Benefits of Starting a Business When You’re Older

Have you been told by someone else that you’re too old to start a business?

Yes, Mark Zuckerberg started Facebook at 19. But Charles Flint launched IBM at 61.

According to Business Insider, those starting new business are more often over 35 and aged 55-64 in the US have actually had the highest rate of entrepreneurial activity in the last 10 years.

Legendary wedding-dress designer Vera Wang didn’t start designing clothes until she was 39; Reid Hoffman started the ultra-popular career networking site LinkedIn when he was 36; Sam Walton started Walmart when he was 44; and Joseph Campbell started Campbell Soup when he was 52.

Additionally, the founders of McDonald's, Coca Cola, and Kentucky Fried Chicken were all over 50 when they established their businesses.

Benefits of Starting a Business When You’re Older

1. Greater Knowledge Base

One benefit of starting a business when you are older is having a greater knowledge base. For instance you may have one, or more, university degrees.

In addition, you’ve probably had several years to work for other employers. This is a great advantage because you’ll have likely gained valuable business experience.

Of course, you’ve also had several years to gain general life experience to aid in your new venture. All of this knowledge increases your chances of success when starting a new business.

2. More Starting Capital

There is a potential to have more starting capital for a business if you’re older. Years of working and saving can provide a good financial start to becoming an entrepreneur.

Conversely, launching a business at a younger age could prove more difficult financially. You could have student loans from university that need to be paid off. Additionally, your monthly income will probably be lower than it would be if you’d wait a few years instead.

3. Bigger Network of Contacts

Another benefit of starting a business when you’re older is that you’ll have a bigger network of contacts. Those connections can be critically vital to your entrepreneurial success. This can be beneficial in getting business advice or choosing the right lender if additional financing is needed. But it can also be helpful in finding suppliers and employees as well as solving other business dilemmas.

Edited by: 浪子

Bibliography

Kayla Sloan. (2018). How Old Is Too Old To Be An Entrepreneur? Retrieved from 
https://due.com/blog/entrepreneur-age/

Catherine Clifford. (2014). How Old Is Too Old to Start a Business? The Answer May Surprise You. 
Retrieved from https://www.entrepreneur.com/article/238924

Sarah Schmalbruch. (2014). Some Of The Most Successful Businesses In The Us Were Started By Entrepreneurs Over Age 50. Retrieved from https://www.businessinsider.com/entrepreneurs-over-50-2014-11/?IR=T