A report for the National Bureau of Economic Research on the average age of entrepreneurs in the US shows interesting data. A similar phenomenon occurs in Latin America.

By Georgy Llorens*

A survey developed by Pierre Azoulay, Ben Jones, Daniel Kim and Javier Miranda for the National Bureau of Economic Research, on the average age of entrepreneurs in the US shows data that seems to break down myths about the entrepreneurial ecosystem.

According to this study, the average age of entrepreneurs in the US, who created companies between 2007 and 2014, was 41.9 years old. The survey was developed using a sample of 2,658,000 cases. During the same period, the average age of those who work in Silicon Valley was 41.6 years old.

The most surprising piece of data is the average age of successful entrepreneurs in Silicon Valley: 47.2 years old.

Clearly, the young and successful entrepreneur is an idea not strongly correlated with reality.

As regards Latin America, the latest Global Entrepreneurship Monitor (GEM), shows that the largest share of entrepreneurs in the region is between 45 to 54 and 55 to 64 years old.

Expectations show that with an aging population, there will be an increase of senior entrepreneurs in the years to come.

There are pros and cons regarding the proper age for becoming an entrepreneur. During youth, entrepreneurs have little to risk when it comes to their finances, they have plenty of energy, and the motivation to work on their own project, regardless the economic outcome.  When the entrepreneur is older, he has more working experience, which is key to manage a business, a larger network, assets, and makes more strategical efforts.

In the case of older entrepreneurs, the cultural shock of going from employee to entrepreneur may become the first cause of frustration. However, once the adjustment period is over, entrepreneurs experience the freedom of not having the restrictions that the organization they used to work for had.

Generally, senior entrepreneurs make the decision to go on their own when balance is tore apart, when they lose their job and they must reinvent themselves in order to survive.

The best age to become an entrepreneur is when we find a business opportunity and think we are capable of making the most of it with our own project.

Becoming an entrepreneur is not only an option for cool young people. It is a natural path for those who combine a business opportunity, drive, knowledge, hard work and experience.

* PhD in Business Administration. Expert Competitive Intelligence and Strategy, writer, speaker, and academic. CEO of Intelexium Consulting.

Source: Entrepreneur