When we think of new business creators, we often think of young entrepreneurial risk-takers who quit college to buck the system in order to create a world-encompassing business like Mark Zuckerberg, Bill Gates, and Steve Jobs.
However, findings published by MIT have found that the average age of startup founders is actually 45. So, while some people may not realize it, those older than 40 can have great success starting their own companies. Rather than thinking it’s too late, here’s why 40 and older is a great time to start your business in 2023:
Experience and knowledge: By the time you reach 50, you’ve likely accumulated a wealth of experience and knowledge that can be valuable in starting and running a business. You may have developed expertise in a particular industry or have valuable insights and connections that can help your business succeed.
Flexibility: Starting a business later in life can offer you more flexibility than working for someone else. You can set your own schedule and be your own boss, which can be particularly appealing if you are looking for a change of pace or want to pursue a passion.
Financial stability: If you have reached your 50s, you may have a more stable financial situation than you did earlier in life, which can help you take the risk of starting a business.
Reduced risk: Starting a business is always a risk, but the risk may be lower if you are older and have established yourself in your career. You may have savings to fall back on if the business doesn't succeed, and you may be able to take a slower, more calculated approach to start and grow the business.
Age diversity: A diverse workforce, including people of different ages, can bring a range of perspectives and skills to a business. If you are over 50, your age and experience can be an asset to your business and help it stand out in the market.
There are many successful entrepreneurs who started their businesses later in life and went on to achieve great things. Some examples include:
Howard Schultz, started Starbucks at age 41
Arianna Huffington founded the Huffington Post at 54 years old.
Colonel Sanders started Kentucky Fried Chicken (KFC) at age 65.
Martha Stewart: Stewart started her catering business, Living Omnimedia, in her 30s, but she didn't achieve widespread fame until she was in her 50s.
Vera Wang: Wang was a successful fashion editor and figure skater before starting her own fashion design business in her 40s.
These are all well-known business people that you’ve all heard of, but this isn’t uncommon. There are thousands of over 40 entrepreneurs who are killing it in the business world right now.
As they say, “Age is just a number”: but in today’s business world, the larger the number often means the larger success!
Thinking about starting your own business?
Send me a message. Let’s chat!
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