Young entrepreneurs

by Russ Roberts on June 15, 2007

in Innovation

Tyler, writing in the New York Times, finds a silver lining in America’s mediocre education system and makes some interesting observations about teenagers and entrepreneurship:

The longstanding criticism of the American school system is that
even in the better schools, too many students just “get by” rather than
engage in a rigorous curriculum. This academic leniency is bad for many
average or subpar students, but it also allows some students to
flourish. Relatively loose family structures have similar effects;
American children are especially likely to be working on their own
projects, rather than being directed by parents and elders.

Compared
with those in other countries, American children play a much more
influential role in society and enjoy a remarkable degree of autonomy.
American fast food, with its fatty, sweet and bland tastes, is geared
toward children, as are many American movies and television shows.
Teenagers receive higher allowances, have greater access to credit
cards, and have more money to spend on culture, or, in some cases, to
spend on starting a business. American labor markets are flexible
enough to create a large number of jobs at the lower end of the wage
scale. Teenagers are more likely to acquire work experience, and they
are more likely to earn a small amount of capital for financing a
start-up enterprise.

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  • GeorgeNYC

    Below is a post I placed on Tyler Cowan's Website. Since you are picking up the ball here I wanted to again share my humble two-cents worth:




    I know this anecdotal evidence should make me hopeful and proud of our entrepreneurial system, however I am am somewhat cynical about this. I grew up in Ohio where the "dream" of every kid was to become a professional sports player. It was encouraged above all else in school, family, etc. However, guess what? The true odds of actually making money as a professional sports player are very small. Even when one factors in the "free" education on scholarships (which was squandered by quite a few of the recipients drinking and carousing their way through school only to drop out because their sports careers stalled.) This reverence of sports success was nothing more than "survivor bias" at its worst.


    I really want to share in your vision of all of these freedom loving youngsters tossing off the shackles of the past with creative vision and "creating" new companies. Sounds like the Internet boom only more permanent. Unfortunately I am reminded of the book "Conquest of Cool" by Thomas Frank which details how dull and boring "business" suddenly became all "counter-cultural" and exciting.


    While I admire Ben and certainly hope him nothing but the best. My question to you is how many Ben's are out there that fail? More importantly, how many Ben's are there out there that seize the possibility of becoming Ben and forsake the harder and presumably duller path of getting a good foundation. Is Ben a true role model or the lucky recipient of a lottery ticket? And I do not mean "lucky" in the sense of him receiving some good genes and talent, but rather "lucky" in these sense of starting the right business at the right time. Of course when it is successful it passes as "vision." When it fails...well I guess it is "experience? I believe the refrain is "better luck next time." I would humbly suggest that I would like to hear about the losers as well. Then maybe I could find some value.


    Sorry. I am sounding like an old Calvinist minister suggesting hard work and discipline. But I feel that everything in life is now dominated by celebritization. I guess that is what happens when all of our material goods are actually made by foreigners. The only thing left is entertainment.

  • I love your quote about "American children are especially likely to be working on their own projects, rather than being directed by parents and elders."


    This is exactly why Young Entrepreneurs of America (http://www.yeabiz.com) has been so successful. We have been able to identify dedicated, exceptional teenagers who have been motivated by entrepreneurs and help them start their first business. With the success that most of these teenagers have had in starting their own business, it is almost comical to think that many of them were considering applying for a minimum wage summer job.


    Read more about these amazing teenage entrepreneurs at http://www.blog.yeabiz.com or you can visit their individual profiles at http://www.yeabiz.com/students/student_entrepre...>

    Great post!

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