It is often a few young entrepreneurs that dominate the headlines for starting their own businesses. Think about Mark Zuckerberg (founder of Facebook), Matt Mullenweg (founder of WordPress) and Pete Cashmore (founder of Mashable). All three of the aforementioned men founded their empires whilst they were still in their early 20’s.
The age of founders is however not the main factor which determines whether a business will be successful. Many people start businesses later in life and still go on to achieve success. There is also an argument that people who start a business later in life will have a greater chance of success. Studies have proven that if you are over 55, you are twice as likely to launch a high-growth start-up. The following are some reasons why people are more likely to achieve business success later in life.
1. They have more life-experience
You may have a level of business acumen that you did not have whilst you were in your 20’s and are likely to now be a more seasoned professional. You will now be more patient and be willing to take each step in the business start-up process, including the ones which are not fun.
You may not have experience in all of the segments of the start-up process but it is likely that you understand important things such as having a business plan, creating a financial plan and doing market research.
2. You know more people
At this stage of your life, you are likely to have a more extensive network of peers and colleagues. Your connections will be invaluable as you get started. Think about all the experts that you can call upon to share their advice or provide services to help you- they can be attorneys, accountants, marketers, venture capitalists, financial planners, real estate agents, contractors, designers and writers.