How Old is Too Old to be an Entrepreneur?
When you think about entrepreneurs do you picture someone who is young? While you may not be alone, according to Business Insider, those starting new business are more often over 35.
Of course there have been young entrepreneurs who have enjoyed immense success. Steve Jobs and Mark Zuckerberg are two famous entrepreneurs that quickly come to mind.
However, there are also many famous entrepreneurs that are not young. This prompts the question, how old is too old to be an entrepreneur?
Other Famous Older Entrepreneurs
You’ll find there are plenty of examples of entrepreneurs who started their businesses a little later in life. Here’s a small sampling:
- Steve Carell – 43
- Morgan Freeman – 52
- Colonel Sanders – 62
- Martha Stewart – 35
- Sam Walton – 44
- Vera Wang – 39
- Betty White – 51
Benefits of Starting a Business When You’re Older
There are benefits to waiting until you’re a little older to be an entrepreneur. Here are a few for you to consider:
Greater Knowledge Base
One benefit of starting a business when you are older is having a greater knowledge base. For instance you may have one, or more, college degrees and possibly even graduate school to back you up. A younger entrepreneur may not have completed their college degree yet let alone graduate school.
In addition, you’ve probably had several years to work for other employers. This is a great advantage because you’ll have likely gained valuable business experience.
Of course, you’ve also had several years to gain general life experience to aid in your new venture. All of this knowledge increases your chances of success when starting a new business.
More Starting Capital
Obviously, there is a potential to have more starting capital for a business if you’re older. Years of working and saving can provide a good financial start to becoming an entrepreneur. You’ll also have time to prepare your personal finances in other ways ahead of time.
Conversely, launching a business at a younger age could prove more difficult financially. You could have student loans from college that need to be paid off. Additionally, your monthly income will probably be lower than it would be if you’d wait a few years instead.
Bigger Network of Contacts
Sometimes who you know is just about as important as what you know. So, another benefit of starting a business when you’re older is that you’ll have a bigger network of contacts.
This can be beneficial in getting business advice or choosing the right lender if additional financing is needed. But it can also be helpful in finding suppliers and employees as well as solving other business dilemmas.
Challenges Every Entrepreneur Could Face
Clearly, there are challenges every entrepreneur could face, no matter their age. As examples, they may have doubts about their abilities or face a week support system. Perhaps they lack the drive to see it through.
It’s also possible that the work might be much harder than they thought it would be. Or, their funds might not be stretching far enough.
Despite these challenges the evidence seems clear: There is really no set age to being an entrepreneur. So, if you’re over 30, 40, or even 50, the right time to start a business might be now.
Have you been told by someone else that you’re too old to start a business?