The Ideal Age to Start a Business
If you're in your 40s or 50s, you might think it's too late to start a business. Think again: It's actually the perfect time.
"The average age of startup founders is around 45."
Have the idea, but think you're too old to start a business... think again! A recent study conducted by the Census Bureau and two MIT professors found the most successful entrepreneurs tend to be middle-aged--even in the tech sector. The researchers compiled a list of 2.7 million company founders who hired at least one employee between 2007 and 2014. The average start-up founder was 45 years old when he or she founded the most successful tech companies. In general terms, a 50-year-old entrepreneur is almost twice as likely to start an extremely successful company as a 30-year-old.
You're probably wondering why.
It all comes down to the idea and how you're going to execute the idea into the business world. The same is true with strategy. Strategy matters, but tactics - what you actually do is what helps companies grow. The more experience someone has, the easier it is to execute well vise-versa.
Older people have had decades to build the business, leadership, and problem-solving chops that help a startup succeed.
With limited experience comes a more difficult time to execute due to the limitations a younger person would face. When you're older you have gained a lot of experience from either failures that you have already faced to experiences within the job force. This holds especially true when it comes down to leadership.
Older people have had decades to build the business, leadership, and problem-solving chops that help a startup succeed. And while they may be less tapped into certain consumer trends, especially around the habits of the young, they may know quite a bit more about other business opportunities.
So, if you think you're too old to start a business, think again!
Read more about the average age of a start-up founder click here: https://insight.kellogg.northwestern.edu/article/younger-older-tech-entrepreneurs.
To read more interesting facts visit our E'ship Facts blog post!