What Is The Best Age to Start A Business?
There are different considerations when one is planning to start a business. Age isn’t typically a factor although it cannot be overlooked. However, starting a business needs a lot of knowledge that a youngster may not have. Many reviewers on US-Reviews are not pleased when they don’t get quality service from a company because the handlers are greenhorns in the business.
Several findings reveal that older business starters tend to be more successful in growing their business. Nonetheless, young business starters like Mark Zuckerberg started as early as 19 and launched Facebook.
As a business starter in your early 30s, it is advisable to check online telecom companies’ services as having a robust online presence is a good start. Mark Zuckerberg, who was much younger and launched Facebook in his late teens, would be the perfect example (19). To fulfill his dreams, he dropped out of college.
Does that mean young aspiring entrepreneurs should be able to miss their college education?
Indeed, the Thiel Foundation, founded by Peter Thiel, encourages young minds to think out of the box and drop out of college to devote two years to the 20 Under 20 Fellowship program of the Thiel Foundation. During this time, each of the selected 20 teens will receive $100,000 funding to shape their business ideas.
However, it cannot be argued that a college education is an important feature for every individual. Although each person may not be a Zuckerberg, there is a likelihood that the venture you pursue will or may not be successful.
The Funding Issue
Many recent graduates wanting to start a business may face serious setbacks when it comes to funding. That’s mostly because of the debts some have accrued while studying. Since business investors do not fund most companies, it is challenging to reach ends, pay off loans, and launch a company on your own.
Research shows that 30-somethings are the best-placed to launch a venture. Studies have shown that middle-aged company leaders are two to three times more likely than those under 30 to succeed.
While a few well-known tech entrepreneurs like Mark Zuckerberg launched businesses in their 20s, most successful entrepreneurs started in their 30s.
Mid-Aged Entrepreneurs Tend to Succeed More
In the middle-aged, companies are more competitive in the technological sector, according to a study by Northwestern University. The analysis showed that a founder with a middle-age of 45 was the most lucrative technology firm. On average, middle-aged people are two to three times more likely than people 30 years of age or younger to be successful.
That the founders have more experience is the reason behind the high success rates. In their careers, they have already made errors and potentially learned to avoid common pitfalls. In comparison, older entrepreneurs may have access to more startup funds and have a broader professional network. You feel secure in your business at middle age and can see holes you can fill.
Experience Comes with Age
Older entrepreneurs know the ropes; they have had and learned from their mistakes. Younger entrepreneurs still have their failures ahead of them. The more people you meet, the more people you trust (especially with their money). There are more resources ready to open theirs for you if you need help opening the door to whatever your company needs. Think again if you’re thinking of starting a business and are concerned that you may be too old.