Entrepreneur Age Statistics

Posted by

Let's look at some entrepreneur age statistics. You are in luck since several studies show that seniors are the fastest growing segment of entrepreneurs. According to recent studies, 22 percent of men and 14 percent of women over 65 are self-employed. That's compared to just 7 percent for other age groups. According to a Vanderbilt University study the number of entrepreneurs age 45 to 64 were projected to grow by 15 million by 2006. That compares to a 4 million decline for entrepreneurs age 25 to 44. (I do not have any follow up data from that study). A 1998 survey of baby boomers conducted by the American Association of Retired Persons (AARP) revealed that 80 percent of respondents planned to work beyond retirement age, and 17 percent of those planned to launch new businesses. The study noted, "Self-employment among American workers increases with age, with the most dramatic jump occurring at age 65." Older entrepreneurs may also find starting a business easier than their younger counterparts because older entrepreneurs tend to have more experience to draw from and more assets with which to finance a business. Further evidence comes from a report released by Barclays Bank entitled Third Age Entrepreneurs - Profiting From Experience. The report shows that older entrepreneurs are responsible for 50 percent more business start-ups than 10 years ago. This amounts to around 60,000 business start-ups last year alone. The report further showed that only 27 percent run the business as the only source of household income, with 51 percent supplementing their pension. Other key findings showed that third age start-ups account for 15 percent of all new businesses, and third age entrepreneurs are three times more likely to be male than female. There is a downside. Many businesses fail within the first few years and older entrepreneurs may be less able to handle the financial loss than younger entrepreneurs. It's one thing to lose everything at 25, but it's a much bigger deal to be financially ruined at 65. With the question of entrepreneur age being answered in the positive, the time for the older entrepreneur is now! The concern about entrepreneur age should not slow you down. Side Bar: These studies cover brick and mortar businesses which generally require a relatively large investment, employees, a lease for an office or building. Online retirement jobs do not require this risk and the potential loss of funds in an online business is rather small. Copyright 2007 John Howe, Inc.

John V. W. Howe is an entrepreneur, author, inventor, patent holder, husband, father, and grandfather. He has worked with computers for over 44 years. He is an expert in website creation and web hosting. He has published nearly 60 articles on the Internet covering diverse topics. His website http://www.the-best-web-host.com helps people analyze their hosting needs and match those needs to the best web host. He also publishes http://www.boomer-ezine.com, an online magazine for Internet entrepreneurs.

Become a member to take advantage of more features, like commenting and voting.

  • Melissa Kennedy
    Melissa Kennedy
    Thanks for the comments and a big thank you to John Howe for sharing this information about becoming an entrepreneur. It's so nice to know that it's never too late!!
  • Andralyn
    This is exactly what I was looking for. Thanks for witring!
  • Irene
    Sounds great to me
  • Xannon
    Great post!
  • Sherry
    Glad I've finally found something I agree with!
  • Karsen
    Great common sense here. Wish I’d thought of that.
  • Geralyn
    Home run! Great slugging with that answer!
  • dris4
    interesting for everyone

Jobs to Watch