Is it harder to start a business when you are older?
I know starting a business requires long hours and a lot of stamina. It also requires a lot of skill. It is often hard to work the longer hours as you get older, but you have developed more skills. Do people recommend starting business when you are just out of school or developing experience and then starting a business?
No, you'll be wiser in many ways, appreciate the art of marketing, not be afraid to ask for help, be less stubborn and what you got to lose? Go for it girl!!
I don't know anyone who is sorry they started a business. I do know quite a few that have regrets for not starting one.
Age is irrelevant if you are set on what you want to do. If you have a solid plan, an open mind, a great team to back you up, and the capital needed to keep the ball rolling. Age coupled with experience and an open mind for change and adaptability, might be all you really need to start a business.
Focus on what you are great at doing. Don't do everything by yourself.
Business is human activity, whatever you do. As long as one can do it one can do it...
Nothing is impossible. Of course you can do it. As long as you are determined, goal-oriented and plan your time well, you can get things done and you can run a business. Age does not really matter. Just remember while pursuing success in your business, don't forget to keep a healthy lifestyle.
No set answer. Some young people have passion and determination. Some older people have passion and experienced skills.
When your "Y" is big enough, age is not the factor. That being said understanding your personal motivations and how they will play into the situation is key. I would encourage anyone thinking about going "out on their own", to first understand their personal framework. If “self-employment” is deemed the right next step, I offer a Start Your Own Business Boot Camp that can help you get to where you want to go. Best Regards
Your observations are correct. But I believe the more important issues are commitment & risk tolerance. New businesses are filled with emotional and financial risks that may be easier to absorb when young (prior to family, available years ahead for new efforts, etc.). If your financial resources are adequate and you can tolerate the frustrations associated with multiple tasks that may fail to deliver success, then go for it. Please make sure your planning asks the "what if" questions and includes contingencies needed to redirect your efforts.
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No Not at all.On the contrary,you are more matured the that time,have excellent business judgements,trouble shooting capabilities,great man management skills.What is required at this point of time is a)Extremely sound health.c)Definate "Can Do" Attitude c) Optimistic approach that boosts your confidence level.d)Healthy Business Environmental awareness both at national as well as Globe level.e)Software and networking skills.
Finally always bear in mind that having More age so many times have Benefits in dealing with various business agencies,regulatory organs & many other arenas,where your age is very much respected, making it easier for you to march towards business success.
It depends on your temperament. Some people have difficulty motivating themselves for the challenges as they get older, while others welcome them. The wisdom gained with age should certainly help smooth the path. Older people are usually also better-set financially.
The best time to start a business is when YOU are ready.
There are many young people starting internet businesses in their teens. Ray Crox started McDonalds when he was 54 and Sanders started KFC at 62 - all multi-millionaire businesses.
If you have gained some wisdom then your age matters not.. Yes there is lots of work but many find that the work we do for ourselves is not work at all. And even better when you are older.. the kids are no longer little requiring attention.. now you can focus on doing what you love to do and get paid for it.. if done right. Good luck with your endeavor.
Starting a business has little to do with age but much more to do with attitude. Running a business has a lot to do with willingness to work hard, positive mentality to succeed, an acceptance of the possibility of failure and a willingness to accept that risk. I have worked with countless businesses across the world and, contrary to what some people have written in here, many of these have been young people. Not only have some just left school but some were still in school. Equally, there have been successful businesses run by people that are much older. However, the older someone is the more likely it is that three main factors work against taking the risk. Firstly, older people are likely to have more responsibilities with family etc that makes them wary of risk. Secondly, older people with have been more exposed to the western formal and informal education that seeks to eliminate risk and thirdly, the older someone is the less likely they are to seek advice and help in establishing their business.
I would guess that every experienced entrepreneur and/or consultant would provide a different opinion on this question. I have been on all sides of this question and have started businesses at a variety of stages of life.
As a young, inexperienced entrepreneur one has the advantages of not knowing what you cannot do and so you may challenge and overcome limitations imposed upon older more seasoned businessmen/women by their background, experiences and environment. That same predisposition to discovery and adventure allows a young person to see and do unconventional things in unconventional ways. This along with the interest of lenders, investors and promotors in encouraging young people to create businesses for the future can deliver another advantage. The final advantage I will address here is that when you are young and inspired it seems easier to create support from peers either because they are encouraged by your challenge to the status quo or because they have not established personal and business networks and believe they can grow with you.
Disadvantages to the young are lack of credibility, resources, and connections. There is therefore an escalated need for discipline, time, intelligence, energy and communications and networking skills. It is very difficult and demanding for someone right out of school to start a successful business but it is entirely possible and if successful will produce great results. It is also true that the best lessons in life are learned in failure and so no matter what happens for young people you have lots of time and energy for recovery.
Older people of course have credibility, along with many of the experience related advantages that age typically deliver. The difficulty in doing innovation later in life is a predisposition to standing true to what has experientialy taught you is the right or wrong way to do things. If you have responsibilities like a wife, home, payments, children or demanding lifestyle requirements you are severely impaired. You will also find it hard to get friends, family and others involved in the idea stage of your business because most are already consumed by their own needs and habits. Therefore you will be challenged to find allies and resources if you do not already possess them. Finally you will need to address the demands that starting something new will place on your time, energy and money so that you not sacrifice all of them for your adventure.
After speaking to both sides of the issue my answer would be that no matter if one is young or old there are right and wrong ways to start. You need to have a brain trust and mentors at either age. You need a passion greater than money. You need family and friends whom you love deeply and who return love in the same way. All entrepreneurs need intelligence, discipline and an internal drive for action and change. Finally all who engage in startups will be favored by a faith in God. The reason is that in order to build valuable enterprises, strategies, trusting and faithful relationships and teams you can trust while staying committed and faithful to your personal values, family and friends you will need morals, ethics and a constant friend to help deal with the many hard quetions you will certainly face. Even though this is an opinion I hope that helps to engage people thinking about starting businesses to think of all that is required vs the perceived reward.
There is no absolute answer. At younger age, there is a higher probability of failure due to lack of experience, but energy and persistence could make up for it. At older age, a lot depends upon physical, mental and financial health. If a person is worry free in these aspects, by and large, there is better chance of success when a person has gained experience.
The biggest growing segment of entrepreneurs and self employment is people over the age of 50. What these people have is experience and knowledge. You are right about the long hours in starting a business but the cost to entry is minimal because of the internet.
People want and will pay for how to make more money, improve their relationships, advance in their career, understand how to improve their hobby and the list goes on. The self help market is $11 billion dollars. eBooks last year was $1.9 billion dollars in fact 30% of the top 100 Kindle books on Amazon are self published. This means some unknown is beating out well know authors and the top publishing companies in the world.
Yes, experience and knowledge pays.
All the best,
In my opinion age is not important, it is primairily how determined yoy are to reach your goals.I have founded my consulting company 4 years ago after 30 years of employment and in the middle of an economic crisis. I feel more the energy each day while furter improving the business model.
It is always hard to sraer a new business no matter what your age
This is a great series of questions that you have asked. 1st of all IF owning your own business is your passion, them it will never seem to make you tired. The wonderful set of skills are very key to the company and it's growth. This is a lead from the front mindset that I have with my companies. I think young professionals can began starting a company, when they are young in the marketplace. However it is very key, that they have a mentor, consultant type of company with them.
This also goes for the veteran professional as well. We all are as good as our talent and skills can bring the brand, forward in the global markets.
I hope this answers your questions.
P.S. If you need my services contact me, I look forward to helping you succeed.