A business owner’s age was also recognized as a significant
determinant of business failure, as Headd (2003)
observed that businesses owned by younger owners have
higher failure rates. Similarly, an owner’s educational level
and work experience were directly related to the likelihood
of business survival (Boden and Nucci 2000; Brüderl,
Preisendörfer, and Ziegler 1992; Carter and Auken 2006).
Businesses whose owners had more than ten years of work
experience and an appropriate higher education proved to
have significantly lower failure rates compared with others
(Boden and Nucci 2000).