The advance billing of young adults referred to as "Generation X," individuals between the age of 19 and 31, is that they are lazy, pessimistic, drifting and disinterested in achievement.

However, if these generalizations are true, it’s difficult to explain why 80 percent of the approximately seven million people who are taking on the difficult challenge of starting their own business are between 18 and 34 years old.
According to a study by Paul Reynolds, a professor at Babson College in Boston, instead of supporting the more pessimistic description of the generation, the results tend to bolster a positive characterization of Generation X. The study estimated that nearly 10 percent of Americans between 25 and 34 are actively working on starting a business -- a rate nearly three times higher than that for any other age group.

"Generation Xers are proving to the world that they’ve been mislabeled," Robert Waltos, Director of Career Recruitment for Northwestern Mutual Life Insurance, said. "They’re making their mark in the work force, despite the many obstacles in front of them."

Beyond the "slacker" label, other challenges loom for Xers. For instance, how do the less than 44 million Xers fill the work force shoes of the 74 million Baby Boomers born during the ‘40s and ‘50s who still dominate the work place?

An advantage the Xers have over Boomers is that they are the first generation of the computer age. Their computer proficiency and the introduction of new technology may help solve the expected work force shortage. In fact, computer literacy combined with their independent streak may be the contributing factors that define the working future of the Xers.

While new technology does contribute to the "downsizing" of large corporations, it also creates new business opportunities for free-lancers and small business owners. This union of skills and ambition points to self-employment activities as a vehicle for Generation X to make an impact on the national workplace.
A 1995 Opinion Research Corporation poll found 54 percent of all those between 18 and 34 were very or extremely interested in starting their own business. Other research done by Roper Starch Worldwide indicates that 18 to 29 year olds included starting a business as part of the American dream more often than any other age group.
Observers of Generation X link its driving desire of individuals to control their own destiny to growing up as "latch-key" kids. It is theorized that with both parents working, the latch-key kids perceived a hurtful imbalance between career or working responsibilities and family needs. Therefore, their response is to strive for more control over their working destinies.

So where is X generation off to in the workplace?

According to Harvey Mackay, author of How to Swim with the Sharks without Being Eaten Alive, today’s college graduate will hold between 10 and 12 jobs before retirement age. In fact, the Journal of College Placement, estimates that 50 percent of all new college graduates will leave their first job within three years.
"Personal fulfillment and career challenges are often the driving forces for members of Generation X," Waltos said. "They’ll strive for success, but not at the expense of personal lives."

That is why starting your own business -- maker of products, provider of services -- or entering a career as an independent sales person is so appealing to Generation X. These entrepreneurial professions offer the freedom, challenges and potential financial rewards so many Xers have been seeking.