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Younger people have many advantages which give them greater freedom to take entrepreneurial risks, according to Eastside Consulting.
Not having the financial burden of a mortgage or having to support a family means younger people are able to invest a lot of time and capital in new business start-ups.
Figures from Barclays show that under-25s are demonstrating increased entrepreneurial spirit with a 15 per cent rise in the number of business start-ups, compared to other age groups which have grown by just six per cent.
However, more mature entrepreneurs also have the benefit of being able to build up some capital over time and having the "knowledge and skills that have enabled them to identify a gap in the marketplace".
Richard Litchfield, managing director of Eastside Consulting, spoke of the importance of personal characteristics in the success of an entrepreneurs business venture, saying that in deciding what projects to put their money into, investors decisions rely "ten per cent in the idea, 40 per cent in the business model and 50 per cent in the individual".
"The most important thing is to be persistent…you have to be determined and persistent, whether its talking to suppliers, knocking on the doors of customers, working with staff - that determination and persistence is very important," Mr Litchfield said.
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