Every day we hear about brilliant minds who have made their first million before the age of 25. There are even businessmen who reach success and experience the advantages of self-employment before they turn 21. This influx of young gifted entrepreneurs makes you think there is no room for startupers over a certain age in any industry. But is it really the case?
Seasoned business analytics and researchers say there is no ideal age to start a business. You can be a successful entrepreneur fresh out of high school, but it’s also not uncommon for people in their 40s to finally find their entrepreneurial path. However, 20s and 30s remain the most popular age for starting a business, and that’s what we’ll focus on today.
Why Start a Business in Your 20s and 30s
The importance of taking risks and accepting the outcome of your decision doesn’t need any explanation for entrepreneurs. As a startup founder, you will face risks every day, and this is where a person with more business expertise can encounter their first difficulties.
When someone is over 40, they’ve likely already taken big risks and failed. It means that they’ll be much less inclined to do it again. This is how older businessmen think they avoid complications, but that is also how they miss opportunities.
People in their 20s and 30s normally don’t have that kind of experience. They understandably have qualms about risk-taking. However, in the end, they usually decide to make a risky move, and there is a very good chance the risk will pay off.
Those who launch their business after 40, usually have certain business experiences under their belt. They may have taken part in starting their own business or witnessed the birth of a business of a friend or coworker.
When you’re in your 20s or 30s, you may not have the same real-life knowledge of how businesses begin. Nevertheless, you have something much more important: the knowledge and skills you received at college.
The importance of college education for launching a prospering business is often overlooked. Yet there are essential things you can only learn in college, and that’s exactly the foundation you need for building a viable business.
By the time they are 40, people accumulate a lot of financial responsibilities. Families, mortgages, car payments, and medical expenses not only eat up a large part of your budget but also make you much less flexible.
It’s a popular thought that businessmen in their 20s and 30s have nothing to lose. That may not be completely true, as some people start families when they’re fairly young. However, when you’re under 40, you have more freedom for making choices.
If you’re a forty-something father of three, your business decisions will be dictated by the risks you’re able to take. Young people have fewer things restricting them from making bold decisions and, ultimately, succeeding.
Related: How to Start a Profitable Blog – This step-by-step guide to starting a blog is a must for everyone who wants to start earning online and become self-employed. Having your own blog is the first step to selling products, making money from affiliate marketing, building a name for yourself, getting traffic and monetizing that attention.
If there is one thing experienced entrepreneurs would like every beginner to know, it’s that launching a business will be a journey filled with ups and downs. If you look at business success stories, you’ll see that each of them comes with their share of failures.
Impressionable young businessmen don’t react great to failures. Their initial reaction can differ, but it always includes disappointment, resentment, and even a desire to quit. If they’re lucky, their support system won’t let them quit. If they’re not, then the days of their startup are numbered.
It’s a different story with people in their late 20s and 30s. They arrive at the starting point of their business with an understanding that failures are bound to happen. It doesn’t mean that they’re completely immune to failures, but they are guaranteed to have a more mature reaction.
Technology is a vital part of launching a startup these days. There are thousands of businesses that only exist online. Even if your business is completely offline, technology can still be a valuable aid in the business development.
People over 40 may understand the importance of using technology in their business. They may even move their business online or take successful steps to foray into the digital world.
However, they will never have the understanding of technology of a 28-year-old.
Today’s 30-year-olds are not only fully familiar with technology – many of them are actually digital natives. These people have spent most of their lives with the digital world being an essential aspect of living. That is why technology-skilled young entrepreneurs are the future of business.
According to those who have a multi-faceted experience in business, starting a business at any age has its challenges. Entrepreneurs that are 20, 30, 40, or 50 years old have their strong suits and weaknesses. However, there are many reasons why the age between 20 and 40 is the golden age for launching a business. Take risks, learn as you go, use your forte, don’t let anything distract you, and soon your name can be part of the world business hall of fame!
About The Author
Christine Acosta is a content manager at App Reviews. She specializes in digital marketing and content creation. Christine is also passionate about startups and business development. She uses her degree from the Florida Institute of Technology to offer sound advice to those who launch their own business.