A lot of studies suggest that the average age for an entrepreneur is 40 when they launch their first startup. Entrepreneurs with revenues of over $1 million are 39 years of age according to statistics. But in the world of business, age is just a number.
The most common trait of entrepreneurs who launched their business was experience. Older professionals know the trade better than younger graduates who are just starting out their career. And while experience is an important trait, it is not a requirement. We can observe this with the success of Microsoft, Facebook and Uber.
These business models that have changed our society were defined by how many hours their founders invested and how passionate they were. The bottom line is that younger people are more prone to taking risk compared to older professionals who are still thinking about their retirement fund or kid’s college fees.
The ability to take risks and put all your eggs in one basket, essentially betting all your capital on one venture that may or may not work out is more rooted in younger people. Since they haven’t spent their youthful years working for another company, younger people have more energy which allows them to grow the extra mile, something that older people have a harder time to commit to.
It helps to look at young entrepreneurs like Jack Kim, Milan Kordestani and Catherine Cook, all under the age of 18, were able to found businesses that are worth several millions of dollars today. Their entrepreneurial journeys started out with an idea, but to make their idea a reality, these young people forged a plan to realize what their brains envisioned.
There are also a large number of success stories for entrepreneurs who are ‘young at heart’ such as Jim Butenschoen who started his hair design academy at 65 years of age and Michael Grottola who was also 65 when he started his consultancy firms.
Many aspiring entrepreneurs who didn’t kickstart their own journey use age as an excuse to keep them from realizing their dreams. A lot of what they perceive to be hurdles are just excuses they set up in place to prevent them from doing great things.
Starting a Business at a Young Age
Younger people have more time to learn new skills and invest more hours to their business than older entrepreneurs who are mixed up in several obligations. The decisions they made in their 20s would be harder to justify in their late 30s because their priorities will have changed.
Starting a Business at an Older Age
With age comes wisdom, and that will undoubtedly help you traverse the difficult entrepreneurial journey with relative ease. This doesn’t mean there won’t be problems along the way, but if you strategize and keep up with the trends in technology, you’ll quickly overcome them.
Successful people are always challenging themselves to learn new skills that could help their business succeed. And when it comes to learning, there is no age limit.