The DOI matches its Crossref record; 33 of the 33 references it cites were found in a registry or an index.
Age and High-Growth Entrepreneurship
Open accessAbstract
Many observers, and many investors, believe that young people are especially likely to produce the most successful new firms. Integrating administrative data on firms, workers, and owners, we study start-ups systematically in the United States and find that successful entrepreneurs are middle-aged, not young. The mean age at founding for the 1-in-1,000 fastest growing new ventures is 45.0. The findings are similar when considering high-technology sectors, entrepreneurial hubs, and successful firm exits. Prior experience in the specific industry predicts much greater rates of entrepreneurial success. These findings strongly reject common hypotheses that emphasize youth as a key trait of successful entrepreneurs. (JEL G24, J14, L26, M13, O31)
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Cites
(2019) · AEA Papers and Proceedings · doi:10.1257/pandp.109.612 · Cited by 10,902
An estimated model of entrepreneurial choice under liquidity constraints
Evans, D. S., & Jovanovic, B. (1989) · Journal of Political Economy · doi:10.1086/261629 · Cited by 3,347
On the Size Distribution of Business Firms
Lucas, R. E. (1978) · The Bell Journal of Economics · doi:10.2307/3003596 · Cited by 3,236
Who Creates Jobs? Small versus Large versus Young
Haltiwanger, J., Jarmin, R. S., & Miranda, J. (2013) · Review of Economics and Statistics · doi:10.1162/rest_a_00288 · Cited by 1,936
Self-citationA General Equilibrium Entrepreneurial Theory of Firm Formation Based on Risk Aversion
Kihlstrom, R. E., & Laffont, J.-J. (1979) · Journal of Political Economy · doi:10.1086/260790 · Cited by 1,917
Liquidity Constraints, Household Wealth, and Entrepreneurship
Hurst, E., & Lusardi, A. (2004) · Journal of Political Economy · doi:10.1086/381478 · Cited by 1,296
Balanced Skills and Entrepreneurship
Lazear, E. P. (2004) · American Economic Review · doi:10.1257/0002828041301425 · Cited by 1,027
Sticking it Out: Entrepreneurial Survival and Liquidity Constraints
Holtz-Eakin, D., Joulfaian, D., & Rosen, H. (1993) · National Bureau of Economic Research · doi:10.3386/w4494 · Cited by 893
Sticking it Out: Entrepreneurial Survival and Liquidity Constraints
Holtz-Eakin, D., Joulfaian, D., & Rosen, H. S. (1994) · Journal of Political Economy · doi:10.1086/261921 · Cited by 882
Lazear, E. P. (2005) · Journal of Labor Economics · doi:10.1086/491605 · Cited by 857
Cited by
Hill, R., Yin, Y., Stein, C., Wang, X., Wang, D., & Jones, B. F. (2025) · Nature · doi:10.1038/s41586-025-09048-1 · Cited by 41
Self-citationThe Evaluation of Founder Failure and Success by Hiring Firms: A Field Experiment
Botelho, T. L., & Chang, M. (2023) · Organization Science · doi:10.1287/orsc.2022.1592 · Cited by 37
Metadata
- Authors
- Azoulay, P., Jones, B. F., Kim, J. D., & Miranda, J.
- Venue
- American Economic Review: Insights
- Publisher
- American Economic Association
- Published
- 2020-03-01
- Volume
- 2
- Issue
- 1
- Pages
- 65-82
- ISSN
- 2640-205X (ISSN-L)
- 2640-2068
- OpenAlex
- W2796034553
- Cited by
- 409
- References
- 33
- FWCI
- 52.25
- Type
- journal article
- Language
- en
- Open access
- bronze
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