Carl Schramm, author of the book ‘Burn the Business Plan: What Great Entrepreneurs Really Do’, discusses why people over the age of 35 are more likely to succeed as entrepreneurs.
The most entrepreneurial group in America is not the millennial generation, Syracuse University professor Carl Schramm, author of “Burn the Business Plan,” said on “Mornings with Maria.”
Americans who are 35 or older are 50% more likely to start a business, according to data from the Bureau of Labor Statistics. Older entrepreneurs with more experience, have a much higher rate of success, Schramm said, adding that the average age of a person starting a business is 39
“If you look at the cohort from 40 to 50, the chances of success, that is, having a business 10 years later, are five times greater than if you started a business from 20-30,” he said.
Even so, it may be riskier to start a business later in life, but the prospect of having already accumulated assets and having less debt eases the process.
“By the time people are 39 they’ve actually settled student debt, which is an arresting function on starting a business,” Schramm added.
When it comes to his advice for millennial entrepreneurs, Schramm recommended waiting, consider acquiring a degree in engineering or technical areas and obtain a job at a large corporation.
“Most entrepreneurs are ambushed by the idea, the notion that you go out and look around for a business to start, you know, go look for an opportunity and I’ll start this business — that’s not how it happens,” he said. “Most people are ambushed. They are working at something and an idea comes to them and that’s what they think they are going to do.”