Starting new businesses isn’t just for college kids from Silicon Valley – anyone with a passion and some elbow grease can do it. There’s no timeline or expiration date on becoming a successful entrepreneur. In fact, people starting businesses later in life may actually have some advantages over people that are still early in their careers.
It’s never too late to start your entrepreneurial journey. Don’t believe us? Consider these points.
It’s Never Too Late
It’s a little cliché, but you don’t want to look back on your life and feel regrets. So don’t let age define what you can and can’t do. It may be too late to become a professional skateboarder, but it’s never too late to pursue your dream of becoming an entrepreneur.
Lots of extremely successful businesses were started later in life. Colonel Sanders started his first KFC at the age of 62. Vera Wang didn’t start designing wedding gowns until the age of 40. Juila Child didn’t write her first cookbook until she was 50, which launched her career as a star chef.
Just imagine if the best times of your professional life haven’t even happened yet. How exciting!
Never Stop Learning
Jumping into a new venture can be intimidating because you may feel like you won’t be well-versed on new technologies, models, or jargon. But you’ve been working for long enough to be able to pick up on new skills and put them to work. You can also bring your past experiences to new situations, giving you an edge over less experienced peers.
Today, there are online tutorials, webinars, and even free Ivy-League courses available to help you learn everything from Mandarin Chinese to computer programming. If you’re committed to learning a new skill set, then resources exist to help you do so. You just have to make the commitment to pursue that knowledge!
Find A Mentor
You’ve worked for long enough to know that there are a lot of things you don’t know. And you understand the value of expert advice. So, seek out some folks that are already in the business you want to be in. Make connections in your field with people that you trust and respect. Those relationships are a great source of advice and inspiration.
A trusted mentor will help you as you navigate the challenges of your new industry. Having an in-the-know sounding board and professional contact can help take some of the guesswork out of being a newbie. They can also share stories, tips, and how-to advice from the been-there, done-there trenches.
Becoming An Entrepreneur Is A Whole New Beginning
We get comfortable in our careers. We have a routine, we know what we’re doing, we know who we’re working with. But comfort doesn’t necessarily equal fulfillment. It doesn’t mean that you’re excited to get up and see what your work day has in store. Becoming an entrepreneur is a way to completely reset – you’re starting from the beginning and every day is going to be exciting!
Age Is Just A Number
Becoming an entrepreneur isn’t the sole province of youth. And with your experience and dedication, you have every opportunity to be successful in a job that you’re passionate about. It’s scary. It’s thrilling. All you have to do is take the leap.
FAQs
There's no timeline or expiration date on becoming a successful entrepreneur.
Is never too late to start a new business? ›
A Harvard study found that the average age of the most successful startup founders is actually 45. In our 40s we might not have the zest of youth, but we have the clarity of thought, decades of life and work experience to call upon — and our old friend perspective.
What is the best age to become an entrepreneur? ›
In your 20s and 30s, you can take risk. You can fail and learn from what you did wrong. You can find mentors and ask them to help you along the way. You can go after something that you're passionate about and see if it works out for you.
What age is the most successful entrepreneur? ›
We found that the average age of the most successful entrepreneurs is 45 – and that founders in their 20s are the least likely to build a top firm.
Is 40 too old to start a business? ›
Most successful founders have an average age at startup of 40, according to a Harvard study. And older entrepreneurs tend to do better. Recent research suggests that a 60-year-old who starts a new business is three times more likely to succeed than a 30-year-old.
Is 35 too old to be an entrepreneur? ›
Being in your 30s, 40s or beyond can be a great time to start a business, especially if you've planned ahead financially and have a solid support system around you. So, if you are considering becoming a mid-career entrepreneur, it's never too late.
What year do most small businesses fail? ›
Data from the BLS shows that approximately 20% of new businesses fail during the first two years of being open, 45% during the first five years, and 65% during the first 10 years. Only 25% of new businesses make it to 15 years or more.
Why do most new small businesses fail? ›
The NFIB concurs, and says that a lack of startup funds—or, being unable to come up with adequate financing—are both common reasons for business failure. “If you lack the cash or assets to start on your own, like most businesses, you will need to borrow,” it says. Poor cash flow.
At what point are you no longer a startup? ›
There are a few indicators that a company has graduated from startup to enterprise. If a company that began as a startup has built up revenue to over $50 million and has surpassed 100 employees, it is no longer a startup.
Is 50 too old to become an entrepreneur? ›
A 50-year-old entrepreneur is almost twice as likely to start an extremely successful company than a 30-year-old.
The life of an entrepreneur is not for the faint at heart. And even though it is characterized by rollercoaster highs and lows rather than a steady climb upwards, many start this journey every day. Overnight successes are rare. More often than not, it is long days, months, and years.
At what age are people most successful? ›
Their well-known stories would seem to suggest success comes early — or not at all. But the data on successful entrepreneurs says otherwise: The average age of business founders is around 40 years old, according to research by Pierre Azoulay, a professor at the Massachusetts Institute of Technology.
How rare is it to be an entrepreneur? ›
In 2019, the rate of new entrepreneurs in the U.S. was 0.31 percent, or 310 individuals per 100,000 adults.
How old is the average entrepreneur? ›
Successful entrepreneurs aren't (usually) in their 20s
In the US, researchers at the Harvard Business Review found that the average age of entrepreneurs at the time they found their company is 42. But most of those businesses fail – and the average age of a successful startup founder is 45.
How many startups fail in the first 5 years? ›
Industry data on startups from the Bureau of Labor Statistics provide valuable insights into the failure of startups. 20% of new businesses fail within the first two years. 45% of new business startups don't survive the fifth year. 65% of new startups fail during the first ten years.
Is 25 too late to become an entrepreneur? ›
It's Never Too Late To Start
There is no "best" age to be an entrepreneur as success can come at any age. Some successful entrepreneurs started young while others started later in life. Starting a business requires a certain level of maturity, experience, and financial stability.
Can you become an entrepreneur at any age? ›
While entrepreneurs can begin their work at any age, some people may choose to pursue entrepreneurship when they're younger. Learning more about young entrepreneurs and how to become one can help you develop the skills to create a successful career path.
How many entrepreneurs fail a year? ›
The failure rates of businesses show that around 20% fail in their first year and about half of businesses are still standing after 5 years. Certain startups, however, tend to have a 90% failure rate and somehow, this statistic became the norm.
How many years does it take to become an entrepreneur? ›
While there is no set timeline for becoming an entrepreneur, most certification programs can be completed within a few months to a year. These programs typically cover essential topics such as business planning, marketing, finance, and leadership.
