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2/6/2013 - Business owners typically under 50 years of age

Many U.S. business owners are middle-aged, a report finds.

When it comes to knowing who the world's business owners are, a new report indicates a sizable portion of them are under 50 years of age.

According to a recent report released by Global Entrepreneurship Monitor, nearly half of the world's entrepreneurs are 25 to 44 years old.

There were some notable trends among various regions of the world when it comes to business ownership. For example, the report found that entrepreneurs in Latin America and were usually in their latter years, typically between the ages of 45 and 64.  However, in Europe, business people were for the most part younger, ranging around 18 to 34 years.

Donna Kelly co-author of the report and associate professor at Babson College in Wellesley Massachusetts, noted that despite most business owners overall being middle-aged, it's clear that entrepreneurialism is alive and well among various backgrounds and at different points in people's lives.

"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," said Kelly. "Encouragingly, in every part of the world, youth are starting businesses as well as those in their late careers."

No matter at what age or where people launch their start-up companies, businessowners insurance is an important thing to have in place. This type of coverage policy protects entrepreneurs from a variety of issues that may come up in the course of management, such as if their place of business is devastated by severe weather or if they're sued by a customer or employee for a perceived wrong. Though plans vary, a business owners policy is typically made up of different types, such as workers compensation insurance, professional liability and property coverage. Talk to your independent Selective agent today to learn more.

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