Friday, March 9, 2018

Older Entrepreneurs Do It Better

Carl Schramm, the former President of the Kaufmann Foundation wrote a great article in a recent Wall Street Journal titled, "Older Entrepreneurs Do It Better".

The article points out that, "According to data from the Bureau of Labor Statistics, American who are 35 or older are 50% more likely to start a business than their younger counterparts."

The article also points out the value of experience, knowledge, and networks.  "One reason for the prevalence of older entrepreneurs is that it takes some time for people to recognize that their destiny is to start a company.  Their inspiration comes not from college programs teaching them generic entrepreneurship skills but from what they've learned in previous jobs."

Mr. Schramm recommends a series of steps that can be taken to support mid and late career entrepreneurs, including re-tooling to college and university systems to make available training in emerging technologies and business practices.  Small business incubators "should be restyled from hip communal working spaces for young people to office arrangements more suited to midcareer entrepreneurs."

Entrepreneurship is growing rapidly among older citizens for a wide variety of reasons.  This can take the form of for-profits, nonprofits, and everything in between.

Look to your own experience, knowledge, and networks and see where they might lead you.

The article quoted is in the Feb. 8, 2019 Wall Street Journal.  Paid online access, or free in your library.

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