There’s a pervasive belief that people have lesser chances of winning in business if they do it at a much older age. Perhaps it’s because there’s a rise of younger entrepreneurs recently or the mere idea of being old or being behind one’s time.
But the truth is there’s no “magic age” when it comes to starting a business. More importantly, you’re never too old for it. In fact, some would say that you have a far better chance at succeeding than younger ones because of the following factors.
1. You know a lot of people
By now, you must have a large network of colleagues and friends, which you have gathered from the jobs you took, the trips you made, or the countless hobbies you pursued. This huge pool of people is important. Business mentors would always advise young entrepreneurs to network, network, and network.
In your case, you can tick this off already on your to-do list and move now to your next task, which is to find specific people who would help you start your business. At the top of your priorities should be accountants, attorneys, financial planners and of course, fellow entrepreneurs.
If you have franchisors in your pool, they would be a good starting point for finding promising business opportunities. Even if you don’t have industry experience, just because you know someone who has and has done it successfully with his or her franchises, then there’s a greater chance of success in your plan to open a soft pretzel shop.
2. You have thick life experience under your belt
This is the most obvious but often underestimated trait of people starting businesses later in life. Life experience, and not just industry experience, is very important in entrepreneurship. When you’ve gone through different ups and downs, you’re able to learn virtues that crucial in jumpstarting and sustaining a business for a longer time. This includes patience, courage, passion and discernment. These are foundational traits every entrepreneur must have.
Of course, industry experience still matters. If you don’t have that yet, then these life virtues will be your driving force in acquiring that kind of experience. The lessons you’ve learned through life compel you to fill that gap in industry experience.
3. You’re more financially stable
People who start their businesses at a young age face a lot of financial challenges since they’re most likely paying off a mortgage, sending kids to school and investing in insurance plans, along with funding their business. Financial obligations don’t necessarily disappear, but its gravity diminishes as you age.
By the time you hit your 50s or 60s, you’ve probably paid off your loans already and had the kids graduate from school, so you’re more financially free. What’s more, you have retirement savings you can use to fund the business.
Again, you’re not too old to become an entrepreneur. If you think about it, you may just have a far better shot at becoming successful in this field. Remember that it’s never too late to start a business.