Many people dream of starting their own business. Most, however, will never go through with it. Starting a business can be scary. After all, most small businesses fail within the first few years and the unpredictable income can convince people it’s not a risk worth taking. But in any stage of life, entrepreneurship can call. Someone might come up with a great business idea or decide it’s finally time to strike out on their own. Simply put, it is never too late to start a business.
More Experience Can Equal Better Outcomes
Individuals who have worked a traditional job for years have experience that young entrepreneurs do not. This includes industry-specific experience as well as general business skills that are useful for running any company, such as customer service skills. An older entrepreneur can choose whether they want to pursue a different passion or set out to work for themselves in the industry they’ve been part of for years. Either way, they will have years of working experience to bring to their new company. This can mitigate some of the risks inherent in starting a business and result in an older entrepreneur being more successful.
Established Finances Can Mitigate Risk
An older entrepreneur is more likely to be established financially, with savings to draw upon, no student loan debt, better credit to get business loans, investments for extra income and all sorts of other financial cushions younger entrepreneurs don’t have. Older entrepreneurs can leverage this to their advantage to start out on the right foot and help them grow a successful business. It’s not only never too late to start a business – starting later actually has significant advantages.
Average Entrepreneur Age Has Increased
According to Forbes, the average age of new entrepreneurs has risen over the last decade. Older entrepreneurs are increasingly seeing the benefits of self-employment as opposed to working at a traditional job. This can be because many lost their jobs during the recession or saw that traditional job security isn’t exactly the same anymore. While certain startup industries like tech skew younger, other industries skew older. Law, finance, the oil and gas industries, manufacturing and even green energy, for example, have a lot of older entrepreneurs.
Entrepreneurship is not only for the young. The established, experienced, financially stable professional is in a very good position to launch their own business too. It’s never too late – now might actually be the right time.