[Conclusion of the Senior section]Generation X’s image also gained a boost from an article in Forbes magazine branding it “the most entrepreneurial generation in American history.” Running on May 8, 1995, around the time Jenn X would be studying for her final exams, the article found members of her generation succeeding in the business world. Author Randall Lane introduced readers to a group of seven young professionals sitting around chatting. They may talk and like their generational stereotype, but they also happened to own companies with at least $1 million in revenue:
Catherine Winchester, 32, describes $2 million in financing commitments she’s obtained for her CD-ROM publishing outfit, Wanderlust Interactive. It’s Winchester’s second company; she sold the first one, InterOptica Publishing, to a family group headed by a 22-year-old. Looking a bit harried, Douglass Mellinger, 30, talks about how he’s been juggling the birth of his first child with closing a major deal for his $20 million computer services company, PRT Corp. of America. The story may only be five years removed from the famed “Proceed With Caution” article in Time, but it’s also light years away in its focus. These are not the helpless, cynical, unemployed youth profiled by Sophronia Scott and David Gross as generational representatives in 1990; these are skilled, confident, affluent young adults remaking the American business world in their image.
Older generations “would do well not to judge those 14 to 34 … by the way they dress or talk or by the music they punish their eardrums with,” Lane wrote. “This is America’s first Computer Generation … beginning to combine technology and human freedom in ways that promise to restore this country to economic leadership.” (This presents an interesting juxtaposition to people like Strauss and Howe, who had already written off the whole generation as failures!)
The article cites an opinion poll from February 1995 that found 54 percent of Americans 18 to 34 either very or extremely interested in launching their own business, well above the #6 percent of people 35 to 64 who responded that way. The article noted that a study by Paul Reynolds, a Marquette University professor of entrepreneurship, found around 1 in 10 Americans aged 25 to 34 were actively engaged in starting their own business, nearly triple the rate of any other group by age.
“Reynolds estimates that about 7 million U.S. adults are currently trying to start a business -- actually drawing up a business plan, applying for a loan or incorporating,” Lane wrote. “Nearly 8 in 10 of these 7 million are aged 18 to 34.”
Instead of sitting in front of the TV in their parents’ basement playing Nintendo, as depicted elsewhere, these were young movers and shakers harnessing technology to launch million-dollar companies. Instead of seeking unchallenging dead-end positions, they created their own opportunities and worked long, demanding schedules if necessary. Lane seemed to realize he was committing media blasphemy at the time. “How does this square with the typical media picture of Generation X-ers?” he asked rhetorically. “It doesn’t.”
Yet certain generational attitudes, as depicted elsewhere, color this move toward self-employment. Dan Levy, a budding software entrepreneur, is hardly a slacker, but he does retain his generation’s famed cynicism and independent streak as explains that he’s “working three, four or five times as hard, but at least I’m in control.” Levy’s definition of control, Lane wrote, is key in defining the attitude of his generation :
It means that if he wins, he gets the credit, not someone higher up the hierarchy. It means if he loses, it’s because he failed, not because the organization failed him. Control, in short, means freedom. … In talking with over two dozen under-35 entrepreneurs, and dozens of youthful entrepreneur wannabes, FORBES was struck by the near unanimity with which they cited control of their destiny as their goal.Now compare this to what Scott and Gross wrote in their 1990 piece. “Most of all, young people want constant feedback from supervisors. … [P]eople in their 20s crave grades, performance evaluations and reviews,” Gross and Scott observed. Their twentysomethings “reject 70-hour workweeks as yuppie lunacy” and “sneer at Range Rovers, Rolexes and red suspenders” of the fast-track set. “Young people increasingly claim they are willing to leave careers in middle gear, without making that final climb to the top,” they later wrote. “The leitmotiv of the new age: second place seems just fine.” For work, Gross and Scott found their subjects “want flexibility, access to decision making and a return to the sacredness of work-free weekends.” (Doesn’t everybody?)
Can both articles be correct? Can they both be wrong? Were the differences in the economic climate -- wretched in 1990, reviving in 1995 -- a factor? Whatever the reason, the conclusion of the Forbes piece, in a month where Jenn X and her friends prepared to receive their degrees, read less a dirge like earlier articles than it marked a celebration of commencement for Generation X:
No opportunities for young people in this country? If you believe that, you just aren’t paying attention. … More than our great factories, more than our fertile plans, more than our accumulated wealth and ivy-covered universities, American youth, with its entrepreneurial bent and its love affair with technology, is the nation’s greatest asset.