But, like most stereotypes, the portrait is misleading. Many people, for instance, would be surprised to learn that there's currently a boom among older entrepreneurs. In the study "The Coming Entrepreneurship Boom," the Ewing Marion Kauffman Foundation reports that from 1996 to 2007, Americans between the ages 55 and 64 had a significantly higher rate of entrepreneurial activity than those ages 20 to 34.
They may share many attributes with their younger colleagues, but the challenges and opportunities faced by older entrepreneurs are decidedly different, and it's critical they know what those differences are and how to approach them.
The value of experience
First on the list is risk. Although starting a business at any age carries an element of uncertainty, older entrepreneurs need to be particularly aware of the amount of risk they can comfortably shoulder. If nothing else, should things go south, they have less time to recover than do younger entrepreneurs.
