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People frequently picture young visionaries like Bill Gates, Steve Jobs, and Mark Zuckerberg—people who started their ground-breaking businesses in their early twenties—when they think of successful entrepreneurs. But this story is not accurate. There’s good news if you’ve ever considered quitting your job to launch your own business: the likelihood of becoming a successful entrepreneur increases with age.
Studies reveal that a large number of prosperous business owners are frequently in their late thirties, forties, fifties, or even older. According to a thorough analysis by experts from MIT, Northwestern, Wharton, and the US Census Bureau, the average age of American company founders is 42. The average age of founders of high-tech firms is 43, whereas the fastest-growing unicorns’ founders are 45 on average.
According to the study, the chance of a business succeeding peaks at age 60 and rises with age. Actually, compared to a 30-year-old, a 50-year-old founder has twice the chance of building a successful company through an IPO or acquisition. The majority of prosperous entrepreneurs have acquired significant expertise in corporate positions before starting their own businesses.
There is a long list of accomplished elder founders. Vera Wang created her first dress at 40, Bill Porter started E-Trade at 54, Bernie Marcus started Home Depot at 50, and Eric Yuan founded Zoom at 41. Numerous examples show that age is not a barrier to success in entrepreneurship.
If you’re thinking of starting a business later in life, you should take into account these three crucial elements that a lot of prosperous founders have in common:
Domain Knowledge: Before starting their businesses, successful entrepreneurs frequently have extensive experience in their respective industries. This knowledge is essential for innovation and value creation. Knowing your subject well lets you spot possibilities and gaps in an efficient manner.
Success History: Professional success in the past is correlated with entrepreneurial efficacy. Successful professionals frequently have higher expectations for their new endeavors. Many entrepreneurs come from comfortable corporate contexts, defying the myth that success comes solely to the most determined individuals. For example, Eric Yuan realized WebEx’s shortcomings and quit a lucrative job to create Zoom, a better solution.
Intrinsic Motivation: Rather than only focusing on making money, the most prosperous businesspeople are passionate problem solvers. This internal drive encourages innovation, resiliency, and a strong sense of purpose. People who just think on financial gain frequently develop a risk aversion that stifles their potential for entrepreneurship.
It’s Never Too Late: A lot of people wish they could quit their employment in order to start something amazing. The good news is that you can always pursue your entrepreneurial goals at any time. Your potential for success is determined by your thinking, not by your age. The statistics indicates that you have a good probability of succeeding if you’re thinking about starting a new business; just make sure you do it for the correct reasons
