When we hear segments in the media about entrepreneurial successes, the majority of these incidents center around "break out" stories of people striking it big from their parents' garage, such as Steve Jobs or Mark Zuckerberg. But is age rule hard and fast? Is the only time you can become an entrepreneur really when you're in your 20s or in college?
The truth, when it comes to entrepreneur age statistics, may surprise you.
The Advantages of Youth
While it's true that the most spectacular stories for the best age to start a business often spotlight younger entrepreneurs, that doesn't mean the majority of success stories are in this age bracket. However, younger people do have certain advantages. Of course, one of the most significant assets of the 20s being the average age to start a business is the ability to take more risks. Younger people have "less to lose" statistically speaking since they are often not yet shouldered with responsibilities like children or a mortgage that require more care in order not to disrupt.
Making a Break
On the other hand, creating a business in your 30s also has some distinct opportunities that you can work to your favour. Some statistics show that the best age to become an entrepreneur may actually be in your 30s! One of the biggest reasons for this? You're in your "business prime."
People who go into business for themselves in their 30s have one big advantage: experience. If an entrepreneur is starting a business in an industry that he or she is already familiar with, for example, that means that not only is there no learning curve, but there are years of contacts, associates, experiences, networking opportunities, and other benefits that come with someone finally deciding to be their own boss after all this time. You also have an established credit rating and financial history by this stage, making some activities—like loans and mortgages—much easier to get approval for.
40s for Fortune
Perhaps most surprising of all, there's still a lot of positive things to be said for even more mature entrepreneurs. In fact, some of the best businesses to start in your 40s are technology and consultation jobs! The reasons for this are simple. You have an enormous amount of experience combined with the ability to actively finance your own business, which is something that other age groups might not have.
People in their 40s who choose to go into business for themselves finally benefit from "having been there." They are making wiser decisions based on experience, and tend to be far less flustered when hiccups happen because they've been in such situations before and know how to get out of them.
The truth of the matter is any age can be the right age to become an entrepreneur. It's truly more a matter of your willingness to grow, to cultivate the right attitude, and exercise discipline and responsibility. People who can't give even their own invested business the attention it deserves are unlikely to experience growth and success. People who treat their business venture seriously will enjoy serious success. It's less about your age and more about attitude.
Do you have the right attitude to become an entrepreneur? Take our self-assessment quiz to find out for yourself.