Entrepreneurs More Likely To Be Middle Age Than Young


The perception that entrepreneurs are most likely ambitious twenty-somethings is just that – perception, not reality.

Instead most startups are founded by middle-aged people who have families and are motivated by a desire to be rich.

A study conducted by the Ewing Marion Kauffman Foundation surveyed 549 founders of businesses in the technology, health-care, aerospace and defense industries.

More than 90 percent came from middle class or lower-class backgrounds and are well educated. More than 95 percent have bachelor’s degrees and nearly 50 percent have earned advanced degrees.

They also tend to be middle age – 40 years old on average – when they started their first company. Nearly 79 percent are married.

They study opens an interesting window into the composition of this somewhat mysterious class of company builders. Common wisdom holds that many entrepreneurs toil in their dorm rooms or struggle in a garage.

The study also found that building wealth is a primary motivation. Other motives for starting a company include: capitalizing on a business idea; the appeal of a startup culture; a desire to own a company; and the desire not to work for someone else.