It appears that young entrepreneurs frequently make headlines and receive the majority of the credit for their achievements. Consider Mark Zuckerberg (Facebook), Matt Mullenweg (WordPress), and Pete Cashmore (Mashable), all of whom are in their early twenties and are at the top of the list of successful entrepreneurs. However, the age of the founder is not the most important factor in determining whether or not a business will succeed. These six successful entrepreneurs, whose ages range from the 40s to the 60s, demonstrate that a company’s success is not directly related to the age of its founder.
1. You have life experience.
The most obvious and indisputable advantage of beginning a business later in life is that you now have years of life experience to draw on for your new endeavor. You are well-versed in the ways of the world, and you possess a level of business acumen that you did not possess in your twenties. You are more patient and ready to take each stage in the business beginning process (including the unpleasant ones) one at a time in order to offer your company the best chance of success.
While you may not have hands-on experience in every aspect of the company beginning the process, you are very likely aware of the significance of things like developing a business strategy, developing a sound financial plan, and performing extensive market research. And you already know who you need to help you with the parts you can’t accomplish on your own. This leads us to argument number two…
2. You have more confidence.
Do you remember all of the failures we just discussed? In addition to vital lessons gained, these mistakes have one additional significant advantage if you are able to recover: they build your self-confidence and inspire you to perform better. Many young entrepreneurs naturally have high self-esteem and a certain amount of confidence, but most of it stems from pure hope that their company concept will be a success. When it comes to establishing a business, optimism is essential, but when you combine that optimism with the confidence that comes with a track record of proven success, it’s unbeatable.
As a seasoned professional, you have previously experienced both victories and losses, and you have emerged with tremendous confidence that will allow you to face and overcome the obstacles of business ownership. So, if you’re getting older and feel that your chances of becoming an entrepreneur are dwindling by the year, reconsider. Now just maybe the perfect time to take the plunge and start a small business.
3. You are more goal-oriented.
Goal setting is an essential aspect of founding and maintaining a business, and it must be done on a regular basis throughout the life of the company. We don’t always see the importance of sensible goal-setting when we’re younger. As a seasoned goal-setter, describing the intended outcome, as well as the activities you will take to make that objective a reality, will be second nature to you. Your life experience will also assist you in remaining objective while you examine several pathways to your goals in order to move forward in a more efficient, cost-effective, and productive manner.
4. Your knowledge of fianance is better.
Starting a business when you’re young means you will probably be juggling the cost of business ownership along with the rest of life’s major investments many of us face: mortgage payments, children’s expenses (childcare, education, sports, vacations), healthcare, insurance, automobile payments, student loan repayment, and retirement savings. While the expenses never really go away, the older you get, the more likely you are to have paid off a significant percentage of the big stuff. This frees up cash to invest in your business. Plus, having fewer financial responsibilities makes the idea of starting a business less risky since theoretically, you will have a lot less to lose if things don’t work out.
5. You know your passion.
Many young entrepreneurs know they want to start a business of some type, but they don’t always have the know-how. This is because they haven’t had enough time to figure out what they genuinely care about.
“Passion is one of the most powerful motivators when it comes to establishing a business and frequently one of the greatest indicators of whether an idea will lead to success,” says Richard Branson.
Without a strong love for your profession, it’s extremely probable that your firm will fail at some time. Older entrepreneurs know what they want to do and what they don’t, and they may create a new firm to match.
6. You have knowledge that is valued in today’s economy.
In recent years, there has been a transition in the economy from industrial to knowledge-based, which implies that most of us will be able to work far past the conventional retirement age. In reality, as we become older, we become more valuable as professionals because we bring more skills and expertise to the table. This is also true for business owners. Because you can turn your expertise into a highly sought-after commodity, this economic change will benefit older entrepreneurs who decide to make a success of it later in life.
7. You may have an advantage with investors.
While young entrepreneurs are frequently favored by investors because it is simpler for them to obtain a larger ownership interest and more influence over the firm, elder entrepreneurs may provide higher odds of success due to what they bring to the table. Many venture funders, according to Entrepreneur.com, are seeking mature, seasoned, and experienced entrepreneurs who have “been there, done that.”
8. You’ve failed before.
Failure is a natural part of life, and the older we become, the more failures we accumulate. Whether you have two or 22 major failures on your list, they are a tremendous help for two reasons. First and foremost, the most useful aspect of every failure is the lessons learned. Each setback taught you the value of preparation, hard effort, and the significance of having a backup plan. Second, your fear of failure is probably far less intense today than it was when you were younger. Because being frightened to fail may lead to indecision, lack of confidence, and delay, having less fear can be a strong reason why older entrepreneurs have an easier start.
9. You have a lot of startup options.
Because you have limited experience, a limited network, and limited cash while you are young, your startup alternatives are generally restricted as well—usually, a bootstrapped business is the only way to go until you can acquire the elusive financial backer. You have more alternatives as a financially stable, seasoned professional when it comes to your road to entrepreneurship. Sure, you can start a new firm from scratch, but it isn’t your only choice. You may invest in a franchise and leverage the power of an existing established brand to create your own legacy. You can also create a partnership with another entrepreneur to share costs, workload, and profits.
Alternatively, you may become an investor yourself, taking a seat on the opposite side of the table by giving funding for someone else’s company concept. In exchange, you receive a share of the business while they perform the “in the trenches” labor.
10. You know more people (and they know people who know people).
You have most certainly established a wide and diversified network of peers and coworkers at this point in your life. And, because it takes a village to raise a new firm, your contacts will be important as you get started. Consider all of the specialists you’ve encountered in your life who may provide advice or services to help you with your new enterprise—attorneys, accountants, marketers, venture capitalists, financial planners, real estate agents, contractors, designers, and writers, to name a few. It might take years to establish the depth of a healthy network, so age is definitely an advantage in this case.
With business expertise, you appreciate the value of networking and are able to request introductions when necessary to drive initiatives ahead. This may frequently increase or even treble the size of your network, providing you with all of the resources you need to get started.