SPRINGFIELD, Mass. (WWLP) – In another sign of a recovering economy, U.S. entrepreneurs are feeling more optimistic about heading out on their own. More young Americans between the ages of 25-34, members of the millennial generation, are taking a chance on starting their own business.
Babson College in Wellesley released a report this week, which found that the rate of American entrepreneurship was up to almost 14% last year. That’s nearly double what it was immediately following the Recession in 2010.
People aren’t clinging to their same jobs the way they did over the past several years. They’re encouraged by banks being more willing to lend, and more resources available to start-ups.
“The barrier to entry has come down exponentially. With the Internet now, you can build businesses online essentially in your part time, while you’re working full time. There’s a nice on-ramp we didn’t have years ago,” business advisor Thom Fox said.
Fox said that he has seen that growth locally in western Massachusetts as well. The Valley Venture Mentor group, which meets monthly, used to bring in about 20 entrepreneurs. Now more than 100 meet to share experience and advice for successful startups.