I think this is spot on. My parents came from nothing but through entrepreneurship became well-off. That said they would rather me join the military for 20 years then become an entrepreneur. Same with my peers throughout high school and college. Very few if any had ambition to venture into entrepreneurship.
Other possible factors: negative sentiment towards business, less hours available to focus on business because of social media and video games etc, higher barriers to entry(though the argument can be made for the opposite too)
