Entrepreneurship and the Age Factor
Is there any connection between entrepreneurship and the age factor?
There is a general perception in the public that only young people can be successful entrepreneurs. People think so due to the huge success of companies of founded by people in their twenties in the last three decades. Most of these impressively successful companies belong to the computer and the internet industry. On the other hand, many successful start-ups have been founded by elderly people in the recent years.
The entrepreneurship is not just a young person’s game. More specifically, the entrepreneurship has nothing to do with the age of a person. All that matters is the idea a person come up with. If a person has a good idea and that person works hard to make it realize, the chances are he or she will make it happen. According to a research study by Kauffman Foundation, 23% of entrepreneurs who launched companies in 2013 were between the ages of 55 and 64.
Back in 1996, the people between the ages of 55 and 64 founded just 14% start-ups. These facts suggest that if a person has a good idea and he or she is a middle aged or an old person, he or she must not get discourage by the general perception of the people. Moreover, Nesta Foundation in the UK reported in 2013 that 70% of companies founded by those over 50 were still in business after three years.
On the contrary, just 28% of companies founded by those less than 50 could successfully pass three years. From the above discussion, we can conclude that old or mature entrepreneurs are equally good at realizing their wildest dreams. A mature founder, in fact, has some advantages over a fresh graduate founder or a very young founder. Only the way an entrepreneur handles the state of affairs of his or her start-up matters. Things like age do not matter!