What you need to know:
In fact, there is an argument that those who start businesses later in life have a better chance of reaching success. Studies depict that, founders over 55 years old have twice as likelihood as their counterparts under 35 to launch a high-growth startup. Not convinced? Trust me; you would make a better entrepreneur now than you would have when you were younger.
Stop the belief that it is often young entrepreneurs who make the headlines and receive most of the recognition for their accomplishments. The success of a business is not directly related to the age of its founder.
In fact, there is an argument that those who start businesses later in life have a better chance of reaching success. Studies depict that, founders over 55 years old have twice as likelihood as their counterparts under 35 to launch a high-growth startup. Not convinced? Trust me; you would make a better entrepreneur now than you would have when you were younger.
Truly, at this age one has life experience. 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 more patient and willing to take each step in the business startup process one-by-one in order to give your business the best chance it has at success.
While you may not have hands-on experience in every segment of the business startup process, it is very likely that you understand the importance of things like having a business plan, creating a solid financial plan and conducting thorough market research. And you know who you need to help you with the pieces you can’t do yourself.
It is definite that at this age, you have likely built a large and diverse network of peers and colleagues. And because a new business often requires a village to thrive, your connections will be invaluable as you get started. Think about all of the experts you have met in your life that could share their advice or provide services to help you in your new venture — attorneys, accountants, marketers, venture capitalists, to mention a few. This depth of a thriving network often takes years to build, so age is certainly an asset in this situation.
Having experience in the business world, you also understand the importance of networking and are able to ask for introductions when needed to move projects forward. This can often expand your network by double or even triple, giving you all of the resources you need to get started.
At this age it is obvious that one knows how to set and achieve goals. Goal setting is an integral part of starting and running a business, and is necessary on a consistent basis during the life of the business. In our younger years, we don’t always understand the power of smart goal-setting for getting from one place in life to another.
As a seasoned goal-setter, the process of outlining a desired outcome, as well as the actions you will take to make that outcome a reality, will come as second nature. Your life experience will also help you remain objective as you consider different paths you can take to reach your goals so you can move forward in a more efficient, cost-effective and productive way.
At this age one may have an advantage with investors. 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. In fact, many venture capitalists are looking for older, seasoned and experienced entrepreneurs who have been there, done that, wiser entrepreneurs who have already made mistakes and able to make smarter investments. Many young entrepreneurs know they want to start a business of some kind, but they may not know exactly how they want to do it. This is because they haven’t had enough time to develop an idea of what they are truly passionate about. Passion is one of the most effective motivators when it comes to launching a business .
