Florida A&M University
(BLACK PR WIRE/FAMU-TALLAHASSEE) "" With the downturn of the economy, it has become increasingly difficult for college graduates to gain and maintain financial stability. Graduates are constantly looking for work wherever they can find it, even if it means moving. According to the Florida State University Jim Moran Institute for Global Entrepreneurship, about 9.4% of college graduates are unemployed upon graduation. In recent years the pursuit of entrepreneurial businesses has become a popular source of revenue for recent college graduates. As a result of unemployment and a lack of available jobs, some college students resort to starting their own businesses. In many cases start-up business are not a main source of income, but they do provide financial stability.
Businesses such as, MeTaVa Inc., Concept Creative Group, and Artistic Confections were started by young professionals seeking to gain monetary constancy after college. Even larger companies such TIME magazine, Google and Facebook were started by college students. These businesses address a need that consumers desire to be fulfilled, therefore, making them popular.
According to the Small Business Development Center, in Florida alone small businesses have created 43,856 jobs adding $3.3 billion to the economic status of the state for over 35 years. In Georgia, small businesses added 1,697 jobs to the economy in 2010. Small businesses in New York have contributed approximately $4.8 billion to the economy and created about 161,226 jobs since 1984. These numbers show as a whole how entrepreneurial and start-up businesses contribute to economic growth. Money and possible job opportunities for friends and family are a couple aspects that drive students toward entrepreneurship.
Scholars, such as fourth year health care management student Brittany Brinson, have considered starting businesses. Brinson said, "School is so expensive and there is a lot of competition in the job market. I have the skill set to venture down the path of entrepreneurship I just have to do a little more research before I jump into it." Brinson, who is in her last year of college, is weighting her employment options post-graduation. Entrepreneurship has become an increasing larger option for students like her in today's economy.
Florida A&M University School of Business and Industry professor of entrepreneurship LaTanya White says, "Entrepreneurship is a driver of economic development and economic growth. There have been studies and there is data that demonstrates over 40 million jobs in the last 10 to 15 years have been created by entrepreneurs and small start-up businesses." White, a business owner herself, began building her company, Concept Creative Group, after finding her passion in life prior to graduating from college.
Many young entrepreneurs also contribute to the economy through charitable contributions and the establishment of non-profit organizations. College students tend to value giving back, therefore they build non-profits to further compliment their companies.