What image springs to mind when you think of the word ‘entrepreneur’? It’s probably a tech-savvy person in their 20s, or perhaps even someone who’s still a college student sitting in a hoodie knocking back energy drinks as they go viral on social media. This kind of stereotype may be rooted in some truth, but it’s far from the whole picture.
You’re never too old to pursue a new career or start your own business. Not only that but doing so when you’re a bit older and wiser can actually give you a serious advantage. Here’s why.
You have years of experience
Perhaps the most obvious advantage of being an older entrepreneur is that you have potentially decades of relevant experience under your belt. This includes both industry experience and more general life experience and will be a huge advantage in key tasks such as crafting a solid business plan. It will also make it easier for you to deal with the inevitable adversity that comes with setting up your own company.
You know your own strengths
Everyone has their own strengths and weaknesses, but when you are young, it’s easy to think that you’re invincible! As an older businessperson, you’ll be in a better position to accurately assess what tasks you can do and which ones you’d be wise to outsource. In addition, you’re likely to be more sensible regarding necessities, such as ensuring that you have the appropriate insurance for small businesses!
You have a clear idea of your goals
Another factor you’ll be in a better position to assess with clarity is your own goals when it comes to entrepreneurship. When you get older, you are more likely to have a clearer picture of what you’re passionate about, which makes it easier to choose a business idea that will continue to motivate you for years to come. Plus, you’re also more experienced at both setting and achieving goals.
You’ve got a larger network
As an older businessperson, you’re more likely to have established a large and diverse network of friends, colleagues, and other key contacts – something which is bound to come in useful when you take the next step and launch your own company. Having experts in many different industries who you can turn to for advice, introductions, or paid services is crucial for success.
You’re more likely to have financial security
Generally speaking, if you’re older, there’s a higher chance that you have the necessary financial security to set up your own business. Whether it’s capital to invest or savings to fall back on, people often have greater freedom to venture into the world of entrepreneurship later in life.
The data is on your side
Believe it or not, the statistics suggest that older entrepreneurs are more successful than their younger counterparts. For instance, one study found that a 50-year-old entrepreneur is almost twice as likely to experience huge success as one who is 30 years old. In addition, when it came to the fastest-growing new tech companies, the average age of the entrepreneur when they founded the business was 45! So, what are you waiting for?