(ARA) – Who says there’s an age limit on the question “What do I want to be?” According to a recent study, a large number of small business owners weren’t bit by the entrepreneurship bug until later in life.
Nearly one-third of respondents to Ace Hardware’s Entrepreneurship Study made the decision to become self-employed during their post-college career lives — a time when many of their peers were immersing themselves in their chosen professions.
“I don’t think it comes as much of a surprise that small business owners decide to become their own boss later in life when you consider the benefits of financial accumulation coupled with the managerial and business insight they develop,” says John Venhuizen, vice president of business development for Ace Hardware Corporation.
Additionally, an overwhelming 75 percent of study respondents said that they used personal savings to finance start-up costs for their businesses, a move that’s not always possible for young people just gaining independence from their families, or striving to pay off student loans.
Of course, some individuals don’t discover their entrepreneurial ambitions until after retirement age — a situation that’s becoming more and more common as baby boomers decide they want to remain in the workforce, although not necessarily in the same job or industry.