I did this in 2008, an arguably equally bad economy as our current one, and created a business that was my sole income for a decade.
What I don't agree with is comparing decades as if they were seasons. The comparison just doesn't hold. Considering infinite growth and extrapolating markets from 1900 on until, say, 2100, a logical fallacy, is not equal to being a radical communist who is detached from reality, or do you think so?
The context here is graduates, so I might be in your camp when it comes to the verdict about entitlement.
I didn't start a business, but I worked hard for many years, many of them for an extremely modest salary.