The best age to start your own business: study

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

In this article, we present abstracts from research reports on startups and the age of startups, that is, the founders of their business. Follow the link to this article for the full version.

Northwestern University Kellogg School of Management Study

According to a 2018 study, of the 2.7 million founders of companies, the best entrepreneurs tend to be middle-aged. The average founder age was 45.

Kellogg's research tends to debunk the common myth that the most successful entrepreneurs are younger when they start their companies.

Kaufman Foundation Study

Data from a 2020 Kauffman Foundation study of 5,000 startups show that firms that survived four years later had a primary owner over 45.

There are exceptions, such as Steve Jobs (started Apple at 20) and Mark Zuckerberg, who launched Facebook as a college student. Butstudies overwhelmingly show that such successes are clearly an anomaly.

Herbalife Nutrition Study

Herbalife survey shows technology literacy matters.

One of the strengths of young entrepreneurs, according to research, is their technical intelligence.

• 6 out of 10 (61 percent) respondents said they are better at adapting to new technologies than other generations;
• 43% said they were more likely to have fresh, unexplored ideas;
• 29% of those wanting to start a business said they were less afraid of failure than other generations.

According to John De Simon, president of Herbalife Nutrition, young millennials - those born between 1981 and 1997 (age range 24 to 40) - are starting to buck this age trend in terms of business ownership.

A recent survey of over 25,000 people aged 18 to 40 in 35 countries, commissioned by Herbalife and conducted by OnePoll, produced what De Simon called "unexpected results": 51% of respondents interested in starting their own affairs, fear that they will not be taken seriously because of their age. But they also view their youth as a positive factor.

The survey showed that young respondents are less likely to support a family or receive mortgage payments. “This allows more entrepreneurial and exploratory approaches to be their own master,” added De Simon.

This desire was the maina motivating factor reported by respondents who wanted to pursue an entrepreneurial career and then be able to follow their passion. And that passion is important, as we've found with our independent distributors who have started food businesses.”

Success Factors by Trudy Rankin (West Island Digital)

Trudy Rankin, director of West Island Digital and founder of Online Business Lift-Off (both companies based in Australia) outlined the four keys to a successful business start.

• Willingness to help people solve problems,
• Successful startup owners need real persistence,
• A learning mindset accompanied by a willingness to try things, learn from things that didn't work, "Too often we call it 'failure' when we really should call it 'research'," she said.
• Build on your life experience to solve complex problems so that others can solve their problems with your help and guidance.

Rankin has worked with hundreds of people in the Online Business Lift-Off program, teaching people over 50 how to start their own online business.

James Crawford, co-founder of DealDrop, says building a business is a lot harder than a young entrepreneur might think. “Young people really have great ideas. There is no doubt about it. They keep their finger on the pulse and are ideal for discovering new trends and fashion. Even the most basic education systems now prepare them for life,technology-related,” he told the E-Commerce Times.