A friend of mine was once so inspired by his own start-up concept that he pulled out his phone, checked the availability of his preferred URL, and registered the domain name on the spot.
我有一個(gè)朋友，有一次他被自己的創(chuàng)業(yè)靈感驚艷到了，當(dāng)即就拿出手機(jī)看了一下那個(gè)域名可不可用，然后馬上就注冊(cè)掉了。

Similar scenes play out at lots of business schools. The majority of MBA students range in age from the mid-20s to the 30s; with all the discussion of start-ups and new businesses, it would seem that they’re living the Millennial dream of entrepreneurship.
類似的場(chǎng)景在很多商學(xué)院也在發(fā)生。MBA學(xué)生的大部分都是20到30幾歲；看著他們討論那些創(chuàng)業(yè)和新業(yè)態(tài)的時(shí)候，感覺他們似乎都實(shí)現(xiàn)了千禧一代的創(chuàng)業(yè)夢(mèng)。

But it seems more often than not these days, the start-up ideas fail to take off.
不過，現(xiàn)在這些日子，創(chuàng)業(yè)的想法卻經(jīng)常是要胎死腹中的。

When I check on my peers’ start-up proposals after a few weeks, I often find that their ideas have been abandoned, and that my classmates are focused on their steady corporate jobs.
每當(dāng)我過幾個(gè)星期再去看同行們的創(chuàng)業(yè)項(xiàng)目，我通常都發(fā)現(xiàn)這些想法被放棄了。我的這些同學(xué)們還是選擇了專注于他們?cè)谄髽I(yè)里的穩(wěn)定工作。

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Research suggests entrepreneurial activity has declined among Millennials. The share of people under 30 who own a business has fallen to almost a quarter-century low, according to a 2015 Wall Street Journal analysis of Federal Reserve data.
研究發(fā)現(xiàn)，千禧一代的創(chuàng)業(yè)行為正在越來越少。根據(jù)《華爾街日?qǐng)?bào)》2015年一篇有關(guān)美聯(lián)儲(chǔ)數(shù)據(jù)的分析，30歲以下的人中擁有自己生意的比例已經(jīng)下降到25年來最低。

A survey of 1,200 Millennials conducted in 2016 by the Economic Innovation Group found that more Millennials believed they could have a successful career by staying at one company and attempting to climb the ladder than by founding a new one.
經(jīng)濟(jì)創(chuàng)新組織在2016年開展了一項(xiàng)覆蓋1200名千禧一代的調(diào)查，他們發(fā)現(xiàn)千禧一代中現(xiàn)在有更多的人相信自己可以靠在公司上班、向上爬職場(chǎng)階梯來獲得一份成功的事業(yè)，而不必去另謀生路。

Two years ago, EIG's president and co-founder, John Lettieri, testified before the U.S. Senate, “Millennials are on track to be the least entrepreneurial generation in recent history.”
兩年前，EIG的總裁兼聯(lián)合創(chuàng)始人 John Lettieri 在美國參議院面前出庭作證說：“千禧一代正在成為近段歷史中最沒有創(chuàng)業(yè)精神的一代?！?/span>

Some of the reasons have been well-documented.
這背后的很多論證都證據(jù)充分。

The romantic view of entrepreneurship involves angel investors and venture capital funds, but in fact, the ordinary entrepreneur is more likely to fund a start-up using personal savings—something underemployed Millennials simply could not build as they entered the workforce during or in the immediate wake of the Great Recession.
在對(duì)創(chuàng)業(yè)的浪漫化想象中，總是有天使投資人和風(fēng)投基金的戲碼。但實(shí)際上，一般的創(chuàng)業(yè)者更有可能需要靠自己的積蓄來資助自己的創(chuàng)業(yè)項(xiàng)目——而這對(duì)那些就業(yè)率低下、在經(jīng)濟(jì)大衰退前奏中走入職場(chǎng)的千禧一代來說，是負(fù)擔(dān)不起的。

