Late Bloomers - The Power of Achieving Success Later in Life

Hey there, Business Hackers!

Welcome to another edition of Business Hacks & Theories!If you enjoyed our last issue, "Beauty. How Much Is It Really Worth?"(have a look if you missed it!) get ready because this time we’re diving into a fascinating exploration of the myth of early success and the power of achieving greatness later in life.

Ever felt like you’re behind because you haven’t struck gold by 30?

Well, buckle up and let’s uncover the real statistics, impactful stories, and the truth behind the so-called “late bloomers.”

Everywhere you look, it seems like young entrepreneurs are dominating the headlines.

Mark Zuckerberg, Evan Spiegel, and Brian Chesky are often touted as the poster children of early success. This creates a narrative that if you haven’t founded a unicorn by your mid-twenties, you’ve missed the boat. But is this pressure to achieve early really all it’s cracked up to be?

Let’s start with the hard truths.

Recent studies show that young adults today are facing unprecedented levels of stress, anxiety, and depression. The Behavioral Risk Factor Surveillance System (BRFSS) highlights that young adults are experiencing higher mental health issues compared to previous generations. A study published in the Journal of Abnormal Psychology found a significant increase in major depression and psychological distress among young adults from 2005 to 2017, largely due to the rise of social media and digital connectivity.

Social media creates a constant comparison trap.

People only show their highlight reels, making everyone else feel inadequate. The Royal Society for Public Health found that social media use is linked to increased rates of anxiety, depression, and poor sleep.

Society equates success with wealth and professional achievements.

This narrow definition neglects other fulfilling aspects like personal growth and relationships. Research from the American Psychological Association indicates that chasing extrinsic goals (like fame and wealth) leads to higher stress and lower life satisfaction compared to intrinsic goals (like personal development).

Early vs. Late Success

Let’s look at some examples:

Early Achievers like Mark Zuckerberg, who founded Facebook at 19, Evan Spiegel, who co-founded Snapchat at 22, and Brian Chesky, who co-founded Airbnb at 27, have certainly made headlines with their early success stories. They’ve created platforms that billions of people use every day, revolutionizing social media and hospitality.

But what about the Late Achievers?

Take Vera Wang, for instance. She launched her fashion career at 40 and built a globally recognized brand in bridal wear and beyond. Colonel Harland Sanders started KFC at 65, turning it into a global fast-food empire. Ray Kroc joined McDonald's at 52 and transformed it into the world's largest fast-food franchise. And let’s not forget Henry Ford, who established the Ford Motor Company at 40, pioneering the assembly line method and making cars accessible to the masses.

Older entrepreneurs often have a more substantial economic impact.

Here's why:

Small businesses, many of which are founded by older entrepreneurs, are significant job creators. Over a span of 21 years from 1992 to 2013, these businesses accounted for 63.3% of net new jobs. This demonstrates how older entrepreneurs contribute significantly to the economy by generating employment opportunities.

Mature businesses, often started by seasoned entrepreneurs, tend to have higher initial revenues and exhibit greater long-term stability. These businesses benefit from the founders' extensive experience and networks, which can lead to better decision-making and resilience in the face of challenges. As a result, businesses founded by older entrepreneurs often achieve more consistent and sustainable growth compared to those started by their younger counterparts.

By focusing on these aspects, we see that while young entrepreneurs bring fresh perspectives and innovation, older entrepreneurs leverage their experience and networks to create lasting economic impacts. This highlights the importance of valuing diverse entrepreneurial journeys and recognizing that significant success can come at any age.

Reality Check

The media’s focus on young entrepreneurs can create an "halo effect," overrepresenting their successes compared to the actual data. The majority of successful entrepreneurs build their ventures over time, achieving significant milestones well into their 40s and beyond.

Success should not be measured solely by the speed or magnitude of achievements.

Here are ways to redefine success:

• Personal Growth and Well-being: Prioritize mental and physical health. Achievements are hollow if they come at the expense of well-being.
• Contributions to Society: Assess success by the positive impact one has on their community and the world.
• Embracing Failure: Normalize failure as a valuable part of the learning process.
• Respecting Time: Understand that everyone’s timeline is unique. Success does not have an expiration date.

While young entrepreneurs bring innovation and fresh perspectives, the statistical data underscores that significant entrepreneurial success often comes later in life. Recognizing and celebrating diverse entrepreneurial journeys, regardless of age, can foster a healthier and more inclusive view of what it means to be successful in business. The question should not be "How early did you succeed?" but rather "Are you happy and fulfilled with the path you are on?"

Stay savvy, and see you in the next issue!

Alex

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References and Further Reading

• Harvard Business Review: "The Age of Founders and Success in Startups" – This article discusses the average age of successful startup founders and challenges the myth of the young entrepreneur. Read more here.
• Behavioral Risk Factor Surveillance System (BRFSS): Provides data on the mental health trends of young adults compared to previous generations. BRFSS
• Journal of Abnormal Psychology: Study on the increase in major depression and psychological distress among young adults from 2005 to 2017. Read the study
• Royal Society for Public Health: Research on the impact of social media on anxiety, depression, and sleep.
• Business Insider: "25 People Who Became Highly Successful After Age 40" – Highlights stories of individuals who achieved success later in life.
• Stacker: "Entrepreneurs Who Built Companies After Age 40" – Discusses various entrepreneurs who found success later in life.
• StartupTalky: "Entrepreneurs Who Hit Big After Their 40s" – Details the stories of well-known late bloomers in the entrepreneurial world.