Too old to be an entrepreneur? Bust the myth – You are not!

An?audacious?20-year-old?in a t-shirt and jeans?-?Is?this?the image that the word ‘entrepreneur’ flashes?in front of your eyes???Does it leave you wondering if you’re too old to become an entrepreneur??While it is true that?a young?Bill Gates?(Microsoft), Mark Zuckerberg?(Facebook),?and?Evan Spiegel (Snapchat)?are?the?most common?pop?ups as the most successful entrepreneurs; there are?also the?Robert Noyce?(Intel), Chip Wilson (lululemon),?Lynda Weinman?(Lynda.com – LinkedIn learning),?Vera Wang (Fashion?Designer),?Liu Chuanzhi?(Lenovo),?Henry Ford (Ford Motors),?Ariana Huffington (The Huffington Post),?and?Sam Walton (Walmart)?who started their successful business in their forties and fifties.?The young bring earnest energy and out-of-the-box thinking, the older bring experience, grounding?and wisdom.?

According to Forbes?magazine?[1],?82% of people under 25 say they want to start their own business.?And?HBR?(Harvard Business Review)?research concludes?that entrepreneurs who?start in their 50s succeed at?about?the same rate as?those who do?in their 20s.?Starting a new business and being successful at it is all about having disruptive ideas and thriving dynamism. Who says that you will lack these?at 40 or 50? Well, you won’t. That is exactly why your age shouldn’t stop you from getting out there and being an entrepreneur in today’s innovative world. ?

Starting your entrepreneurial journey later in life?comes with?its set of advantages. Here are some that will assure you that it’s never too late. ?

1. Wider Network ?

For?an?entrepreneur, the right contacts?are?as important as the business itself. The?longer you?have been in the professional field, the more contacts you develop. So, when you finally decide to start something of your own at the age?40, 50, or even later,?you?would have a wide?network?of?different industry professionals,?subject matter experts, and?stakeholders?to call on?for?support and strength?in?your journey.?This?kind of?network may not be available to?younger?inexperienced?entrepreneurs?that?they can leverage for guidance.??

2. Knowledge and Experience ?

Real world?industry experience?always?brings?wide?knowledge and?deep?insights, that is invaluable as compared to just?a professional degree?or innovative ideas.?A?better understanding of people,?processes,?situations, investments, and changes happening?around, could make it easier for an older professional to start a business.?Have faith in your knowledge and?confidently leverage your?experience.??

3. Better resilience ?

It takes a lot of perseverance and belief for one to become successful as an entrepreneur.?Several years of experience surviving in an industry?brings a natural?resilience to?the turbulence of any business?and career.?Setbacks and obstacles are bound to occur, which a seasoned professional could handle better than a young inexperienced entrepreneur.??

4. Different mindset ?

Young entrepreneurs?are?often?restless?with new?quick fix?ideas, imagining instant success in every?opportunity that pops up in their?head.?On the other hand, middle-aged entrepreneurs are likely to follow a more focused approach, see the bigger picture and weigh in all aspects?of their idea. With a better understanding of various business models, you can?make better and safer business decisions at the age of 40 than you would in your 20s. ?

5. Investments ?

Most young entrepreneurs with great ideas often stumble when it comes to investments. But late pursuers of entrepreneurship have had the opportunity over the years to save money for a venture or startup. Investing in ideas by late entrepreneurs also gives a sense of security for the investors, making them a more presentable sector. ?

Conclusion ?

Yes, Mark Zuckerberg found Facebook at the age of 20. But always remember that Charles Flint was 62 when he established IBM. It is all in the mind as they say.?Instead of reinventing, redeploy your skills.?Team up with younger people,?especially women, who bring empathy and team collaboration,?as?business?partners or employees, to?leverage their innovative thinking, tech savviness and fantastic solutions.?So, if you are thinking about giving up on the dream of becoming a successful entrepreneur just because of age, it might be time to think again.??