The Clinton Herald, Clinton, Iowa

Community News Network

March 6, 2013

Think you're too old to start a new business? Think again.

The Mark Zuckerbergs of the world or the Yale students who secured a $15 million investment to further their website RapGenius.com made a lot of people believe that most of today’s successful startups are created by tech-savvy students in their 20s. In actuality, most successful businesses are started by entrepreneurs between the ages of 30 to 49, according to new research.

More mundane

Some might say these resarch findings will cause some who believe they're too old to start a business to put their fears away and actually start one.

According to the Kauffman Foundation and the Internet document company Legal Zoom, most of the startups in the United States that become successful aren’t those tech-based companies that have young and hip college students at the helm.

“Most of the successful startups are not the kind spawned in Silicon Valley," said the Director of Research and Policy at the Kauffman Foundation, Dane Stangler. “I don’t want to use the word mundane, but they’re run of the mill.”

Kauffman and Legal Zoom interviewed a total of 1,431 business owners and found that 57 percent of them started their businesses after their 20s and spent at least six years working in that industry before creating a startup.  

Additionally, 44 percent of the business owners started one company prior to the successful startup, and 52 percent created more than one business, researchers said.

Arguably the biggest reason why most successful startups are created by older people and not tech-savvy 20-somethings is because older entrepreneurs typically don’t have the same financial barriers that younger people do.

Seed money

Since older business owners tend to work in their industry for years and can save money, many of them don’t have to search for finances or ask their family members for seed money. The study showed only 20 percent  of business owners between the ages of 30 and 49 had to ask their families for money or had to get finances from a bank or home equity loan.

Text Only
Community News Network
  • 20140729-AMX-GIVHAN292.jpg Spanx stretches into new territory with jeans, but promised magic is elusive

    The Spanx empire of stomach-flattening, thigh-slimming, jiggle-reducing foundation garments has expanded to include what the brand promises is the mother of all body-shaping miracles: Spanx jeans.

    July 29, 2014 1 Photo

  • Medical marijuana opponents' most powerful argument is at odds with a mountain of research

    Opponents of marijuana legalization are rapidly losing the battle for hearts and minds. Simply put, the public understands that however you measure the consequences of marijuana use, the drug is significantly less harmful to users and society than tobacco or alcohol.

    July 29, 2014

  • linda-ronstadt.jpg Obama had crush on First Lady of Rock

    Linda Ronstadt remained composed as she walked up to claim her National Medal of Arts at a White House ceremony Monday afternoon.

    July 29, 2014 1 Photo

  • Can black women have it all?

    In a powerful new essay for the National Journal, my friend Michel Martin makes a compelling case for why we need to continue the having-it-all conversation.

    July 29, 2014

  • 'Rebel' mascot rising from the dead

    Students and alumni from a Richmond, Va.-area high school are seeking to revive the school's historic mascot, a Confederate soldier known as the "Rebel Man," spurring debate about the appropriateness of public school connections to the Civil War and its icons.

    July 28, 2014

  • 072214 Diamond Llama 1.jpg Llama on the loose corralled in Missouri town

    A llama on the lam cruised Main Street Tuesday before it mistook a resident’s fenced backyard for a place to grab a meal and freshen up.

    July 22, 2014 2 Photos

  • When your doctor commits suicide, things get complicated

    When they call for appointments, patients are told they can't see their doctor. Ever. The standard line: "We are sorry, but your doctor died suddenly."

    July 15, 2014

  • NWS-HB0713-HowardMartin-004.jpg Airman laid to rest back home in Indiana six decades after death

    The mystery of what happened to a military transport plane that disappeared in the fall of 1952 into an Alaskan glacier was solved two years ago when a helicopter crew spotted the wreckage. But it took another two years to retrieve the remains of Airman Howard Miller and 16 other servicemen passengers. Saturday, Miller was laid to rest in his hometown of Elwood, Ind., with full military honors. Hundreds turned out for the funeral and burial services.

    July 13, 2014 2 Photos

  • This is what happened when I drove my Mercedes to pick up food stamps

     I climbed the ladder quickly, free to work any hours in any location for any pay. I moved from market to market, always achieving a better title, a better salary. Succeeding.

    July 8, 2014

  • Nation's first soda tax could come to Berkeley

    The Berkeley City Council unanimously decided last week to put the 1-cent-per-ounce tax on the ballot this November. Approving the tax would mean a major defeat for the soda industry, which has spent millions to crush the effort nationwide.

    July 7, 2014

Front page
Clinton Herald Photos


Browse, buy and submit pictures with our photo site.

Poll

What are your plans for the weekend?

Enjoying the outdoors
Staying in out of the heat
Traveling
Other
     View Results
AP Video
Olympics 2014
Featured Comment
Featured Ads
Blue Zones Project
Parade
Magazine

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.