Many associate entrepreneurship with young, aspiring business people who funnel their bags of energy into their dream plan in the hopes that it will one day become reality. This stereotypical image of an entrepreneur is one of the many influencers which may put off a relatively older business person, whose earlier career was focused on working for rather than running their own business. In this blog we will explore the many advantages that older entrepreneurs have over their younger counterparts, and why you are in many ways in a better position to start a business as you get older.
The benefit of life experience
Life is tough. Those over the age of 30 have experienced enough of it to understand the truth in such a statement, but with its difficulty comes the lessons that arrive with failure. For younger entrepreneurs who do not have such life experience and therefore haven’t had the opportunity to fail and learn from their mistakes, they can be clouded by a youthful naivety. This is especially true for those who hope to start their business after graduating from university.
As an individual who has accumulated a greater amount of life experience, an older entrepreneur has an advantage when it comes to starting a business. This is because starting and running a successful business is also tough. And the lessons learnt in other industries and employment positions will arm you with a certain level of hindsight, allowing you to be more patient and diligent in the start-up process. Compared to those younger candidates who are filled with the optimism of seeing the revenue quickly roll in, your realistic caution is a huge benefit when it comes to seeing the long-term success of your company.
A wide networking net
Another huge benefit your life experience brings is the network of contacts you would have accumulated during your career. The longer you have worked for and the more industries you have been a part of, the more people you will have accumulated in your little black business contacts book. One of the most difficult obstacles to overcome as a new entrepreneur is a lack of contacts, especially when you are a younger individual.
As someone who has a foundation of contacts to work from, you have many more reliable tools for your company to grow and succeed, based on the relationships you have built in the working world. An entrepreneur can benefit from these contacts in many ways, from merely a bit of advice to actually setting up professional relationships with companies in other industries. For those older entrepreneurs who may be more apprehensive about the increasing use of technology, falling back on this network for advice is exactly how you have an advantage over a younger business person.
Having greater financial security
A healthy financial basis is ultimately a huge part of whether a business plan will result in success or failure. The more money you have to invest in your business, the more likely you are to succeed. Of course there are also a wide range of other factors that will determine a business’ success, but usually the bottom line is capital. And as a young entrepreneur, your finances are likely to be limited, in addition to the business being your sole source of income. That means they are more likely to be juggling the business with other major life investments, be that a house or children.
Starting your business later on in life usually means that you have more disposable income to fall back on. Major life investments are likely to already have been made, which means more of your money can be funnelled into your business. Without having to worry about how you will afford to maintain yourself, you are more likely to make more rational business decisions.
There are many advantages in being an older entrepreneur, but no matter what your age, all successful businesses start with a comprehensive business plan. If you would like help with putting together your business plan, get in touch today! Contact us online using the form on the right or call 01604 420 420.