The typical entrepreneur is often portrayed as someone who is young, innovative, and technologically savvy. But according to Wharton professor J. Daniel Kim, the reality looks different. A successful businessman is often a mature person. Kim’s research It appears that the average age of entrepreneurs who succeed in their startups is much higher than many assume, and is usually middle-aged.
KI was founded by John Markus Lervik similar When he was 47 years old. Another mature businessman is Pal caberdale, who founded a business based on his interest in boats. These examples show that age is not a barrier to success at work, but rather a potential advantage. They are not alone.
Statistics from SSP It shows that in 2020 there were 15,960 entrepreneurs in the age group of 45-66 years, which constitutes a large percentage of all new entrepreneurs. This confirms that a large proportion of new Norwegian companies are started by people in this age group.
It works best after the age of fifty
The J. Daniel Kim study and other studies show that people who start a company after the age of 50 have a much greater likelihood of success with a new product or service in the market.
In addition to a study published by the American Economic Association and republished in Forskning.no The average age of founders of the most successful companies was 45, even in high-tech sectors.
Furthermore, the researchers found that people over the age of 50 are three times more likely to bring new innovations to market, compared to the average in the study sample, and they also earn more money from their innovations.
We need to review to understand who is succeeding
Authors In an article in the Harvard Business Review, he asked an interesting question. But what about the most successful startups? Can companies created by young entrepreneurs be particularly successful?
Among the top 0.1% of startups based on growth in the first five years, we find that founders on average started their companies when they were 45 years old. In sum, these findings suggest that we need to revise our understanding of entrepreneurship and who succeeds. Clearly, older entrepreneurs bring with them a number of advantages, such as a depth of business understanding, experience, an established professional network, financial stability and flexibility that can only be developed over time.
By recognizing and using these strengths, Norway and other countries, by adapting their entrepreneurial tools, can create a more inclusive and diverse startup ecosystem, which in turn can drive innovation and economic growth in the transition to the digital economy. It is time to realize that successful entrepreneurs come from all ages and backgrounds.
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