The media is quick to show case young entrepreneurs who start their own businesses and become successful. People such as Mark Zuckerberg who is the founder of Facebook and Matt Mullenweg who is the founder of WordPress are great examples of young entrepreneurs who made it big in their early 20s.
However, starting at an early age isn’t the primary factor that determines whether your business will be successful or not.
Just look at some of the most successful people in business who started in their 40s to 60s, such as Harland David Sanders (aka The Cornel) who franchised the legendary KFC at age 62 and Leo Goodwin who started Geico Insurance at the age of 50.
There are many more cases that prove age is not directly related to having a successful business.
In fact, the argument can be made that people who start their own business at a later age have a greater chance of becoming successful than those who start in their early 20s.
Studies show that those who start their business at 55 are twice as likely to succeed than their counterparts.
Some of the reasons include –
You have life experience.
One of the greatest reasons to start a business at a later age is the fact that you have life experience. You are veteran in the ways of the world and have acquired knowledge and acumen that you did not know in your early 20s. This kind of experience is worth its weight in gold.
While you may not have business knowledge in some areas, there are people such as Therapy Enterprise that can help you fill that gap and increase your chance of success.
Your finance circumstances are different.
Starting a business at a young age usually equates to juggling the cost of business ownership along with life’s other challenges such as rent, university fees, child expenses and the list goes on.
While expenses rarely go away, the older you are, the more likely is it that you have your expenses under control or are aware of how to manage money. Now you can take that calculated risk and open your own business.
You know your passion.
Many young entrepreneurs know they want to start a business but are not very clear on what business to start. They don’t know what their passion is. However, if you are mature there is a greater chance that you know what your passionate about. You know your purpose. You just need some help to get your business going.
These are all great reasons to start a business.
Life is short, use your time wisely and do what you absolutely love. It is never too late to start your business. With the right help, your age will be in your favour.