In our current times, the concept of being an entrepreneur is related to images of entrepreneurs like Mark Zuckerberg, who have changed the traditional concept of the way entrepreneurs represent themselves. One look at the current entrepreneurs makes individuals in their mid-thirties or early forties question themselves about whether they are too old to be entrepreneurs. If you are one of those people who thinks like that, then you need to think again.
An edge is all you need
Firstly, the notion that an entrepreneur has to be young is a stereotype. Frankly, the large population ventures into their own businesses when they are at least 40 years old. There are those who even start when they are fifty years old, thanks to their wealth of experience.
Ideally, it is even considered a good idea to start a business when you are a little bit older, because most young people get into business without knowing anything. As a young person, you might have no idea what you are getting into, you might not understand your competition, and you might not have the capital needed to start your business.
There are a myriad of things you have to learn when you get into the corporate world. As a young person, you will have to understand business, interact with venture capitalists, and save up some capital over time to start your business.
As we all know, with experience comes wisdom. This is especially true in entrepreneurship. When you are older, it is easier to access financial backing from loan institutions because you have collateral to help you secure the capital needed to start your business. This is an advantage older people have over young entrepreneurs.
To give an example of a legendary entrepreneur who started their business at an older age, we have Mr. Ray Kroc, the founder of McDonald’s, who sold milkshake mixers until he was 52 years old. We also have Ms. Mary Kash, the founder of Mary Kay Cosmetics Company, who sold home decor until she was 45 years old. Many more entrepreneurs started legendary businesses at an older age.
Don’t consider age when starting a business
You might lose your fitness or your looks with age, but age is just a number, and innovation is what is needed, not looks. Consider investing more in your attitude and the choices you make because everyone gets old, but not everyone makes the right choices.
It’s never too late to start a business. You might feel like a misfit when you attend an entrepreneurial conference, but learn to take it as an advantage because the outcasts are the ones who usually stand out.
Have a focused approach
When you are in your twenties, you can venture into different fields. You can start different businesses and fail at them. When you get into your thirties, you become more focused, and you start to understand the ideas you have and the potential some ideas have to survive in the market over other ideas.
For instance, if you decide to start a real estate and property renovation company and have been working in the real estate industry for years, you have a better chance of starting a successful business in that space because you have the experience and focus instead of starting an entirely new business in a field you are not experienced in.
Have a different mindset
Our minds are like the ocean that is flowing with ideas on a daily basis. When we are young, sometimes we come up with some crazy ideas that cannot turn out to be great ones. When you are young, the best thing to have is time to learn a new skill. But when you have grown older, the big picture comes up, and you start creating a business with the right tools and strategies.
There are young people who see the big picture when they are young, but the most important point to take away is that great businesses take shape when the big picture is seen and the right strategies and tools are used.
Are start-ups really meant for the young?
Many people might say that start-ups are for the young, but when you are in your thirties and forties, you also have time to plan a business from the ground up. Ideally, you have an edge over the younger generation because you have saved enough and have more knowledge in the field you are trying to get into.
Create a wide network
When you stay in the corporate world for a long time, you create networks that you can use when you start your own business. Young entrepreneurs struggle because they have to use a lot of energy and resources to meet up with some investors. But when you are an experienced professional, your contacts who you have related to over the years can easily spring you up to success.
There are still many more young entrepreneurs who are successful, but there are still many more of those who have successfully started at a very young age. When you lack in your youth, you cover your experience; this is what we call the edge. So, if you plan to give up on being an entrepreneur because of age, think again.