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Business college graduates and students are increasingly disenchanted with career prospects as organizational employees. Fierce competition, cost-cutting pressures, and leveraged buyouts have resulted in corporate restructurings that have undermined such traditional values as employee loyalty, security, and ownership of results (Jackson and Vitberg 1987). Consequently, more and more students view the possibility of starting and operating their as a viable alternative to being employed by an established company (Duffy and Stevenson 1984). Recent survey support this view. A national survey by the Roper Organization revealed that 46 percent of college students consider a business of one's own an excellent way to get ahead (Karr 1988). Even more impressive were the results of a University of Pittsburgh survey of 1,000 M.B.A. students from top schools across the United States. When asked what their long-term career goal was, 44 percent responded that they wanted to become an independent In contrast, only 34 percent wished to become a high-ranking corporate executive (Sandholtz 1990). This desire for entrepreneurial careers is reflected in the growing number of universities that have added courses and programs in entrepreneourship to their curricula. Traditionally, most entrepreneurs began their careers by working for someone else. Over time, as organizational employment failed to satisfy their needs, they left to start their businesses (Brockhaus and Horowitz 1986). Today, however, many students already appear to view established organizations as unwilling or unable to satisfy their needs. This perspective may reflect a greater awareness of actual organizational life and rewards as well as a recognition that organizations have changed over the past decade. This view, it should be noted, does not mean that these school graduates will not enter the employ of established organizations. It does recognize, however, that such employment may be temporary, allowing the graduates to gain the experience and financial resources necessary to start their business. Clutterbuck and Devine (1985) support this intention by noting the self-confidence that entrepreneurs acquire from learning the basics of good management from their employers. REVIEW OF LITERATURE Work Values Considerable research has focused on the work values of college graduates. Results generally show that they desire work which provides a feeling of accomplishment, job security, and the opportunity to acquire knowledge and skills. However, they prefer to avoid work that could be characterized as routine or involving rules and procedures, and work that requires supervising others or taking risks (Bartol and Manhardt 1979; Brenner and Tomkiewicz 1979, 1982; Manhardt 1972). Although there is no clear evidence that graduates' work values have changed, it is likely that they have modified their perceptions concerning the extent to which established organizations can meet their needs. The burgeoning interest in entrepreneurship among students may reflect their increasing willingness to accept the uncertainties of ownership, since many of the benefits once associated with being an employee--such as job security and prestige--no longer are perceived to exist. As such, the graduates' choice between entrepreneurship or employment in an organization could be determined by their perceptions of the outcomes associated with each alternative--and how much they value or desire these outcomes. Although a graduate might perceive entrepreneuship as more attractive than working for an organization, perceived barriers--such as lack of money or the onset of family responsibilities--could intervene, and cause the graduate to become an employee rather than an entrepreneur. In fact, Greenhaus, Sugalski, and Crispin (1978) found that a person's intention to pursue employment with a particular type of organization was not only a function of the organization's attractiveness but also of the accessibility or feasibility of the choice. …
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