Slackers. Busters. Grungers. Today's twentysomethings and
early thirtysomethings have certainly had their share of
unflattering monikers to contend with--along with the dubious
distinction of being the generation to follow in the giant
footsteps of the baby boomers. To assess--and explain--the impact
of Generation X, author (and Xer) Meredith Bagby wrote Rational
Exuberance: The Influence of Generation X on the New American
Economy (Dutton). We spoke with Bagby, whose book will be
published next month.
Entrepreneur:Do you think Gen Xers can have as much
societal impact as the boomers that preceded us?
Meredith Bagby: In a way, we may have even more
impact--and I think that has a lot to do with the power afforded to
the individual through technology. Individually, we have so much
more ability to create businesses on our own. There are many
examples where [Xers] have been able to make a tremendous impact
with very little capital or manpower.
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Entrepreneur:As you point out in your book, Gen X is
considered to be the most entrepreneurial generation in history.
Why is this?
Bagby: We're people who came from divorced families,
[or] both our parents worked and we were left alone a lot. So we
had to fend for ourselves. That's part of it. Also, we saw our
parents get downsized [out of jobs]. We don't trust
corporations to give us a pension or to be there for us.
Entrepreneur:You also contend that, for Xers, work is
a lifestyle. Can you explain that?
Bagby: There's sort of a blurring between work and
home now because a lot of us are entrepreneurs or have flexible
jobs that allow us to [telecommute]. I'm constantly amazed that
the slacker image is still maintained, because if you look at the
statistics, we are working a lot more hours than our parents did at
our age.
Entrepreneur:As you say, the slacker image and other
negative stereotypes have gotten a lot of play in the media.
What--if anything--do you think the media have gotten
right?
Bagby: We got really horrible press until about 1995,
when they started doing articles on how this was the most
entrepreneurial generation ever. That, I think, was right on. And
to some extent, they got it right when they said we were apathetic
about politics. As we get older and start to see how politics
affects us, we're going to care more.
Entrepreneur:What do you see as the strengths and
weaknesses of Gen X entrepreneurs?
Bagby: One strength is our knowledge of technology.
Another strength is our independence--and our willingness to take
risks. In terms of weaknesses, I think we sometimes find it hard to
be team players.
Entrepreneur:Do you have a sense of what the legacy
of Gen X will be--particularly in the business world?
Bagby: In general, I think the legacy will be one of
individualism and entrepreneurship--both in government and
business.
Entrepreneur:How do you distinguish Gen X from the
generation coming up?
Bagby: Whether we like it or not, we're sort of a
transitional generation. We grew up with computers, but we still
grew up in a traditional world. What's interesting about
Generation Y is they not only have computers but they also have the
Internet. And those who've been really immersed in that
technology have a completely different way of thinking--it's
more chaotic and random.