Student Debt cripples the future and the options available to the next generation.
A growing percentage of young people say they want to be entrepreneurs. Which is good news because SMB is driving the growth of the US economy.
However, a 2014 Forbes article stated, The Fall of Young Entrepreneurship.
Entrepreneurship rates among people Age 20-34
The percentage share of new entrepreneurs comprised by people aged between 20 and 34 years-old has fallen from 34.8% in 1996 to to 22.7% in 2013.
Thus emerges the millennial entrepreneurship paradox – is this the generation whose entrepreneurship propensities will unleash the next wave of economic growth, or will this generation’s entrepreneurship potential fizzle?
Among the many trends affecting the entrepreneurial promise of millennials, student debt has been a particularly prominent issue. Although we cannot yet infer any causal relationships, rising student debt levels have, to an extent, coincided with falling entrepreneurship rates among young people. Intuitively, a relationship between the two makes sense. Entrepreneurs need capital to start new businesses, and young people with student debt lag far behind on accumulating net worth.
Entrepreneur advice was to get started early, make mistakes while the risks are low. Before life gets complicated with careers, families, mortgages, and financial obligations.
How can a young entrepreneur boot strap during start-up if they already live at home with parents, bills are rolling in, and the biggest bill is student loan payments?
- Did you know that the average student holds over $20,000 in college loans?
- Did you know that 1 in 4 people with a bachelor’s degree or higher are unemployed in NYS?
- Did you realize college costs have tripled in the last 10 years? (That is faster than inflation, faster than housing appreciation, and faster than salary or job rates.)
When people ask me: WHY is a program like CollegeCPR needed?
Most people already know the answer. This information is public. Those effected is wide-spread. The damage is real. People feel the impact. I just loaned a friend money for a student loan payment that costs more than childcare.
The problem CollegeCPR helps YOU solve is taking the first step to improving your future. We reverse engineered professional success and walk you through guided activities that move the needle forward.
Browse these Info-graphs and look at the numbers:
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