5 Reasons Why it’s Never too Late to Start a Business
- You Have More Connections. First and foremost, you likely have established a vast professional network over the years. …
- You Have More Experience. …
- It is Easier Than Ever to Start a Business. …
- You Have More Financial Awareness. …
- You’ve Had Time to Consider Your Options
It seems that it is often young entrepreneurs who make the headlines and receive most of the recognition for their accomplishments. Think of Mark Zuckerberg (Facebook), Matt Mullenweg (WordPress) and Pete Cashmore (Mashable) — all in their early 20s, and high up on the list of successful entrepreneurs. But the age of the founder is not the primary factor that determines whether or not a business will be successful.
- Is it ever too late to start a business?
- What are 3 reasons why you don’t want to start own business?
- What are five common reasons for starting a business?
- What are reasons to start a business?
Vividly discuss the process of starting a small business:- If you were to start a business five years from now what would you want to start and why, So, here we go into some details for to do or not to do and what one should or can do or not.
Mark Zuckerberg founded Facebook when he was 19 years old. By 25, his company was valued at over $5 billion. At 28, he took Facebook public. Now, at the age of 35, he is among the top 10 richest people in the whole world.
When we think of entrepreneurs, we tend to think of the Mark Zuckerberg’s of the world – youthful visionaries who disrupt traditional businesses with a new and better ways of doing things.
The data is increasingly showing that it’s never too late to start a business. Below are five research-backed reasons why entrepreneurial success may come quickest to those who wait
1) The stereotype of the very young & very successful entrepreneur is exactly that – a stereotype
It turns out that the media may be the biggest culprit in perpetuating the belief that entrepreneurship is a young man’s game. For example, the website TechCrunch gives annual awards to the “most compelling startups, internet and technology innovations of the year”.
2) Not only are older entrepreneurs more common, they are more successful
The success of a business is not directly related to the age of its founder. The average age of entrepreneurs in California, Massachusetts, and Silicon Valley is also 42. And, in New York City, the average entrepreneurial age is only one year younger than average (41). The most obvious and undeniable benefit of starting a business later in life is the fact that you now have years of life experience to pull from in your new venture. You are seasoned in the ways of the world, and you have a level of business acumen that you didn’t have in your 20s. You are more patient and willing to take each step in the business startup process.
3) Entrepreneurs working in major entrepreneurial hubs are no younger than other entrepreneurs
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 less 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
4) The average age of new entrepreneurs entering in the market over the past decade has now increased
Given the rise of technology and technology-related entrepreneurship, one might guess that the average entrepreneurial age has fallen in recent decades. While young entrepreneurs are often favored by investors because it can be easier for them to get a bigger ownership stake and have more control in the business, it can be argued that older entrepreneurs offer better chances of success because of what they bring to the table.
5 Reasons Why it’s Never too Late to Start a Business
5) Some fields attract entrepreneurs that are older than average
Not surprisingly, there is truth to the idea that technology is a young man’s game. However, the age spread is not as wide as one might think. For instance, startup founders operating in the software publishing industry are, on average, 40 years old (two years younger than the overall average). That said, there are other fields that attract older entrepreneurs. For example, the average age of founders in the pipeline transportation of natural gas, basic chemical manufacturing, and paint, coating, and adhesive manufacturing industries are 51, 48, and 48, respectively. Startup founders operating in oil and gas extraction and engine, turbine, and power transmission equipment manufacturing are also significantly older than other types of entrepreneurs.
One must have Failed before
Failure is a part of life, and the older we get the more failures we have on our tally. Whether you have two big failures on your list or 22, they are a huge benefit for two main reasons. First, the most valuable part of each failure is the lessons you learned in the process. Each failure taught you the importance of being prepared, hard work and why you need a contingency plan. Second, your fear of failure is probably a lot less significant now than it was in your youth. Since being afraid to fail can result in an inability to make a decision, lack of confidence and inaction, having less to fear can be a powerful reason why older entrepreneurs have an easier start.