Older and wiser? An analysis of advice networks by age

Information and knowledge are intangible resources vital to business success. Networks can help provide these resources to entrepreneurs starting and growing their ventures. As people grow older and gain more experience, they may develop more contacts from whom they can obtain advice and other resources. This study uses Eurostat data to determine if business owners in different age groups use the same advice networks. The results show that family/friends and professional acquaintances were the top two sources for all age groups, but there were significant differences in the proportion of each age group that named a given source. Those under 30 were the most likely to name their friends/family as a source of advice. Business owners between 30 and 39 years of age were more likely to list professional acquaintances as a source of advice. Those 40 and over were the most likely to say they needed no advice. These findings should be helpful to organizations that wish to assist entrepreneurs, especially younger people who have less developed networks.