In case if you feel you have reached middle age without much achievement as an entrepreneur, then do not worry you are still not late. It is true the twenty something are the new entrepreneurs influenced by icons like Steve Jobs, Bill Gates, Mark Zuckerberg. The late comers may haven’t had the opportunity to delve into entrepreneurship, or perhaps they felt it was more necessary to gain knowledge and experience.
As per a research published by Ewing Marion Kauffman Foundation in 2009, founders tended to be middle-aged-40 years old on average-when they launched their first company. Almost 70 percent were married when they became entrepreneurs, and nearly 60 percent had at least one child, challenging the stereotype of the entrepreneurial workaholic with no time for a family. With their decades of experience a middle aged entrepreneur can leverage their prior work experience in starting their own businesses.
I believe the media hype is also more focused on the technology sector, which happens to glorify young superstars. In terms of what appeals to the media, the new social media company always overshadows the new bakery on the street. It is also true that all new businesses aren’t tech-related and sexy. They are primarily sole proprietorships and small businesses with fewer than five employees and may be some of these owners will be old enough to be a tech guru’s mother or father.
According to a Kauffman Foundation study, Americans between the ages of thirty-five and forty-four represented the largest increase in entrepreneurial activity from 2008 to 2009. Americans between ages fifty-five and sixty-four constituted the second-largest jump. The reasons can range from middle-aged adults wanting to supplement their income to retired individuals wanting to continue working.
Interestingly, research shows that older people are more likely to be successful when they start businesses. They have better experience required to navigate through rough tide. They have developed a treasure chest of skills which makes them very valuable. In case they go into business in the same industry in which they worked for many years, their understanding of the business will offer a tremendous competitive advantage.
I think I have offered enough reasons to base my belief of ‘older the better’ as an entrepreneur. One of the wonderful thing about life is there is always a possibility, so it is never really too late to achieve greatness. Entrepreneurship, I consider is really better suited for the young-at-heart as opposed only to the actual young.