Small business longevity was studied by looking at men who started their own businesses between 1976 and 1982. The study found that entrepreneurs with higher education were more likely to have businesses that lasted until 1986. The education level of the business owner also influenced how much financial capital the business had at the start. Businesses with more money invested at the beginning were more likely to still be operating in 1986. Surprisingly, using debt to finance a business startup did not increase the risk of the business failing.