Many of us believe that entrepreneurs are young people, probably in their 20s and 30s. We see the founder of Facebook, Uber, Snapchat, and Airbnb and think starting up a new business is a next-generation pursuit. This stereotype imagination is what has held back the people from launching a new venture or developing innovations in their 40s, 50s, and even 60s. An entrepreneur is not the one who should be young, strong, and physically fit. You will be surprised that the biggest world’s businesses are founded by the people who were in their 40s and 50s when they started their businesses.
The entrepreneurs who launched later in life
The founder of the famous Kentucky Fried Chicken (KFC), Col. Harland Sanders, started the first KFC food chain at the age of 62. Who doesn’t know about Harry Potter? Its writer, J.K. Rowling, released the first novel of Harry Potter at the age of 32. Before releasing this world’s famous novel, she was a single mother. Robert Noyce founded Intel at the age of 41. There are plenty of examples of late bloomers who never let their age stop them from doing big. So it’s never too late to take the leap of faith and go ahead with your dreams. If you think you are too old to be an entrepreneur, think about it again. Here’s how!
Do you think why a 60-year-old entrepreneur is two times more likely than a 30 years old entrepreneur to achieve business growth and three times more than a 25 years old entrepreneur? It’s obviously due to the work experience in the relevant field. You need at least three years of experience in your industry before getting your start-up off the ground. This makes you almost two times more likely to launch a successful start-up business as compared to the people who have no relevant work experience.
You’ve build networks:
You’ve build networks when you are in your 40s or 50s, which is the important thing that comes in handy when you are going to launch a new venture. Having the right contacts are crucial and help your business to flourish. The late bloomers have the upper hand when it comes to building a network. By contrast, young entrepreneurs struggle a lot in building a network and landing so many clients at the start of their careers.
If you say that investment is the biggest obstacle that comes in the way of young entrepreneurs, then it won’t be wrong. Older entrepreneurs have some investments that they can use to start their own business. On the other hand, young entrepreneurs have to pitch their start-up companies on the Venture Capitalists circuit.
If you are in your 40s or 50s and have to start your own business, fret not, there is still time, and chances are if you have good work experience, useful contacts, and investments, that will help make your business a huge success.