Whitney Johnson authored an article in Harvard Business Review titled, “Why Today’s Teens Are More Entrepreneurial than Their Parents.” In this piece, Johnson states that Generation Z’s teenagers no longer work in customary first jobs. She claims over 70% of teenagers have roles that can be described as self-employed, while only 12% hold down traditional positions. The path that many generations before followed in the workforce during adolescent years no longer holds true. The young people of Generation Z are less likely to be found flipping burgers, working in retail or waiting tables.
Instead, today, many teens manage babysitting services, create and sell items through Instagram, open eBay stores or run small businesses with their parents. They’ve also become micro-niche teachers, from teaching music lessons online or showing other teens how to earn money on their terms.
This new group of young entrepreneurs are not looking forward to working and remaining in corporate jobs over the course of their lifetime.
By using digital resources now to build small businesses, this generation can get a substantial head start on the growth and scale of their potential careers.
“Is college out of the question?”
According to a study at Northeastern University, the kids of Generation Z still believe that college is essential. In fact, some 8 in 10 respondents in the survey believe college is “very or extremely important” to achieving their career goals (compared to 7 in 10 members of the general public), and two-thirds think the cost is worth it.
Also, 63% of respondents believe that entrepreneurship should be taught in college, and they want more control over building their own curriculums. Although enterprise building is all around us, there are still very few universities that offer entrepreneurship opportunities through their curriculums.
If you are looking for entrepreneurial programs in college, here are four universities which provide students with the ability to learn, grow and thrive in a school and business environment.
University: University of Dayton
Tuition: $41,750 annually and more than 94% of students receive financial assistance.
Program: The Bachelor of Science in Entrepreneurship has been ranked in Princeton Review’s top 25 for 11 years running. Students don’t have to wait until they graduate to be a CEO. During the Sophomore Experience, undergraduates create and run micro-businesses with $5,000 in start-up capital.
Highlights of the Program: The program is a hands-on experience. The university offers one of the largest new-venture competitions in the country at the collegiate level with more than $100,000 in cash prizes and $150,000 of in-kind support. Also, its Flyer Enterprises is the fourth largest student-run business in the country. And in the last decade, graduates have started 57 companies and have collectively raised more than $13 million in funding.
University: Babson College and F.W. Olin Graduate School at Babson College
Babson College is consistently ranked in the top colleges for entrepreneurship in the world. U.S. News & World Report has ranked the undergraduate school No. 1 for entrepreneurship for the 21st consecutive time and the graduate school has been named No. 1 for entrepreneurship for the 23rd consecutive time.
PayScale also ranked the undergraduate school at Babson the No. 1 private business school for salary potential of graduates. Their Blended Learning program is ranked in the top 10 Online MBA programs worldwide by the Financial Times.
Education is focused on building Entrepreneurs of All Kinds® and leaders who create great economic and social value everywhere. Babson is globally recognized for our one-of-a-kind Entrepreneurial Thought & Action® (ET&A™) methodology that teaches undergraduates, graduates, and executives to balance action, experimentation, and creativity with a deep understanding of business fundamentals and rigorous analysis as the ideal approach to creating economic and social value.
Tuition: Annual tuition for undergraduates is $49,664. Tuition for the full master’s program is $51,540.
Programs: Undergraduate and Graduate Offerings
Undergraduate Program: Bachelor of Science in Business has 27 possible concentrations. Entrepreneurship concentrations include entrepreneurship and technology entrepreneurship and design. Regardless of concentration all students must take Foundations of Management and Entrepreneurship (FME).
The FME course is an internationally recognized yearlong immersion into the business world; each and every student is put into a group to start a real business with funds from Babson.
All profits made go to a local social service agency of the students’ choice.
Graduate Program: The Master of Science in Entrepreneurial Leadership (MSEL) program is a nine-month, cohort-based program that prepares students to lead in the workplace and world with confidence, creativity, and a focus on social, economic, and environmental responsibility and sustainability.
The WIN Lab® (Women Innovating Now (WIN) Lab® Intensity Track) intensity track offers MBA students the opportunity to gain course credit for an intensive women’s accelerator experience offered by the WIN Lab®. Women entrepreneurs are transformed into CEO’s through rigorous entrepreneurship coursework, applied experiences, mentoring, and milestone achievements designed to move early-stage ventures from prototype to successful launch and growth.
University: Miami University
Tuition: Ohio students entering Miami for the first time this summer or fall, the Miami Tuition Promise also applies, which will hold tuition and fees unchanged for four years. Trustees approved a rate of $14,958 for them. For nonresident students entering Miami for the first time, trustees set the Tuition Promise undergraduate tuition at $34,211.
Program: Ranked Top 25 in the country for nine years in a row, Miami’s Entrepreneurship Program includes a major and minor within Miami’s Farmer School of Business.
Highlights of the Program:
• A start-up/business plan competition for students (an investment of up to $65,000 per student recipient per school year)
• Mentorship opportunities for entrepreneurs
• Sponsored off-campus networking opportunities
• An International Program in which students work with micro-entrepreneurs in developing areas
• Semester-long immersion with Interactive Media Studies in Silicon Valley
• Social Entrepreneurship track (ranked best social entrepreneurship program in the country)
In addition to the accolades and recognitions listed above, Miami’s Entrepreneurship Program has tripled in size in the last five years and is ranked 3rd best program in the country for technology entrepreneurship. For those who really want to be immersed in an environment with like-minded students, there is a 250-person Living Learning Community in Entrepreneurship.
There is also a lot of proven success with this program – students have the opportunity to secure summer internships at start-ups across the country, including in Cincinnati, Chicago and San Francisco. And the Program established Redhawk Ventures (RV), one of the few student-run venture capital funds in the nation. They invest up to $25,000 of university assets into selected student and alumni businesses, and members of the RV have the opportunity to work through the entire venture funding process, ranging from business plan presentations to term sheets to growing new and innovative businesses.
University: Ohio Wesleyan University
Tuition: 2018-2019 tuition is $45,500. Tuition is the same for all students whether in state, out-of-state, or international.
Program: The Woltemade Center for Economics, Business and Entrepreneurship’s mission is to enhance academic programs and provide real world opportunities to create future generations of business and world leaders.