In business, timing is everything. Successful business owners are constantly thinking about the right time to launch products or focus on specific types of advertising. And while timing influences a lot of things in business, age is a surprisingly null factor. While some business visionaries like Steve Jobs and Mark Zuckerberg started their businesses young, research shows that the older you are, the better entrepreneurial chances you have. A recent essay in the Wall Street Journal by Carl Schramm has shed some light on the topic of age and entrepreneurship.
The essay shows that individuals older than 35, or even older than 50, are five times more likely to have a successful business in comparison to young entrepreneurs. The study identifies two key factors that lead to success for older entrepreneurs: experience and the ability to self-finance.
Experience is worth its weight in gold. At the age of 35, most individuals will have a host of skills and a variety of experiences. These skills and experiences can give you a huge leg up in any kind of business. Experience also often correlates with networking opportunities, which can help get your business off the ground quickly. While experience is great, the ability to self-finance is imperative.
Most college graduates are strapped with a load of student debt, and most businesses aren’t backed by venture capitalists nor have the opportunity to work with angel investors right from the start. As a young entrepreneur, handling your college debt, attempting to make ends meet, and starting your own business could be a very difficult uphill battle to fight. These issues are less likely in older entrepreneurs.
Regardless of your age, when you know it’s the right time to go after your dream, you just know… Visit our website to see what other resources and information we have to get your business to the next level.
by: Charles Jackson,