college as a college graduation, but that’s not the case.”
Stoutleton said the number one priority of the student entrepreneur is to keep their education going.
“We want students to get their degree, but we also want them to keep going into the work force,” she explained.
“It’s not just about getting a college education.
It’s about keeping their education and going on to find a job.”
Students should also understand that the market for the education is changing.
“What we are seeing is that a lot of the graduates who are coming out of school are getting jobs in industries like finance,” Staplet said.
Staplet also said that the growing demand for entrepreneurship has a negative impact on colleges.
“When there’s so much competition in the marketplace for talent, we’re seeing that our graduation rates drop,” she continued.
“So we’re losing a lot from having more students in the workforce and we’re also losing a ton from having the ability to keep them in the classroom.”
The IACCS report also found a drop in the number for the average undergraduate student, which is down 1.2 percentage points from a decade ago.
But this decrease was not due to an increase in the class of 2018.
The overall drop in enrollment has been due to the graduation rate, which decreased by 1.3 percentage points to 71.1%.
“We’re seeing a lot more students leaving for graduate school,” said Staplets research director.
“More students are graduating, so there’s not as much of a dropout problem.”
This is a big deal, because that’s where you need to be.
You need to get a high-paying job,” she added.
The report also noted that a significant number of graduates have a high debt burden.
They’re going to need a lot, and it’s not going to go away,” said Mimi Marder, an associate professor at Rutgers University’s School of Social Work. “
It’s a huge problem.
They’re going to need a lot, and it’s not going to go away,” said Mimi Marder, an associate professor at Rutgers University’s School of Social Work.
“If you’re going into debt, you’re not going into a good situation.”
The average debt burden for college graduates is $18,800, with the majority of students having debt in the range of $20,000 to $30,000.
The average debt load for students of different race/ethnicity ranges from $16,000, $18 and $20 million.
“There’s no question that our financial system is struggling, and we know this is going to continue,” Stasman said.
“I think the next generation will look at the economy, and I think they will say, ‘Look, you can’t take everything for granted, because you can be financially secure but you can also be struggling,'” Stasmann added