In today's world, young entrepreneurs are taking over the business scene with their startup companies and new app creations. However, there's an argument that those who start businesses later in life have a better chance of being successful. Studies show that if you are 55 years and older, you are twice as likely as entrepreneurs under the age of 35 to launch a high-growth start up.
Here are four reasons why you'd make a better entrepreneur now than in your younger years:
You have had life experiences.
You are a seasoned vet in the business of life and that can take you a long way in the entrepreneurial world. You now have a new level of business smarts that you didn't have in your 20s. While you might not have all the hands-on knowledge, you know what you need to make your business successful and who you need to call to help fill in the blanks. You know more people now than you did years ago and your rolodex is flooded with financial advisors, attorneys, accountants, marketers, and other business savvy people that can help you on your new venture.
You are financially secure.
In your 20s, you are most likely starting out in your career and worried about paying your rent/mortgage, insurance, childcare, student loans, and the list goes on. While life does cost money, the older you get, the less you have to pay for the bigger things. You're probably an empty nester so you no longer have the cost of raising a child and chances are you're almost done paying off your mortgage. This leaves you with a little more financial freedom to invest in your new business without much of a risk factor associated with it.
You've learned valuable lessons.
No one is perfect, and chances are you have failed a time or two throughout your life. But with failures come great life lessons: how to work smarter and be better prepared. You have already experienced both wins and defeats that leave you with a level of optimism and self-confidence that a younger person does not have yet. The older you get, the less fear you have, leaving yourself more powerful than ever to start your business now.
You know what you want.
You've had years to develop an idea of what you are passionate about and don't have to waste time bouncing around different concepts of businesses that may or may not work out in the end. Use this to your advantage. You know what you enjoy doing, so use your knowledge, skills and the people you know to get to work building the business you've always dreamed of.
Telhio Credit Union knows that time is money, and that's why we are here to help you jumpstart your business at any age. We aim to be your business banking partner and can offer you a variety of products and services that will help set you up for success. Contact our Business Services team today!
