Graphic Studies the Entrepreneurial Landscape Through the Lens of Business Owner Age
Ooma conducted a detailed analysis of the ages of small business owners across American metro areas, finding that while entrepreneurship defies age boundaries, it also reflects regional, cultural, and economic influences. The data is based on records collected from the 2023 Census Bureau, focused on metro areas with at least 2,5000 business owners. The results are charted on a map that suggests regional factors can influence these numbers. Read the full report
In the geographic patterns this map illustrates, we see that Utah generally has a high number of business owners. Logan, Ogden, St. George, Salt Lake City, and Provo-Orem-Lehi, Utah, all appear in the top seven locations for the youngest business owners. This could be thanks to Utah’s high birth rates and blossoming population, as well as the support of a culture that promotes family and community values. Educational access, community support, and low cost of living all appear to support the presence of younger business owners.
According to the team’s data, the majority of entrepreneurs are in their late 40s to early 50s, which is quite different from the common portrayal of an entrepreneur as a young tech startup founder. While these entrepreneurs exist, the data shows that older business owners are far more common. This could be because resource accumulation, network building, and valuable career experience build on each other and solidify in middle age.
We can see that in high-cost-of-living areas like Urban Honolulu, Hawaii, high living costs go hand in hand with older entrepreneurs who require more resources to sustain their businesses. The cost of living and doing business link holds true in areas that are less expensive. The Upper Midwest has a lower cost of living and a younger average age of entrepreneurship.
This graphic shows us that entrepreneurship has appeal across age groups, but at the same time, different factors like age and region affect how practical a path it is for different parts of the population.