Funding from friends and family is the next most common source, but this personal network could not help much during the most recent economic downturn, when so much home equity was underwater. Student debt worsened the underlying economic problems.
其次常見的資金來源，是朋友和家人。但在最近這樣的經(jīng)濟(jì)下行情況下，這樣的個(gè)人關(guān)系網(wǎng)也幫不上太大的忙，畢竟現(xiàn)在很多房屋資產(chǎn)都自身難保。而學(xué)生的債務(wù)則讓這些經(jīng)濟(jì)問題變得更嚴(yán)重了。

According to a report by the Federal Reserve Bank of New York, between 2004 and 2014, the number of student borrowers rose by 89 percent.
根據(jù)紐約聯(lián)儲(chǔ)銀行的一份報(bào)道，從2004年到2014年，學(xué)生借款人的人數(shù)上升了89%。

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Lately, though, it seems that even those who might typically have access to other forms of funding, like venture capital, are having a hard time getting investors’ attention.
而最近，似乎就連那些有條件獲取其他融資渠道的人也很難引起投資人的注意。

As Matt Krisiloff, a former director at the Y Combinator start-up accelerator in Silicon Valley said, “Start-ups are a lot less cool than they used to be.”
正如硅谷創(chuàng)業(yè)孵化器YC的前總監(jiān) Matt Krisiloff所說的：“創(chuàng)業(yè)公司已經(jīng)遠(yuǎn)沒有以前那么酷了?！?/span>

Michael Sadler, an e conomist at the University of Texas, is concerned about the rising concentration of start-up investment in just a few super-performing regions such as Austin, New York, and Silicon Valley.
德克薩斯大學(xué)的經(jīng)濟(jì)學(xué)家 Michael Sadler 則在擔(dān)心創(chuàng)業(yè)公司扎堆的問題，現(xiàn)在越來越多的創(chuàng)業(yè)投資都集中到了奧斯汀、紐約和硅谷這種業(yè)績(jī)超群的地區(qū)。

As with American politics, it appears the geography of U.S. venture capital and economic growth has become increasingly polarized.
就像美國的政治一樣，美國風(fēng)投的版圖和經(jīng)濟(jì)增長似乎也越來越兩極化了。

There’s more competition from abroad, too.
而國外的競(jìng)爭(zhēng)也變多了。

Chinese venture capital and private-equity firms—and the entrepreneurs they invest in—are challenging America’s historic tech dominance.
中國的風(fēng)投機(jī)構(gòu)和私募公司以及他們投資的那些企業(yè)家，都在挑戰(zhàn)著美國一貫的科技領(lǐng)先地位。

In the past, this kind of investing tended to involve American funders and American companies.
在過去，這一類的投資通常都是美國投資者和美國公司的事。

But last year, Asian investors put nearly the same amount into tech start-ups as their U.S. counterparts, according to the Wall Street Journal, with most Chinese-led investments going into the country’s own firms.
但是根據(jù)《華爾街日?qǐng)?bào)》的報(bào)道，去年亞洲投資者投進(jìn)科技創(chuàng)業(yè)公司的錢和他們的美國同行一樣多，里面很多是中國的錢投資進(jìn)了中國自己的公司。

Of the top five global VC deals in 2017, three were Chinese companies: Didi (a ride-sharing app), Meituan-Dianping (an e-commerce platform), and Toutiao (a news feed reader).
2017年全球最大的5筆風(fēng)險(xiǎn)投資交易中，有3家都是投的中國公司：滴滴（共享出行app）、美團(tuán)點(diǎn)評(píng)（電商平臺(tái)）以及頭條（新聞資訊閱讀器）。

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Meanwhile, in the United States, products and services are increasingly being created on top of existing platforms like Apple’s iOS or Google’s Android platform.
而與此同時(shí)，在美國，產(chǎn)品和服務(wù)卻越來越多地是出現(xiàn)在既有平臺(tái)上，比如蘋果的iOS和谷歌的安卓平臺(tái)。

While a mobile app can make for a decent side hustle to a regular corporate job, it won’t turn into the next Apple or Google, and American investors know that.
雖然，當(dāng)你有一份常規(guī)的企業(yè)工作時(shí)，做一個(gè)手機(jī)app可以是個(gè)不錯(cuò)的副業(yè)，但它是不會(huì)成為下一個(gè)蘋果或谷歌的，而美國的投資者們都清楚這一點(diǎn)。

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翻譯：能貓