First year college students in 1984 might have thought that they'd like to own their own business, but I suspect that once senior year rolled around, they realized "oh crap, this is really hard" and gave up on the idea. The reality of "we need millions in investments and loans to build our widget and hire staff and stuff" hit, and they bailed.

By contrast, in today's world, the cost to entry is lower for most entrepreneurs in most fields, a higher proportion of people who would like to own businesses can actually follow through on giving it a shot. It's easier to prototype things, and it's easier to be a part-time entrepreneur, and the entry costs are measured in thousands, not millions.