WHO SAYS YOUR TWENTIES ARE THE BEST YEARS OF YOUR LIFE? NEW RESEARCH SHOWS THAT WE REACH A SWEET SPOT OF CONFIDENCE BETWEEN 35-44.
If you think you're past your prime for launching a new business, research says otherwise.
According to the recently released Global Entrepreneurship Monitor's 2013 United States Report, the best time to become an entrepreneur is between 35-44.
The survey of 5,698 working-age adults found that at that age, we're hitting a sweet spot of confidence: We see ourselves as having more opportunities and more capable than during our twenties, while fearing failure less.
It's also when we're most likely to have a strong network of colleagues and connections past and present, who become invaluable resources when striking out on our own.
While these factors are true for both men and women--and one out of 10 women are running growth-oriented businesses, according to the report--women's opportunities at this age lag behind male entrepreneurs overall:
Gaps between women and men in entrepreneurship rates, intentions to start, and perceptions of opportunities are greatest at the 35–44-year-old age range. In that age group, men show peak levels with regard to entrepreneurship rates and opportunity perceptions, while women do not show an upswing in rates for those indicators. Female youth also show a much lower entrepreneurship rate compared to their male counterparts, despite expressing slightly higher opportunity perceptions than male youth.
That said, the percentage of female entrepreneurs growing their businesses is up from 31% in 2012 to 36% in 2013.
And if you're over 44, you're not left out: The U.S. has the highest rate of entrepreneurship among 55–64 year olds in the 25 developed economies that participated in the GEM 2013 survey, supported by increasing resources, and "positive attitudes," according to the report. There's never a wrong time to become an entrepreneur--except tomorrow.
Read the full report here, and check out more information in the infographic, created by Column Five, in partnership with Clarity.
[Photo: Flickr user Susan Sermoneta]
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