Connect with us

Business News

Average age of successful startup founders is 45 – stop stereotyping

(BUSINESS NEWS) Our culture glorifies yet condemns startup founders as rich 20-somethings in hoodies, but it turns out that *successful* startups are founded by a totally different type.

Published

on

startup founders average age is 45

There’s a common misconception that startups are riddled with semi-nerdy, 20-something white dudes who do nothing but sip Nitro Brews and walk around the open office showing off the hoodie they wore yesterday. It turns out that it’s extremely rare that startup offices resemble The Social Network.

However, the academic backdrop for the real social network story (AKA Harvard), produced statistics that will serve to put the aforementioned misconception to rest. According to the Harvard Business Review, the average age of people who founded the highest-growth startups is 45. Say what?! A full-fledged adult?!

In fact, aside from the age category of 60 and over, ages 29 and younger were the smallest group of founders that are responsible for heading the highest-growth startups. I guess you can accomplish a lot when you’re not riding around the office on a scooter all day.

The study also found that older entrepreneurs are more likely to succeed. The probability of extreme startup success rises with age, at least until the late 50s. It was found that work experience plays an important role.

Many will argue, “Well, what about someone like Steve Jobs?” You could easily argue right back that it took Jobs until the age of 52 to create Apple’s most profitable product – the iPhone.

The study continues to answer questions like, why do Venture Capitalist investors bet on young founders? This goes back to the misconception at the start, and there’s a notion that youth is the key for successful entrepreneurship. Wrong.

There is also the idea that younger entrepreneurs are likely working with less financial options, so it may be common for them to take something from a VC at a lower price. As a result, they could be viewed as more of a bargain than older founders.

“The next step for researchers is to explore what exactly explains the advantage of middle-aged founders,” writes Pierre Azoulay, et al. “For example, is it due to greater access to financial resources, deeper social networks, or certain forms of experience? In the meantime, it appears that advancing age is a powerful feature, not a bug, for starting the most successful firms.”

Taylor is a Staff Writer at The American Genius and has a bachelor's degree in communication studies from Illinois State University. She is currently pursuing freelance writing and hopes to one day write for film and television.

Business News

How companies are embracing the gig economy to fight employee burnout

(BUSINESS NEWS) The gig economy has had plenty of ups and downs, but employers are using it to advantage their teams and the gig workers. It’s a pretty interesting model we’re watching evolve…

Published

on

If you’re an employer of a lot of people, it’s no secret that there are a lot of moving parts involved in the day-to-day processes of keeping the business going. You’ve got full-time employees, people earning both salary and hourly wages, part-time workers, and more than likely have used a staffing agency over the years to fill in the blanks.

Depending on your experience, some managers love working with temp agencies, while others aren’t the biggest fans. Like toppings on a hot dog, it all comes down to personal preference.

But, there’s one segment of the market that’s roaring – the gig economy.

While on the surface, it might seem simple (someone comes in and does a job and leaves), it’s a little deeper than that. Depending on the industry, there needs to be a more nuanced approach to solving how staffing issues are handled.

When you think of the gig economy, you’re probably thinking of Uber or GrubHub, but a whole world has opened up – you can get your car fixed in your driveway or hire movers to come and take boxes away. There are a lot of apps out there putting money in people’s pockets thanks to taking on tasks like food delivery but also working on a crew for a day or being hospitality staff for a corporate gig.

Many people love the gig economy because honestly, the Internet has democratized our lives so much that millions of workers would rather be their own bosses, which honestly works to the advantage of businesses as well.

First, there’s less demand for the business because if they need a specific job taken care of, they can bring in some ringers to bang out the job, collect their pay, and move on. For companies, this helps because they’re only paying a one-time fee versus keeping someone on staff and paying them annually.

The boom right now is applications connecting workers with businesses who need help.

Instead of the consumer being the end-user, the applications connect a worker with a temporary or sometimes long-term employer with a click.

And the process is simple – workers are in just as much control as the companies. The price point is established by the company and the hours and people they need, but the worker can set their skill level and availability. So, when there’s a match, everyone wins.

While some of the companies offering access into the space, provide workers with gigs for whatever length of time, some of them are even doubling down on retention, offering W-2s and full insurance for staying in the worker community so employers have a larger pool to choose from.

This model works because it incentives both parties: the worker gets to work on their terms and still receive benefits, and the company gets the staff they need for project work without the HR/taxes/risk.

Listen: That W-2 aspect is enormous. The reason being is if you’ve ever had to deal with a 1099, they’re the worst. Taking away the burden of taxes is a significant win for the worker, especially those of us who still have trouble figuring out, “should I claim one or zero?”

Because this model addresses a major staffing problem, concerning short-term help, it’s still very focused on the worker.

The aspect of flexibility is built into the fabric of the concept, considering the labor pool is what matters – you can have a bunch of open jobs, but you need qualified and motivated people to fill those roles. While this is a gig-working scenario, it’s also unique in that there’s less focus on the person performing an idealized task like delivering food, but rather jumping on a team to solve a problem or finish a job.

Basically, they’ve digitized the temporary staffing model but cut all of the ugly overhead and worker quality issues out.

They’re taking a labor market and connecting it with a consumer via an app on the iPhone. But, the consumer isn’t someone who needs a ride to the airport, it’s a company who needs help staffing a Pearl Jam concert in a stadium.

With the market evolving pretty much on the hour these days, there’s a clear through line at play – we’re seeing more and more businesses adopt gig workers, if even for the day.

It’s easier to bring someone in as a temp to help clear projects or just get things finished the regular staff is too busy to handle. One of the biggest pluses of the model is that it helps avoid employee burnout.

