This is one part of an ongoing series on www.entpathways.com.
Our curricula, Entrepreneur Journey, focuses on teaching high school students how to become entrepreneurs. One part of the curricula is devoted to the traits of an entrepreneur. Whether they are embedded at birth or developed as a young adult, you will find entrepreneurs who have specific traits helping them succeed at what they do.
What are some traits entrepreneurs have in common?
There is a weak association with firstborn children and an inclination towards entrepreneurship – not enough to make the relationship pronounced, but firstborn children do tend to be more achievement-oriented and independent.
On the other hand, there is a strong association between entrepreneurial fathers and a child's inclination towards entrepreneurship. This could be due to the child growing up in a family where having a business as a career path is understood early in life.
Studies show parental support for independence, achievement, and responsibility is compatible with children pursuing entrepreneurship. Studies also show women in particular are more likely to become entrepreneurs when their parents are supportive, grow up in middle or upper-income families, or strongly identity with their fathers.
Think about the evidence from your life or observations you've made. Do they correlate with this research?
Education is a trait one acquires, and it impacts one's choices about entrepreneurship.
Research shows women entrepreneurs have more college education on average than male entrepreneurs. If you are on the inventing side of your company, you may need an engineering degree. Or you could simply be an entrepreneur who works with others in high-tech fields. An entrepreneur can have a graduate degree in computer science, or they could be a college dropout.
This shows education doesn't determine success in entrepreneurship, but the right kind of education can help you become a better entrepreneur.
The age of an entrepreneur is a very strong predictor of when a person makes a decision to launch a business. For men, 25-35 is the most common age period to become entrepreneurs. For women, 35-45 is the most common age period.
There is also a recent phenomenon of entrepreneurs over 50 launching start-ups. This is because many from the baby boomer generation are expressing interest in more independence and may have not been able to do so in their career path until now.
This means that, while there is a correlation between age and entrepreneurship, it is never too late to follow your passion.