Why It’s Never Too Late to Start a Business 👩💻
There seems to be a strange, popular misconception that young people hold the majority for entrepreneurial endeavors. The truth is, although millennials and generation Z are 183% more likely to start a side gig, it’s the older generations (between the ages of 40-60) that really take the cake, according to the National Business Capital.
So, if you’re wondering “is it too late for me?”, the answer is HECK no!
The media loves to play up the image of a “young entrepreneur” because it’s based on many of our fantasies: being incredibly affluent and successful during our early, “prime” years of life. This “prime time” myth is interrelated with the idea of younger people being more full of life, energy, ideas, and time. Your hips haven’t given up on you yet, cynicism hasn’t completely set in, and you’re more lively than grumpy / sleepy.
While those factors are all valid in their own right, they don’t paint the whole picture. The only thing that truly matters is your unwavering desire to succeed. Anyone can say they want to do this or that, but those who remain composed, resilient, and tactical always overcome the rest.
Having some kind of point of reference is also highly beneficial. Due to being in the workforce longer, older entrepreneurs tend to have more exposure to the ups and downs, so they know a thing or two about a thing or two. This is why it’s a great idea for the younger and older generations to connect, and you can read all about the benefits here.
If you’re worried that you may be late to the game, then it’s time to retire that mindset. Age should not be a hindering agent. In some ways, it can be more advantageous.
Don’t believe me? Check out these inspiring entrepreneurs:
At 50, Leo Goodwin created Geico
At 62, Harland David Sanders opened the first Kentucky Fried Chicken
At 41, Robert Noyce founded Intel
At 35, Rob Hoffman left his job and co-founded LinkedIn
At 55, John Stith Pemberton created the Coca- Cola formula
What all these people had in common was that they had plenty of work experience, noticed an unfulfilled need in their industry, and acted on their gut instinct. All gas, no breaks-- they just went for it.
It’s also never too late to start all over again.
Failing is inevitable, and that’s okay, because with failure follows new ways of thinking. I mean, just imagine if these people had quit after their first bump in the road:
Soichiro Honda of Honda
Milton Hershey of Hershey
Elon Musk of Tesla and Spacex
James Dyson of Dyson
Henry Ford of Ford Motor Company
And this is just a very small handful of famous names. The list could go on and on and on and … you get it.
An excellent, data- backed excerpt from Forbes says it best for those who are still feeling a bit intimidated:
“The research reveals that entrepreneurial success for the under 25s is as rare as a lesser spotted unicorn. Success rates then increase later in one's 20s and doesn't decrease even into one's 50s. Indeed, the authors note that the average age of company founders in the United States is a veritable 41.9 years of age, with the highest-growth startups being founded by entrepreneurs with 45 years under their belt. What's more, a 50 year old entrepreneur was 1.8 times more likely to achieve high growth than a founder in their 30s.”
(sources: The Age of Exploration and Exploitation & Age and High-Growth Entrepreneurship)
The stats don’t lie: odds are in favor of older entrepreneurs. So what are you waiting for? It’s now, or never.
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