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Older entrepreneurs more successful than younger counterparts
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IANS | 08 Apr, 2020
Researchers have found that older entrepreneurs have slightly higher
satisfaction levels and greater financial success than younger
entrepreneurs.
Additionally, the study, published in the Journal
of Business Venturing showed that age has a positive and significant
effect on the success of female entrepreneurs.
"Our findings
suggest women should not give up too readily, because their chance of
success increases as they move to later life stages, and their
perseverance ultimately tends to pay off," said study researcher Hao
Zhao from Rensselaer Polytechnic Institute in the US.
"Correcting
people's negative stereotypes about older entrepreneurs, and
encouraging people at later life stages to engage in entrepreneurship,
is important," Zhao added.
For the findings, the research team
conducted a meta-analysis based on 102 independent samples and
determined that the rate of success for people who launch a business in
their 20s is the same as for those who become entrepreneurs in their
50s.
According to Zhao, this suggests that, while younger
entrepreneurs are generally more adept at inventing new technology and
making bold moves, their older counterparts have more wisdom, financial
capital, and business connections.
They found that older
entrepreneurs have slightly higher satisfaction levels and greater
financial success than younger entrepreneurs.
Their only disadvantage is slightly lower growth rates, an artifact of their companies tending to be larger in size.
For those in their 30s and 40s, the prospects aren't quite as good.
The
researchers concluded that midlife is a challenging time to start a
business. Child care and elder care obligations also require valuable
time and financial resources, and entrepreneurs do not have parental
leave or daycare benefits.
"Although it is generally commendable
to pursue one's entrepreneurial aspiration, we suggest that early
mid-life individuals carefully evaluate all of the resources at hand and
take a realistic view of this career path before taking the leap," said
Zhao.
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