2 Surprising Facts About The Ideal Age To Start A Business
Category: Business Planning
When every day you’re presented with another famous millennial, who’s become super rich thanks to a YouTube channel you’ve never heard of; it’s hard not to fault your 20 year old self for not having been more focused on your entrepreneurial endeavors. But recent studies from Syracuse University professor Carl Schramm, author of Burn the Business Plan show that people over the age of 35 are more likely to start a business and succeed at it. In fact, according to his study, Schramm says “Americans who are 35 or older are 50 percent more likely to start a business than are their younger counterparts.”
So what does that mean for you? It means its time to silence those negative thoughts and seriously put yourself to work on developing your small business.
Schramm’s study revealed that the average entrepreneur starts his or her business at 39 years old; and that these ‘mid-career’ entrepreneurs were 5 times more likely to be the owners of a successful business 5 years later, compared to those who started a business right out of college.
The 2 reasons cited for this later-in-life success, are no surprise for those of us working on business projects in our 30’s and 40’s.
1.There is value in taking the time to build experience and realize your destiny.
All of the life and career experience you accumulate in your 20’s and 30’s is invaluable to your future business’ success. Each job you have in early and mid-adulthood allow you to accumulate skills and contacts; and improve your credibility. These experiences allow you to hone in on your strengths and weaknesses, which will serve you well when it comes time to build your business and identify
2. “Older” equals “Smarter” when it comes to financing your business.
Generally speaking, the older we get the better we understand finances. And finances are one of (if the not THE) most important aspects of entrepreneurship. Having survived student loans, first credit cards and perhaps even a mortgage; the 30-something entrepreneur has a far greater aversion to taking on debt than the average 20 year old. This life experience will help you to make sound choices when it comes to financing your new business. Rather than getting tied into a traditional high-interest bank loan, your are likely to look into all funding options from Grants, Government-Guaranteed Loans and Tax Credits to Private Investor sources which can all provide you with the money your business needs with less risk to your wallet.
So next time you read about the next 20 year old Entrepreneur prodigy, wish them well and thank them for the inspiration; but remind yourself that you’ve got your own set of advantages when it comes to becoming a successful entrepreneur.
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