Entrepreneurship Knows No Age: Starting a Business in Your 40s and Beyond
When people think of budding entrepreneurs, they often imagine young men and women in their early to mid-20s, fresh out of college with degrees in hand. Therefore, when an older person in their 30s, 40s or 50s has a business idea, they are hesitant to share it with others. After all, they’re too old to consider a business startup, right?
Wrong. In fact, studies show that middle-aged entrepreneurs tend to be more successful—even in the highly competitive technology industry. On average, startup founders were 45 years old when they founded some of the popular tech companies we know and love today.
A study of 2.7 million company founders proves that with age comes experience. A 50-year-old entrepreneur is likely to be twice as successful as one who is 30. When comparing a 60-year-old to 30-year-old, the 60-year-old will be three times as successful. On top of that, the 60-year-old is nearly twice as likely to found a highly successful startup in the top 0.1 percent of all companies.
What is the main reason for this? It has to do with three key components: ideas, execution and strategy. It is good to have ideas, but they need to be executed. The same goes for strategy. You may have a good strategy, but it is how you execute it that really matters.
It is harder to come up with ideas and strategies and find ways to execute them when you have limited experience. A person in their 20s may have a lot of knowledge about the business world that they attained in college. Knowledge is great, but it does not take the place of real-world experience.
That is why people in their 40s, 50s and beyond make great entrepreneurs. They may have 10, 20 or even 30 years of experience to back up their knowledge. They may have learned many skills over the years. Many have developed dozens or even hundreds of connections who can help them when it comes time to start a business.They may have worked for many different companies in various positions. Perhaps they are in a leadership role and know how to create and grow a business.
All these components are helpful in creating a business startup, and these elements often come with age. Being older is not something to be ashamed of; it is an advantage.
Learn More About Business Startups
With such a diverse population, Florida offers the ideal location to start a business, no matter your age. Don’t let your age stop you from achieving your dreams of entrepreneurship. With a lot of hard work and smart business decisions, anyone of any age can achieve success.
Entrepreneurship, however, is not easy. It requires a person to have a strong knowledge of both the business and legal worlds. There are many details involved in starting a business, and you do not make any mistakes before you even get started. Let Orlando business startup lawyer B.F. Godfrey from Godfrey Legal guide you through the process. He can answer your questions and poise you for success. To schedule an appointment, give him a call (407) 890-0023 or fill out the online form.