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Older Entrepreneurs Are More Successful Than Younger Ones: Study

"Correcting people's negative stereotypes about older entrepreneurs, and encouraging people at later life stages to engage in entrepreneurship, is important"

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Older entrepreneurs have slightly higher satisfaction levels and greater financial success than younger entrepreneurs. Pixabay

Researchers have found that older entrepreneurs have slightly higher satisfaction levels and greater financial success than younger entrepreneurs.

Additionally, the study, published in the Journal of Business Venturing showed that age has a positive and significant effect on the success of female entrepreneurs.

“Our findings suggest women should not give up too readily, because their chance of success increases as they move to later life stages, and their perseverance ultimately tends to pay off,” said study researcher Hao Zhao from Rensselaer Polytechnic Institute in the US.

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“Correcting people’s negative stereotypes about older entrepreneurs, and encouraging people at later life stages to engage in entrepreneurship, is important,” Zhao added.

For the findings, the research team conducted a meta-analysis based on 102 independent samples and determined that the rate of success for people who launch a business in their 20s is the same as for those who become entrepreneurs in their 50s.

According to Zhao, this suggests that, while younger entrepreneurs are generally more adept at inventing new technology and making bold moves, their older counterparts have more wisdom, financial capital, and business connections.

Entrepreneur, Startup, Start-Up, Man, Planning
Researchers have found that older entrepreneurs have slightly higher satisfaction levels and greater financial success than younger entrepreneurs. Pixabay

They found that older entrepreneurs have slightly higher satisfaction levels and greater financial success than younger entrepreneurs. Their only disadvantage is slightly lower growth rates, an artifact of their companies tending to be larger in size. For those in their 30s and 40s, the prospects aren’t quite as good.

The researchers concluded that midlife is a challenging time to start a business. Child care and elder care obligations also require valuable time and financial resources, and entrepreneurs do not have parental leave or daycare benefits.

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“Although it is generally commendable to pursue one’s entrepreneurial aspiration, we suggest that early mid-life individuals carefully evaluate all of the resources at hand and take a realistic view of this career path before taking the leap,” said Zhao. (IANS)

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Reimagining Business Models for a Post-Pandemic World

The idea is suggested by a book named "It's Logical: Innovating Profitable Business Models"

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workplace bussiness
The disruption caused by the COVID-19 pandemic will cause a drastic reimagining of business models in going forward. Pixabay

The disruption caused by the COVID-19 pandemic will entail a drastic reimagining of business models in going forward says a new book on the subject that proposes frameworks with Design Thinking as the backbone for creating win-win situations.

“Today, more than ever, there is a strong need for re-imagining the way business needs to be conducted through deep empathy and exploring win-win situations for all stakeholders involved,” writes Kaustubh Dhargalkar, an entrepreneur-turned-academician, innovation evangelist and start-up mentor, in “It’s Logical: Innovating Profitable Business Models” published by Sage and which is available as an ebook on Amazon.

Bussiness
The book is available as an ebook on Amazon. Wikimedia Commons

To this end, the book proposes “frameworks (with Design Thinking as the backbone) for creating win-win situations to visualize sustainable business models in times to come, which should prove useful in the prevailing, unprecedented circumstances”.

Laced with multiple real life studies, the book advocates that innovation is not about flash in the pan ideas; it is driven by pure logic. It further explains how to map the ecosystem to understand synergies for creating innovative offerings.

In his foreword, Sudhakar Nadkarni (Founder, Industrial Design Centre at IIT-Bombay; Founder, Department of Design at IIT-Guwahati) writes: “It takes great effort and a long time to develop an innovative culture. Innovation, as is often said, does not fall from the heavens. It takes vision and a strong commitment to the objective.”

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Noting that he has “some reservations” about the “fashion” that innovation centres have become, Nadkarni says: One cannot innovate in the absence of an ecosystem that drives innovation. This book, supported by deep research and many case studies, shows that it is possible to come up with an innovative business model that does not stick to conventional paradigms.”

Drawing an analogy with cricket, Nadkarni says that creating a good business model involves “searching for gaps, angling the bat and caressing the ball in the desired direction. It requires a creative yet trained mind. This book tells you exactly how to spot those gaps in the field and train your creative muscle.” (IANS)

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How to Build the Ultimate Ecommerce App with Builder.ai’s Studio Store

Businesses all over the globe have gone digital during the Coronavirus pandemic

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ecommerce
The world of e-commerce is growing fast and businesses need to catch up. Pixabay

Not too long ago, NASDAQ predicted that by the year 2040, as much as 95% of shopping will be facilitated by ecommerce. Similarly, Shopify Plus estimates that by the year 2021, worldwide retail ecommerce sales will reach $4.9 trillion – a number that will now be amplified as a result of the recent events. The world of e-commerce is growing fast and businesses need to catch up.

For good or for bad, the COVID-19 pandemic and the subsequent lockdowns have left businesses little choice but to go digital. Gone are the days when goliaths like Walmart would build ecommerce apps just to indulge a handful of customers. Today, it is either go digital or go home.  So, for all businesses looking for an ecommerce mobile app builder, Studio Store could be an interesting option.

