A recent article on MSNs Business on Main highlights the fact that even though all we hear about is the young tech savy entrepreneurs of today, older generations have a higher startup rate. In the study “The Coming Entrepreneurship Boom,” the Ewing Marion Kauffman Foundation reports that from 1996 to 2007, Americans between the ages 55 and 64 had a significantly higher rate of entrepreneurial activity than those ages 20 to 34.
- First on the list is risk. Although starting a business at any age carries an element of uncertainty, older entrepreneurs need to be particularly aware of the amount of risk they can comfortably shoulder. If nothing else, should things go south, they have less time to recover than do younger entrepreneurs.
- Older entrepreneurs focused on starting their own businesses also need to come to terms with the absence of traditional forms of support. While younger counterparts are accustomed to doing most things on their own right from the start.
- Technology needs in particular can be a double-edged sword. While business software and other products have made starting a business that much easier, older entrepreneurs need to be aware of their limitations.
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