Record-breaking business formation in recent years reflects Americans’ strong entrepreneurial drive. According to U.S. Census Bureau data, 5.49 million new business applications were filed in 2023, marking an 8.1% annual increase and the largest number ever recorded in a calendar year, as reported by Oberlo.
This surge represents more than double the 2.58 million applications filed in 2012, demonstrating sustained growth in entrepreneurial activity over the past decade. Activity like that can be supported through programs such as the online Bachelor of Business Administration (BBA) in General Business program from Southeastern Oklahoma State University.
The trend continued into 2024, with more than 5.21 million new business applications filed, according to data from Clearly Payments. The ongoing wave of new business creation reflects how technology, evolving work expectations and economic conditions have made entrepreneurship more accessible than ever. Younger generations — particularly Millennials and Generation Z — are leading this entrepreneurial surge and reshaping the business landscape.
Why Are Younger Generations Driving Entrepreneurial Growth?
As technology natives, younger entrepreneurs are experts at using online information, education and other digital resources to turn their passions and side projects into businesses that offer flexibility and security. Millennials and Gen Z are adept at using social media platforms to build brands, target markets, advertise products and services, and influence customer behavior.
According to a 2024 survey by Justworks and The Harris Poll, 71% of Millennials and Gen Z respondents expressed interest in exploring entrepreneurship. The reasons for this high level of interest include concerns about job security, disillusionment with traditional employment, desire for flexibility and motivation to make a meaningful impact.
What Does It Take to Become an Entrepreneur?
Starting a business requires courage and sound business knowledge. Small businesses make up 99.9% of all American companies, according to the U.S. Small Business Administration, and employ almost 46% of the workforce. However, long-term survival presents significant hurdles.
According to U.S. Bureau of Labor Statistics (BLS) data analyzed by LendingTree, 21.5% of businesses fail in their first year, 48.4% fail within five years and 65.1% fail within 10 years. These statistics underscore the importance of preparation and business acumen.
While turning a passion for designing apps or selling products online into a career may seem appealing, aspiring entrepreneurs need expertise in sound business practices to reduce risk and sustain their ventures. Essential skills include:
- Communication: Knowing how to interact with employees, investors, customers and lenders requires expertise in tailoring messaging and delivery for different audiences.
- Selling know-how: Persuading markets that the brand mission, promise and vision meet their needs is as essential, if not more so, as moving products or services.
- Focus: Emotional intelligence enables successful entrepreneurs to stay on course through setbacks and fluctuations in business cycles.
- Planning abilities: Setting goals and developing strategies to reach them align all operations in one direction and keep them in sync.
- Learning capabilities: Innovating to stay ahead of the competitive curve requires constant attention to market changes and technological advance.
How Does a Bachelor’s Degree Help Entrepreneurs?
New entrepreneurs are generally risk-takers, notes James Garvin in an article from Gaebler. However, according to Garvin, another perspective “is that they are actually risk-averse … and by mitigating risk, they increase their probability of success with their new ventures.” A business administration degree, such as the online BBA in General Business degree from Southeastern Oklahoma State University, equips graduates with the expertise to reduce the risks of starting a business through a curriculum that does the following:
- Focuses on the entrepreneurial process from concept to launch
- Explores strategies for discovering opportunities, evaluating practical potential, developing a business plan and obtaining financing
- Builds critical business skills, including accounting, finance, statistics and economics
Beyond preparing graduates who have an entrepreneurial spirit, the program also equips graduates for careers as business managers, consultants and analysts. An advanced business degree can equip entrepreneurs with the knowledge to build and sustain startup businesses in the modern world.
Learn more about Southeastern Oklahoma State University’s online Bachelor of Business Administration in General Business program.