Launched recently by Builder.ai with the goal of helping businesses directly impacted by COVID-19, Studio Store is a new range of pre-packaged apps – beginning with e-commerce and delivery – designed to bring businesses online faster and at a fraction of the cost of building from scratch. With Studio Store, Builder.ai is furthering its mission to democratize the software market by offering pre-built software for a fraction of the price, giving more companies than ever the opportunity to use technology to grow their business.

online-ecommerce
Here’s how you can get an ecommerce website to flourish your website. Pixabay

So, if you’ve been wondering how to build an ecommerce app, then here are the key problems Studio Store solves with features that are most noteworthy:

  • Most apps take 6-9 months to develop, depending on the complexity. 

Unlike most ecommerce app builders, Studio Store ecommerce app by Builder.ai will serve the specific needs of businesses across e-commerce – such as flower shops, grocery stores and clothiers – and be delivered to customers in eight weeks.

  • Most app development journeys are complicated and take months of back and forth to just nail down basic feature sets. 

The Studio Store’s e-commerce app makes selling to an ever-mobile customer effortless, and retailers can showcase their goods with a scrollable carousel and offer a wide range of secure payment methods. The app includes features that will handle the soup to nuts of most e-commerce experiences.

  • For most ecommerce app builders, their job ends as soon as an app is handed over to the customer, with little to no customer service after. 

Studio Store by Builder.ai offers 3 months of free aftercare that keeps the app thriving and the cloud needed to run the app and scale the business.

  • App developers charge hefty down payments even before a project begins.

Studio Store is priced at a reasonable $500 per month and Builder.ai does not take any cut of sales or transaction fees (so you’ll only pay those charged directly by a payment gateway). Builder.ai only requires a one-month deposit at the beginning of the engagement.

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Studio Store is priced at a reasonable $500 per month and Builder.ai does not take any cut of sales or transaction fees. Pixabay

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  • With SaaS app builders, each customer gets complete ownership of their code.

The biggest drawback of SaaS applications is that the source code remains the same for all customers. In cases where new features are rolled out, they’re rolled out universally. But with Studio Store, the customer gets a copy of the code after 24 months.

All in all, if you are looking to build an ecommerce app online, then Builder.ai could be the best choice. You can check out the Studio Store for yourself by clicking here.

[Disclaimer: The article published above promotes links of commercial interests.]

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The Best Ways to Finance Buying a Car

Buying a car? Dont worry, we have a number of options for you to choose from

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Car showroom
Stop worring about savings while buying a car now. We bring to you various options to choose and decide from. Pixabay

So, you have set your sights on getting your own car. If you have saved enough, you can pay the entire amount at one go and not have to worry about anything. But the average person might not have that much money. If you too belong to that group, then you need not fret. Have a look at the various options that you have and decide for yourself.

1. Loan

Get a loan from a bank or any other finance company. If you have a good credit history, this option can turn out to be the cheapest. To get the best interest rate on your loan, you may need to look at different options. NowLoan can help you find the best lender.

Pros

  • You get the ownership right from the start
  • Formalities can be done online

Cons

  • Requires good credit history
  • It can affect your ability to borrow more
auto financing car
If you buy a car with the help of a loan then you get the ownership of the car from the start. Pixabay

2.Personal Contract Purchase

At the start, you pay a deposit. After that, you need to pay a monthly payment for a period of 2 to 4 years. Once the contract ends, you can pay a final amount of money and buy the car. Or, you can exchange the car for a new one and continue as usual. Or, you could simply not continue any further and return the car.

Pros

  • Greater choice after the end of the contract
  • Flexibility in terms of payment

Cons

  • You may have to pay extra for mileage higher than a certain limit
  • More tear and wear can result in higher charges

3.Personal Contract Hire/Lease

If you simply want to hire a car and not buy it, then this method can turn out to be cheaper. Under this process, you provide a deposit. You continue to pay monthly instalments until the end of the lease contract. Once the contract ends, you need to hand the car back.

beautiful car
You can hire a car if you want flexibility in terms of payment. Pixabay

Pros

  • Flexibility in terms of payment
  • Monthly payment includes servicing and maintenance costs

Cons

  • Deposit needed of 3 months payment
  • In the end, you have to give up the car

4. Hire purchase

In this payment option, you are hiring the car until you finish paying the whole amount. Once the last instalment is paid, the ownership of the car transforms to you. First, you need to pay a deposit of around 10% of the price. Then, you need to pay a monthly instalment for a certain period.

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Pros

  • No extra charges for wear and tear or mileage
  • Flexibility in duration

Cons

  • You will get ownership only after you have paid the final instalment
  • The monthly payment is higher than other option

Conclusion

Each of the options listed above has its advantages and disadvantages. You will need to look into the ones that are most suitable for your needs. Calculate the total cost by including the deposit and each monthly payment. Know about extra or hidden charges you may have to pay. You can get in touch with a trusted broker like NowLoan online to get the most suitable lender and easily get that dream car.

[Disclaimer: The article published above promotes links of commercial interests.]