Go back 50 years and the average life expectancy was 52 years. Fortunately today a huge number of people are living to 80 and beyond. The reason this is relevant to the idea age to be an entrepreneur is that it merely emphasizes there is no idea age.
Anyone can become an entrepreneur; all they need is an idea and the motivation to start. Of course there is an array of challenges when starting a business but these are faced by all entrepreneurs; regardless of their age.
Energy & Enthusiasm
It is possible that people in their 20’s have more energy and zest for life. This makes it more likely that they will start their own business but not more likely that they will succeed.
The problem with all the energy and enthusiasm is that younger people generally lack experience and knowledge of the world. This is why the average age for a successful startup is actually in the mid 40’s.
Surprisingly this figure is fairly consistent across all industry sectors; although technological sectors do tend to have a slightly lower figure.
The difference and the key to a successful startup at any age is your passion for the subject in hand. The most successful entrepreneurs did not start their business with an aim to get rich. They started doing something they were passionate about and built a business from there.
Passion for a specific industry or product will help you to get past the hurdles instead of giving up; focusing on the money is more likely to leave you looking for the next ‘big’ idea.
The reason why people in their 30’s and 40’s tend to have more success is that they have developed knowledge through experience of their specific industry. These are generally things that cannot be taught through traditional business models or schools.
Prior experience isn’t essential to starting a business but it does appear to be a key trait of those that are successful.
Older people tend to have a little more patience when dealing with issues. Surprisingly this can make a big difference to the overall success of a business. Patience is key to taking a moment before making decisions.
This coincides with the tendency for older people to stick with a project goes a long way to confirming while people who start business in their 30’s, 40’s and older are successful.
The Age Of the Entrepreneur
There are more entrepreneurs than ever in modern society. Part of this is because the digital age has made it much easier for anyone to start a business and connect with people all over the world. But, this is also the reason why so many startups fail or are abandoned. If the research isn’t done before you startup you may find the competition is simply too much.
There is no perfect age to become an entrepreneur. Just because older people enjoy more success doesn’t mean that you can’t achieve success in your 20’s. All you really need is an idea, the passion to see it through and a willingness to learn from your mistakes.