The primary goal of this paper is to show that a young entrepreneur, or one who first opens a firm in his or her mid-20s to early 30s, can learn and invest over time to run new, more successful firms with higher productivity and sales. It has been shown by other researchers that most entrepreneurs who are successful started firms in their mid-40s, but what about those founders who are under the age of 35 and are running 42% of all new firms? How successful do they become, and what factors are consistent with their success? Using newly available data from Denmark on firm sales from 2001 to 2016, this paper shows that young founders who become serial entrepreneurs see their sales revenues nearly double between their first and second firms. Commensurate with this sales increase are two underlying factors: (1) young founders become more inclined to register new firms as limited liability corporations (LLCs), which protects them from personal losses if the firm fails; and (2), young founders who are the most successful are portfolio founders, or those who keep their first firms open when they found their second firm. Furthermore, for small firms, the productivity of the firm is often also the productivity of the founder, so just as the personal productivity of wage earners rises with age over their lifecycles, so too does the personal productivity and implied income of young entrepreneurs.

本文的主要目标是展示年轻的企业家，或在 20 多岁到 30 岁出头的时候第一次开设公司的企业家，可以随着时间的推移学习和投资，以经营新的、更成功的公司，生产力和销售额更高. 其他研究人员表明，大多数成功的企业家在 40 多岁就创办了公司，但那些年龄在 35 岁以下且经营着所有新公司的 42% 的创始人呢？他们有多成功，哪些因素与他们的成功相一致？本文使用丹麦 2001 年至 2016 年公司销售额的最新数据，表明成为连续创业者的年轻创始人在第一家和第二家公司之间的销售收入几乎翻了一番。与这种销售额增长相称的是两个潜在因素：(1) 年轻的创始人更倾向于将新公司注册为有限责任公司 (LLC)，如果公司倒闭，可以保护他们免受个人损失；(2) 最成功的年轻创始人是投资组合创始人，或者是那些在创立第二家公司时保持第一家公司开业的人。此外，对于小公司而言，公司的生产力通常也是创始人的生产力，因此正如工薪阶层的个人生产力随着年龄增长而上升一样，年轻企业家的个人生产力和隐含收入也是如此。或者那些在找到第二家公司时保持第一家公司营业的人。此外，对于小公司而言，公司的生产力通常也是创始人的生产力，因此正如工薪阶层的个人生产力随着年龄增长而上升一样，年轻企业家的个人生产力和隐含收入也是如此。或者那些在找到第二家公司时保持第一家公司营业的人。此外，对于小公司而言，公司的生产力通常也是创始人的生产力，因此正如工薪阶层的个人生产力随着年龄增长而上升一样，年轻企业家的个人生产力和隐含收入也是如此。