Entrepreneurship may seem like a young person’s game, not True!
When we are young, in the US we have the freedom to fail and more time to recover from unsuccessful ventures. But, as we grow older, many tend to become more risk averse.
Now, though, there are several reasons people can/should consider starting a small business no matter what age. From valuable knowledge and experience that they have gained over the years to more financial stability, there are Key reasons why starting a business later in life might make sense to some people.
If you are in the group, consider these reasons that make starting a business at an older age a great idea, as follows;
More Connections: likely you have established a vast professional network over the years. This network of professional colleagues can be invaluable when starting a new business. Throughout your professional life, you probably have established connections with people in a variety of fields. From attorneys and marketing specialists to contractors and designers, your connections can provide expert advice and services, much of it for free. Many young entrepreneurs have not had the chance to create an expansive network and do not yet understand the value of networking. Connections held as an older entrepreneur can give you access to many of the resources you’ll need to get your business off of the ground, and some of your contacts may even be potential customers.
More Experience: 1 of the biggest advantages of being an older entrepreneur is that you have more experience than younger business owners. Even if you may have never owned a business before, you still have much more insight into what it takes to run a successful business than you did at 20 years old. Young entrepreneurs often do not understand the importance of creating a detailed business plan or developing a budget. Moreover, young business owners generally do not have much experience with basic tasks such as securing financing or performing market research. Throughout your career and personal life, there is no doubt that you have accumulated a lot of knowledge to apply to your new business.
It Has Never Been Easier to Start a Business: the Internet and social media make it easier than ever to start and grow a business. If you have Internet access then you have access to a variety of tools to help start and advertise your business. Website builders make it easy for amateurs to design and publish a professional business website. Advertising services like Google AdWords and social media sites such as Facebook make it very easy and affordable to increase a business’ web presence. Social media marketing tools let people create and schedule social media content. These tools, among others, simplify many of the challenges typically associated with starting a new business. As technology continues to improve, it is getting easier every day to start a new business.
Financial Stability: young entrepreneurs starting a new business can face a big financial risk. In many cases, they have to invest much of their own money in addition to having to pay other bills. These factors are still present as one get older. But, older entrepreneurs are likely more financially secure and aware than you were in your 20’s. As a result, there many ways have been learned to invest in the new business while minimizing risk. This financial stability gives one an advantage with potential investors. Many investors and lenders are hesitant to work with young entrepreneurs due to inexperience and short financial history. Older business owners are generally considered more trustworthy than their younger counterparts. This makes it much easier to secure investments and get loans with better terms.
Time to Consider Options: Older entrepreneurs have more time to consider what type of business they want to start. Starting a business in a field one is passionate about makes for a much more motivated business owner. Young entrepreneurs often know they want to start a business, but not what kind of business. As we get older, we learn what we care about and what we really enjoy doing. As a result a business can be tailored to specific interests. Starting a new business at any age is challenging. Older entrepreneurs are often hesitant to start a new business, as they might believe their time has passed. But, due to better connections, more experience, financial security, and other factors, starting a business at an older age is often a great idea.
Often it really is, and it keeps us young!