The goal of this essay is to evaluate whether the 20-year-old entrepreneur is a myth or reality. Therefore, findings of the research on the field of entrepreneurship considering the relationship between the entrepreneur’s age and the creation of new ventures are discussed.
In recent years the field of entrepreneurship has received increasing attention in both research and practice. Currently policy makers around the world promote entrepreneurship and new venture creation because entrepreneurial activity contributes to economic development by introducing innovations, generating employment and increasing productivity by increased competition. A large body of empirical research explores the personality characteristics, motivations and objectives of the entrepreneurial individual.
Researchers address questions like why entrepreneurs decide to create new ventures, what motivates them to take risks and what differentiates entrepreneurs from non-entrepreneurs. Nonetheless, there are still several myths and misconceptions that surround the field of entrepreneurship.
Inhaltsverzeichnis (Table of Contents)
- The 20-Year-Old Entrepreneur: Myth or Reality?
- Clarification of Terminology
- Age and New Venture Creation
- The Effects of Ageing on Entrepreneurial Behavior
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This essay aims to evaluate the common perception that 20-year-olds are the most successful entrepreneurs. It investigates whether this is a myth or a reality by examining research on the relationship between age and new venture creation.
- The definition of entrepreneurship
- Empirical evidence on the age of entrepreneurs
- The influence of age on entrepreneurial propensity
- Contrasting tendencies in the age-entrepreneurship relationship
- The role of accumulated resources in entrepreneurship
Zusammenfassung der Kapitel (Chapter Summaries)
The 20-Year-Old Entrepreneur: Myth or Reality?: This introductory section sets the stage by highlighting the growing interest in entrepreneurship and its contribution to economic development. It introduces the prevalent myth of the young, successful entrepreneur, exemplified by figures like Steve Jobs and Mark Zuckerberg, and poses the central question of whether this perception aligns with empirical evidence. The essay's objective is clearly stated: to determine if the image of the 20-year-old entrepreneur is a myth or reality.
Clarification of Terminology: This section clarifies the concept of entrepreneurship, drawing upon the work of Shane and Venkataraman (2000) and Casson (1982). It defines entrepreneurship as the process of discovering, evaluating, and exploiting opportunities to create new goods and services, emphasizing that it doesn't necessarily require the creation of a new venture. The definition expands the scope beyond the individual entrepreneur to include the study of opportunity sources, laying the groundwork for the subsequent analysis of age and entrepreneurial activity.
Age and New Venture Creation: This section presents empirical evidence from various studies, including Azoulay et al. (2018), the European Startup Monitor (ESM, 2016), and the German Startup Monitor, to challenge the prevailing myth. Data from the U.S., Europe, and Germany consistently shows that the average age of entrepreneurs is significantly higher than 20, typically falling in the mid-30s to mid-40s. The studies' methodologies and findings are discussed, emphasizing the discrepancies between popular belief and the actual age distribution of entrepreneurs.
The Effects of Ageing on Entrepreneurial Behavior: This section explores the complex relationship between age and entrepreneurial behavior, highlighting the contrasting perspectives and empirical findings. It discusses the reversed U-shaped relationship proposed by Lévesque and Minniti (2006), where entrepreneurial propensity increases with age until a certain point, then decreases. The discussion integrates explanations for this trend, focusing on the interplay between declining willingness due to increased opportunity costs of time and increasing opportunity due to accumulated resources, experience, and capital. The section also acknowledges the limitations of previous research and the need for further investigation into diverse age effects on different entrepreneur types.
Schlüsselwörter (Keywords)
Entrepreneurship, age, new venture creation, entrepreneurial propensity, opportunity cost, accumulated resources, empirical research, high-growth ventures, myth vs. reality, Silicon Valley entrepreneurs.
Frequently Asked Questions: A Deep Dive into the Age of Entrepreneurs
What is this text about?
This text is a comprehensive preview of an essay examining the common misconception that 20-year-olds are the most successful entrepreneurs. It explores the relationship between age and new venture creation, challenging the myth perpetuated by well-known young entrepreneurs like Steve Jobs and Mark Zuckerberg.
What are the main topics covered in the essay?
The essay covers several key areas: defining entrepreneurship, reviewing empirical evidence on the age of entrepreneurs, analyzing the influence of age on entrepreneurial propensity, examining contrasting trends in the age-entrepreneurship relationship, and considering the role of accumulated resources in entrepreneurial success. It also clarifies terminology and presents chapter summaries.
What is the essay's main argument or thesis?
The essay challenges the prevailing myth that 20-year-olds are the most successful entrepreneurs. It argues that empirical evidence suggests the average age of entrepreneurs is significantly higher, typically falling in the mid-30s to mid-40s.
What evidence does the essay use to support its argument?
The essay uses empirical data from various studies, including Azoulay et al. (2018), the European Startup Monitor (ESM, 2016), and the German Startup Monitor. These studies, covering data from the U.S., Europe, and Germany, consistently show that the average age of entrepreneurs is considerably older than 20.
How does the essay define entrepreneurship?
The essay defines entrepreneurship, drawing upon the work of Shane and Venkataraman (2000) and Casson (1982), as the process of discovering, evaluating, and exploiting opportunities to create new goods and services. This definition broadens the scope beyond simply creating a new venture.
What is the relationship between age and entrepreneurial behavior, according to the essay?
The essay discusses the complex relationship between age and entrepreneurial behavior, referencing the reversed U-shaped relationship proposed by Lévesque and Minniti (2006). This suggests that entrepreneurial propensity increases with age until a certain point, then decreases. This is explained by the interplay of declining willingness due to increased opportunity costs and increasing opportunities due to accumulated resources, experience, and capital.
What are the limitations of the research discussed in the essay?
The essay acknowledges limitations in previous research and highlights the need for further investigation into diverse age effects on different types of entrepreneurs.
What are the key takeaways from this essay preview?
The key takeaway is that the image of the young, successful entrepreneur, while captivating, is largely a myth. The average age of entrepreneurs is significantly higher than commonly perceived, influenced by a complex interplay of factors including accumulated resources, experience, and opportunity costs.
What keywords are associated with this essay?
Keywords include: Entrepreneurship, age, new venture creation, entrepreneurial propensity, opportunity cost, accumulated resources, empirical research, high-growth ventures, myth vs. reality, Silicon Valley entrepreneurs.
- Citar trabajo
- Anonym (Autor), 2019, The 20-Year-Old Entrepreneur: Myth or Reality?, Múnich, GRIN Verlag, https://www.grin.com/document/490748