For a place like a hotel, if there are a bunch of small jobs that keep piling up, it’s easier to spend the cash for a day or two worth of work rather than add to an already overworked staff’s load.

It’s a new world that’s evolving every day, but with every swipe, tab, and click, we see the workforce develop in ways we could have never imagined just a few short years ago. If the future of work is now, imagining five years from now is mind-blowing.

Continue Reading

Business News

How to work with someone who’s a never-ending stress mess

(OPINION EDITORIAL) Working with, or around, people who seem to always be carrying stress can be detrimental to your health and theirs, here’s how to deal with them.

Published

on

stress overworked

My baseline level of anxiety is pretty high. I get stressed out if I forget to pack a fork in my lunch even though there are utensils at the office. If someone is mean to me, I get on edge. If I make a small mistake I’m probably going to carry it with me for a few hours.

Others may not exhibit stress unless they’re up against a tight deadline or coming from a difficult meeting, but it seems like they’re always inclined towards stress regardless of their schedules. While many people exhibit stress in understandable, fleeting situations, for some stress is a default setting. It can be difficult to work with someone who’s always stressed out.

When someone is perpetually stressed, it takes a toll on everyone else too. That energy can be toxic and leave you wondering if you should be helping or if your colleague is intentionally being a Debbie Downer.

For starters, don’t make a judgement call about your coworker. Everyone handles stress at different levels, and for some people that means not really handling stress at all.

You may be able to breeze through your day with minor frustrations while others are thrown off by the smallest thing.

Holly Weeks, author of Failure to Communicate, notes “Don’t think what can I do to change this person?” Instead, she suggests considering how to neutralizes the situation and move forward.

If you want to offer the most basic form of help, acknowledge what’s going on and offer a compliment. Even if it doesn’t seem like much is going on, simply letting your stressed colleague feel heard and appreciated can make an impact.

Author of How to Have a Good Day, Caroline Webb, explains stressed people are “feeling out of control, incompetent, and disrespected. A compliment is your easy way to help them get back to their better self.” Make sure you’re not enabling them by dragging out the situation, though.

Acknowledge, offer some praise, and try to move with the conversation.

Although it’s not necessarily in your job description to fix your coworkers problems, you can still offer support. You may not actually be able to do anything, but offering assistance gives the other person a chance to think through solutions.

Webb also suggests brainstorming way to “reduce their cognitive load,” to ease what’s making your coworker feel overwhelmed.

Some simple solutions include splitting requests into smaller steps, shortening emails, or dividing work into parts.

Ultimately the job needs to get done, but you can provide your coworker with more manageable means of accomplishing tasks by breaking things into chunks.

You can also check in on your coworker to find out if you should be concerned, or if their stress limited to the work environment. If their stress is beyond what you can reasonably handle with these de-escalation tips, don’t hesitate to reach out to someone about further steps to take.

Check out our mental health series for some more insight if you’re concerned your coworker’s problem may be more than regular stress.

Just like some people are easily stressed, some easily pick up on the negative feelings of others. Be aware of how your coworker’s stress is affecting you. If someone is truly draining you, try to get some distance.

While that may be difficult in a small office, Weeks recommends keeping in mind that out of all the “office characters…the stress case’s temperament [is] less of a problem” than others.

Ultimately, it’s not your responsibility to destress your coworker, but you can certainly make your work life a little easier if you take these steps to make for healthier, happier collaboration.

Continue Reading

Business News

Company offers extra vacation days to nonsmoker employees

(BUSINESS NEWS) A Japanese marketing company offers extra vacation days for nonsmoker employees who don’t utilize smoke breaks – sound good to you?

Published

on

nonsmoker vacation days

Anyone who knows me will tell you that I’m a huge fan of “The Office” (I mean, who isn’t?) I spend a lot of time reflecting on the awesomeness of that show and the situations that characters go through at Dunder Mifflin.

One thing that always stuck with me was a scene where Kelly is talking about how she will take up smoking in order to get the 15 minute breaks throughout the day. This statement made me think about how odd it was that smokers got breaks throughout the day while nonsmokers stay inside, maybe taking a water cooler break.

Being from Chicago, I always thought the concept of smoke breaks was crazy, anyway. I remember visiting my dad at work as a kid and seeing people standing in the freezing cold, smoking outside of his building. I don’t know if you’ve ever been to Chicago in the middle of January, but having to spend 15 extra minutes in that weather would be enough to make me stop smoking, cold turkey (pun intended).

All of these memories about the weirdness of smoke breaks came back today when I learned about Piala Inc., a Japanese marketing firm, and their new plan to give non-smokers six extra vacation days a year.

The policy was introduced in 2016 after employees complained about colleagues receiving multiple smoke breaks throughout the day. Since its implementation, 30 employees have taken advantage of the extra vacation days.

“One of our non-smoking staff put a message in the company suggestion box earlier in the year saying that smoking breaks were causing problems,” company spokesman, Hirotaka Matsushima, told The Telegraph. “Our CEO saw the comment and agreed, so we are giving non-smokers some extra time off to compensate.”

This is a great incentive for companies to offer employees. Not only in terms of equality, but would also be beneficial for a company’s health and wellness program.

While I’ve never fallen under the spell of nicotine, I would like to think that I’d prefer six extra days off compared to the habit of smoking. Apparently others are starting to feel this way as the company has reported that it has helped at least four people to stop smoking.

Continue Reading
Advertisement

Our Great Partners

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Emerging Stories

Get The American Genius
neatly in your inbox

Subscribe to get business and tech updates, breaking stories, and more!