People often wonder what’s the best time to start a business. When we think of entrepreneurs, we probably imagine those who have been in the workforce for many years, who have honed their craft, and chose to venture out independently.
But according to our recent survey of more than 25,000 people, age 18 to 40, across 35 countries, what we found was rather interesting. Millennials and Gen Zers worldwide think the optimum age to start a business is 28 years old.
The average global respondent believes that entrepreneurs should have at least five and a half years of experience before starting their own business.
This information may defy common small business owner stereotypes but make sense when you understand that millennials are different from previous generations and have the ingredients that make starting their own business an intelligent decision. Young entrepreneurs find technology literacy as a major advantage.
Here are the key findings of the survey:
- 61 percent of respondents said they’re better at adapting to new technology than other generations.
- 43 percent said they’re more likely to have fresh, unexplored ideas.
- 48 percent cited wanting to be their own boss as a reason for wanting to start a business.
- 31 percent saw entrepreneurship as an opportunity for a career change.
- 29 percent of those who want to open a business said they are less afraid to fail than other generations.
If working with entrepreneurs over the past 41 years has taught us anything, it’s that regardless of your age. The difference between success and failure is often good business fundamentals, the willingness to learn, adapt and work hard, and a passion for your work.
