THIS Industry Has the Youngest Entrepreneurs & Business Owners [Study]

A 2018 Harvard Business Review report revealed that the most successful entrepreneurs start their venture at the age of 45. This has shortened by 11 years to 34 years old, according a new book published last year. 

But, what’s the median age of entrepreneurs, and which industries have the youngest business founders?

The financial experts at money.co.uk investigated company and business owner data from Companies House to reveal the median age of start-up owners across 21 sectors, as well as by country.

Industries with the Youngest Business Owners 

According to money.co.uk's business statistics report, the retail and repair industry has the youngest owners, aged 34 years old at the time of founding.

Hastened by the pandemic, the retail industry has accelerated its digitalization, with Gen Z entrepreneurs infiltrating the sector. Therefore, the percentage of owners in their 20s is still 1.35% higher than those in their 30s.

Transportation and storage comes next, with the second youngest entrepreneurs (35 years and 6 months old). At eight months older, the median age of business owners in the arts, entertainment and recreation sector stands at 36 years and 2 months.

Founders of the other service activities sectors (ie. dry cleaning, hair dressing etc.) have a median age of 37 years old during incorporation. This is two months younger than the information and communication industry (37 years and 2 months old), and five months younger than constructionowners (37 years and 5 months old).

* A custom sector defined using publishing, broadcasting, video, music and tv production divisions.

Median Age of Entrepreneurs in the UK, by Country

Data also reveals that millennials are leading the UK’s start-up scene, with the median age of founders across Britain ranging from 38 to 40 years old.

Aged 38 years and 2 months old,English entrepreneurs are the youngest, although only a month younger thanWelsh self-starters.

Scottish founders are aged 39 years and 5 months old while Northern Irish entrepreneurs are the oldest (40 years and 9 months old).

Salman Haqqi, personal finance expert in charge of the business statistics page, offered guidance to those who aspire to be young entrepreneurs：

“Many young professionals have dreamed of starting their own businesses, but not all get the ball rolling as they fear the unknown - and the daunting ‘myth’ which highlights a start-up failure rate of 90%. To set foot on your entrepreneurial journey, you will have to have a unique idea and be passionate about it. Oftentimes, inspiration could be found in things you already have a great passion for - what do you think is lacking in that field? Make it your mission to fill in that gap!

 

It’s also vital to study your market thoroughly and understand your target audience. Ask around to find out if it’s attractive enough for people to pay for it. And most importantly, don’t underestimate the costs of running a business (start-up fees, legal and insurance fees etc.) to avoid financial blunders. Keep in mind that a government-backed start-up loan worth between £500 and £25,000 is available.”