There are so many successful founders in their 40s to 60s who show that age is a number that brings a different league to the table. And this is across the globe.
You have actual life experience: The most apparent and undeniable benefit of beginning a business later in life is that you now have many years of life experience to pull from in your new endeavour. You are seasoned in the world’s methods while having a level of business acumen that you didn’t have in your twenties. You are more patient and willing to take each step in the commercial startup process (even the actions which are not lots of fun) one-by-one to give your business the best opportunity to succeed. You know the ways of the world.
As a new entrepreneur, while you may not have hands-on experience in every area of the business startup process, you likely understand the significance of having a business plan, creating a solid economic plan and performing thorough market research. And you also understand who you need to allow you to do with the pieces you cannot do your self. Plus, you know what to prioritise.
You know more individuals: At this stage of your daily life, you have likely built a large and diverse system of peers and colleagues. And because a brand new business often requires a village to thrive, your connections will soon be priceless as you will get started. Consider all the experts you have met in everything that could share their advice or provide services that may help you in your new venture —attorneys, accountants, marketers, investors, venture capitalists, private equity, financial planners, realtors, contractors, designers, and authors. This depth of the thriving system often takes years to build; so, age, unquestionably, brings a favoured asset in this situation.
Having expertise in the business world, you also comprehend the importance of networking and can usually inquire for introductions when needed to manoeuvre jobs forward. This can often expand your community by double, if not triple, giving you all of the resources you need to get started.
You can set and achieve goals: Within our younger years, we don’t always understand smart goal-setting so you can get from a destination in life to another. As a seasoned goal-setter, the procedure of outlining the desired outcome, along with the actions you will need to create that result a reality, comes as second nature. Your life experience will also allow you to remain objective as you consider different paths to achieve your goals to help you progress in a better, cost-effective and productive way.
You have an advantage with investors: While young business owners, in many cases, are favoured by investors because it could be easier for them to get a more impressive ownership stake while having more control in the business, it can be argued that older business owners offer better likelihood of success because of what they bring to your table. According to Entrepreneur.com, many venture capitalists are searching for more senior, seasoned and experienced entrepreneurs who possess that been here, done that been there, done that. The most useful investors are opportunistic, and by backing older and wiser entrepreneurs who have made mistakes in the past, they can make brighter opportunities.
You know what you’re passionate about: Many young entrepreneurs understand they want to begin a company of some kind; however, they may well not understand exactly how they wish to do it. This is because they haven’t had sufficient time to build up an idea of what they are undoubtedly passionate about.
You have knowledge: In current years, there has been an economic shift from industrial to knowledge-based, which means the majority of us get the chance to continue working well past the traditional retirement age. Nevertheless, age makes us more valuable as professionals as it frequently means we bring more skills and knowledge to the table. This holds for entrepreneurs, too.
You are financially secure and well-off: Starting a small business if you are young means you are going to be juggling the cost of business ownership combined with rest of life’s significant investments many of us face: mortgage payments, children’s expenses (childcare, education, recreations, getaways), health care, insurance, vehicle payments, education loan repayment and retirement savings. While the expenses never really disappear completely, the older you obtain, the greater likely you will have paid down all or a substantial percentage of it. Theoretically, having less financial responsibilities makes starting a company less risky.
You see a large number of startup options: Once you’re young, you have limited experience, a restricted network, and restricted capital, so your startup options in many cases are limited as well. Usually, a bootstrapped startup is the only path to take unless you can secure the ever-elusive financial backer. As an economically secure, seasoned professional, you do have more options when it comes to the right road to entrepreneurship — you can start a new business from the ground, you can buy into a franchise, leverage the energy of a currently successful brand and which makes it your very own legacy. You’ll also form a partnership by having a fellow entrepreneur and separate the costs, workload, and profits. Or, you can be an investor yourself, moving to the other side of the table by providing capital for another person’s business concept. In exchange, you obtain a portion of the business enterprise, leaving the “in the trenches” benefit them to deal with.
You’ve failed before: Failures in life are a huge benefit for two reasons. First, the most valuable element of each failure may be the lessons you learned earlier. Each failure taught you the significance to be prepared, hard work and why you desire a contingency plan. Being afraid to fail can result in inaction, or an inability to produce a decision, or not enough confidence, but having less to fear can be quite a powerful reason why older entrepreneurs have an easier start.
You are self-confident: Failures also create one more significant advantage once you can rebound — they can seriously inspire you to do a lot better in future. Many young entrepreneurs have very high self-esteem and confidence naturally, but a lot of that comes from pure optimism that their business idea will turn right into a hit quickly. Optimism is certainly needed when starting a business, but once you take that optimism, passion and include confidence that accompanies a track record of proven success, it’s unbeatable. As an experienced professional, you’ve got currently experienced both victories and defeats. You have emerged by having practical confidence that will help you take business ownership challenges in stride and come down ahead. When you get older and feel like your chance at entrepreneurship is fading away a little bit each year, think again. Now could be the perfect time to take the plunge and begin a tiny business.