We’ve been discussing formation of a career compared to looking for a job. Career can include starting a business, too. Think you’re too old to start a business?
Here’s a startling conclusion from The Economist:
In a study of more than 500 American high-tech firms “there were twice as many successful founders over 50 as under 25, and twice as many over 60 as under 20.”
Our DD and her DH have done just that. After a number of adventures in their lives, including having three children, spending a year in Mexico, DH getting a PhD after working at JOB at a high-tech firm, then getting another high-tech JOB, the DH and our DD decided it was time to go into business for themselves.
They found a franchise business that suited them and have been hard at work for several months getting up and running. They both seem to like it and are expecting to break-even several months before the average franchisee does. Is that cool, or what?
We decided to check out The Economist article to verify our suspicion that the past-55 crowd was putting venture money into a startup, rather than starting up a new business themselves. We were wrong!
[Researchers found]… the highest rate of entrepreneurial activity among people aged between 55 and 64—and the lowest rate among the Google generation of 20- to 34-year-olds. The Kauffman Foundation’s most recent study of start-ups discovered that people aged 55 to 64 accounted for nearly 23% of new entrepreneurs in 2010, compared with under 15% in 1996.
The common wisdom, in this case probably correct, is that the best time to start a new business is during an economic downtime. We suppose the theory is that there’s no place to go but up.
So, let’s get going!