Babson sponsored research finds increased demand for entrepreneurial training
WELLESLEY, Mass., Jan. 17, 2013 /PRNewswire-USNewswire/ -- The Global Entrepreneurship Monitor (GEM) 2012 Global Report estimates that nearly half of the world's entrepreneurs are between the ages of 25 and 44. The survey also reports that, in all geographic regions surveyed, 25-34 year olds showed the highest rates of entrepreneurial activity. "Although most of the entrepreneurs tend to fall into the early to mid-career age ranges, we see people participating in entrepreneurship at all ages," commented Donna Kelley, co-author of the report and Associate Professor of Entrepreneurship at Babson College. "Encouragingly, in every part of the world, youth are starting businesses as well as those in their late careers. Given this broad spectrum of participation, some economies may be well-served by looking more closely at certain age groups in order to determine how to encourage and support entrepreneurial activity. Whether it be educated youth in a society unable to find jobs to apply their skills, mid-career workers suddenly unemployed, retirees wanting or needing to continue earning income, or individuals of any age that recognize opportunities and have the desire to be entrepreneurs, people have particular strengths they can leverage at various points in their careers, but they are likely to need different training and resources to effectively engage in entrepreneurial pursuits." The Latin America/ Caribbean and sub-Saharan African regions tend toward older entrepreneurs, with one-third falling into the 45-64 age range. In Europe, on the other hand, the non-EU economies report, on average, that half of the entrepreneurs are between 18-34 years of age. China was also distinct in claiming a high proportion of young entrepreneurs, with 57 percent between 18 and 34 years of age. Unveiled today at the GEM Annual Meeting in Kuala Lumpur, Malaysia, this is the 14th annual survey of entrepreneurship worldwide and is the largest single study of its kind. The GEM Global report is authored by Siri Roland Xavier, Associate Professor, Deputy Dean and Program Director for Entrepreneurship, Bank Rakyat School of Business and Entrepreneurship, University Tun Abdul Razak in Kuala Lumpur, Malaysia; Donna Kelley, Associate Professor of Entrepreneurship, Babson College, Wellesley, MA, USA; Jacqui Kew, Senior Lecturer, College of Accounting, University of Cape Town (UCT), Cape Town, South Africa; Mike Herrington, Director, UCT Centre for Innovation and Entrepreneurship, Graduate School of Business, Cape Town, South Africa; and Arne Vorderwulbecke, Research Fellow and Doctoral Candidate, Institute of Economic and Cultural Geography, Leibniz Universitat, Germany.
In the late spring and early summer of 2012, more than 198,000 adults in 69 economies took part in the GEM survey. With the largest sample to date, this group of economies represented an estimated 74 percent of the world's population and 87 percent of the GDP.