If you think you’re at a time in your life when it’s too late to start a business, then think again. You never know when the mantle of entrepreneurship is going to arrive, or when serious money-making is going to happen for you.
The idea that most entrepreneurs are geniuses in their twenties is plain wrong. Examples like Mark Zuckerberg are extremely rare. Most people who go into business do so at an older age, and they have the life experience to make a success of it.
In this post, we take a look at some of the reasons it’s never too late to start a business. Here’s what you need to know:
The Young And Successful Entrepreneur Isn’t Real
As mentioned, while there are some young and successful entrepreneurs is a stereotype. It’s not the norm. However, the media likes to push the narrative. In fact, the average age of the publicly-celebrated entrepreneurs is just 31, giving the impression that they are all dashing young men.
However, the actual average age of the typical startup founder is 42. That’s a ten-year age difference, implying that entrepreneurship is a distinctly middle-aged pursuit.
Older Entrepreneurs Are More Successful
There is also data to suggest that entrepreneurs who leave it later are also more successful. For instance, company founders who start at an older age tend to outperform those who begin at a younger age. The top 1 percent of founders, for example, are aged 43 and the top 0.1 percent are, on average, 45. Those who take their firms to IPO (a very small minority) are more than 47.
What these data reveal is that people are never “past it” – not until they are exceptionally old, anyway. This means that you can continue putting off becoming an entrepreneur until relatively late in your career. It’s not something you have to even think about in your twenties and thirties. That’s the time for just working on yourself and building the skills you’ll eventually need for success.
The Average Age Of An Entrepreneur Is Increasing
Entrepreneurship is also “graying” as the years go by. Fewer and fewer younger people are getting into it, meaning that the average age of people doing it are going up.
Fifteen years ago, the average age of an entrepreneur was just slightly over forty. But due to economic, cultural, and demographic changes, people are getting legal counsel for founding companies later in life.
In Some Sectors, Average Ages Are Much Older
Lastly, in some sectors, the average age of founders is considerably older than the general average. While tech entrepreneurs tend to be relatively young, founders in other areas, particularly legacy industries, tend to be much older. For instance, chemicals, paint, and natural gas, the average age of entrepreneurs is anywhere between 48 and 51. And remember, that average includes many founders who are in their sixties or older.
In summary, life’s opportunities don’t have to pass you by, just because another year ticked away on the calendar. There are always opportunities opening up. Economic life is never “over.”