7 Reasons Why It's Never Too Late to Start a Business
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| Photo by Per Lööv on Unsplash |
But at some point, many people want to become self-employed. In the following, I explain why it is never too late for this.
I would be very interested in your opinion.
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| 7 Reasons Why It's Never Too Late to Start a Business |
7 Reasons Why It's Never Too Late to Start a Business
Again and again, one reads and hears from young founders who are creating successful startups from scratch. But do you have to be young to be a successful founder?
Certainly not. Many older founders jump into the deep end and are often successful.
There are good reasons for it:
1. Passion
As you get older, you usually know a lot better what interests you and where you want to go.
The passion for certain topics is very high and since you have been interested in them for a long time, there is little chance that you will lose interest in them.
2. Experience
Older founders can fall back on a large pool of experience. This applies to both work experience and life experiences.
These are very helpful when starting your own business, avoiding mistakes, and making the right decisions.
3. Knowledge
In the course of a lifetime, you also accumulate a lot of knowledge. Be it general knowledge or specific know-how in a technical branch.
Of course, this helps a lot with a start-up and ensures that the start-up time is significantly shorter.
4. Network
Many older founders have got to know a lot of people in their lives and they can benefit from this when starting a business.
The contacts in particular often make a big difference and ensure successful independence.
5. Capital
The financial aspect should not be underestimated either. Those who have been in a job their entire life have often accumulated good savings.
At least part of it can be invested in starting your own business to save time without having to go into debt.
6. Time
Are the children big or have they even left the house? If you have children yourself, you know that you will then have a lot more time for yourself.
Older self-employed people can therefore focus more on their business, especially in the initial phase of founding.
7. Discipline
As energetic as many young founders are, there is often a lack of consistent discipline and perseverance to become successful.
As you get older, many find it easy to stay on the ball and work on success in a disciplined manner.
What Should You Watch Out for?
So, in my opinion, it's never too late to start up, even if there are a few things that you should pay attention to.
With your business idea, you should make sure that it can be implemented quickly and that it also leads to good income relatively quickly. When you are 50+, it does not make sense to tackle a business idea that will only bear fruit in 10 years.
Retirement provision should continue to be operated. It is often worthwhile to continue paying unemployment insurance because you have already paid a lot as an employee. But you should also continue to make good provisions for your pension itself.
Your health is an increasingly important factor with increasing age. You should therefore plan downtimes in your business idea. That is why many older people do not start up as sole proprietors, but rather with employees.
Conclusion
So it is by no means the case that one should no longer found a company after a certain age. Of course, there are a few things to keep in mind, but the examples on fundersandfounders.com show that older founders are also successful.
Ferdinand Porsche founded his entrepreneur at 56 and Yoshisuke Aikawa founded Nissan at 52. Even IBM was only started by Charles Flint at 61.
These are all corporations today, but even normal founders shouldn't let their age deter them if they want it.
How old were you when you started your own business?
- 18-29 (56%, 136 votes)
- 30-39 (23%, 56 votes)
- 40-49 (9%, 23 votes)
- Younger than 18 (6%, 15 votes)
- 50-59 (5%, 12 votes)
- 60 or older (0%, 1 votes)
Number of participants: 243 (1 vote)
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