10.2. VENTURING OUT ON THEIR OWN

Reagan Pollack didn't feel that he needed the leadership grooming of a consulting position, or any other corporate job for that matter. Before he even started filling out college application forms, he knew he was destined to pursue a career "off the corporate beaten track." After all, entrepreneurship was considered "a family gene" dating back to his great-grandfather, and his father had always advised him, "Do what you love, and the money will follow."

But what exactly would he love to do? An acoustic and electric guitar player, Pollack considered a musical career but decided he would probably end up being just another failed artist. There was also his family's party balloon business to consider, but he really wanted a passion of his own. So he enrolled at Babson College in Wellesley, Massachusetts, a hotbed of programs for budding entrepreneurs, and before long he had his "aha" moment. He believed he could give a boost to the careers of musical performers by launching an online service called WorldMusicLink that connects music industry professionals and artists.

"For my parent's generation, corporations had a certain standing, and it was an achievement to get a job with them," Pollack says. "But we millennials aren't focused on one company and its values. We want to create new value through our new ventures. My vision is a marketplace that bridges the fragmented pieces of the music industry so professionals can connect with each other and prosper. One of my goals is to eliminate the struggling musical artist."

Pollack and many other millennials are rejecting corporate life to follow their dreams. Entrepreneurship may in fact prove to be the perfect career path for the millennials who don't want to end up as "corporate slaves" and are willing to take risks to marry their talents with their passions. By starting their own businesses, they can immediately do something personally meaningful rather than wait for a company to give them that chance. They say they want to succeed or fail based on the merits of their endeavors, not the whims of a corporate boss.

To be sure, entrepreneurs must put in long hours and sacrifice much of their personal life. But they can try to blend their personal and professional lives, especially if they run their businesses from their homes.

"I have some friends at big public companies," Pollack says, "and I give them one to two years at most. The reputations of the companies bring them in the door, but they soon feel disconnected and like they're just a spoke in the wheel."

Because of students like Pollack, many business schools have expanded their menu of entrepreneurship courses. The Wharton School at the University of Pennsylvania has added eight entrepreneurship classes to its curriculum in recent years, and 40% of its M.B.A. students now take an introductory entrepreneurship course, up from 27% in 2001.

"Students find entrepreneurship empowering," says James Wheeler, executive director of the Center for Entrepreneurial Studies at the University of Oklahoma. "They understand and embrace the sacrifices because they want to take the road less traveled. They want to impact their town, state, country, and world in a positive way, and the best way to do that is entrepreneurship." The number of undergraduate and graduate majors in entrepreneurship at Oklahoma has surged 150% over the past three years, and the number of courses has tripled.

Entrepreneurship enrollments should continue to swell. When the Ewing Marion Kauffman Foundation surveyed 8- to 21-year-olds, about 40% said they would like to start their own business, and another 37% were unsure but left open the possibility of becoming entrepreneurs. "It is gratifying to see that American youth aspire to not just take a job, but to make a job," says Dennis Cheek, vice president of education at the foundation.

Even the U.S. Army has recognized the entrepreneurship trend. To attract millennials, it is testing a program that offers as much as $40,000 in seed money for a start-up after new recruits have completed their military service. More than half of the young adults the Army surveyed said they would like to own their own businesses, but 79% expected lack of capital to be a major impediment.

Some millennials find that parents will provide a financial safety net to help them get their businesses off the ground. And if the start-up fails, millennials know they're welcome back home. Pollack, for example, has been fortunate to receive steady support from his family. His mother and sister serve on World-MusicLink's board of directors, and Pollack splits his time between his parents' home in Pebble Beach, California, and his girlfriend's place in Carmel.

Because so many resources are available through college entrepreneurship programs, consultants, mentors, and government small-business programs, Pollack believes that millennials are finding it easier than ever to start their own ventures. "This has to be one of the smoothest times in history to take a risk and create your own company," he says. "There's so much advice and information out there to demystify the art of the start-up."

The Internet and other technological advances also are helping some entrepreneurs get established. Jonathan Soares, founder of Q Products Inc., has used social networking sites and mass e-mailings to help whet consumers' appetite for his gourmet barbecue sauces. The entrepreneurial bug bit Soares early in life when he started his first business selling candy in middle school. He knew he wanted to be in charge and steer clear of the bureaucracy, cutthroat atmosphere, and unethical behavior he saw at too many corporations. So while attending Western Connecticut State University, he launched his line of honey, spicy Cajun, and hickory teriyaki sauces.

"Technology has created so many opportunities to start a successful business and think outside the box," Soares says. "The Internet lets me create buzz when my sauces go into a new market or when I have promotional events at bars, clubs, and supermarkets. It's great for word-of-mouth marketing." His MySpace page also has proven effective in his "personal branding strategy" of developing his "Jonny Q persona." By adding new "friends" on the social networking site, he says, "I hope to create an emotional connection with people and establish a personal brand for my barbecue sauces like Dave Thomas did with Wendy's and Orville Redenbacher did with popcorn."

Some millennials plan to work initially for a major company before going it alone. WillWright, who is studying for both an M.B.A. and a master's degree in public health at the University of California at Berkeley, envisions eventually starting his own insurance company to help provide coverage to the millions of uninsured Americans. "It doesn't work for me to give back to the community simply by painting a house or picking up garbage," he says. "But this insurance company could be something big that would reduce the amount the country spends on health care, differentiate doctors and hospitals based on their quality, and help individual members become healthier."

First, however, he is prepared to work in the health care practice of a big consulting firm or even for an established insurance company. "I'm realizing very quickly that starting an insurance company will be both difficult and risky," saysWright, who graduated from Harvard with a degree in biology. "I want to work first in high-level health care strategy to build my knowledge and credibility in the field. If I can establish my insurance company in about 10 years when I'm in my mid-30s, I'll be very pleased."