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A lot of innovative people wish to revolutionize the world with their ideas and start their own business, but with the passage of time,this vision of working on your idea and starting a venture  starts to fade. The reason being the lack of courage to think that you can make it happen and then not executing it ultimately ! 

Your mind starts prioritising everything BUT the business idea,which takes a backseat  by making you think that you are not meant to be in that business and that its too late now. 

But it is actually never too late to follow what you love and have always wanted to do.

A  study conducted last year by the Census Bureau and two MIT professors  led to the understanding that most of the successful entrepreneurs are middle-aged, even in the technology and software sectors.

The study has found that most highly-successful  entrepreneurs have often started late. The study and the researchers found out that most of the successful entrepreneurs tend to be middle-aged and that the average startup founder was 45 years old when he or she founded their most successful tech companies.

About 2.7 million company founders have hired at least one employee between 2007 and 2014. Speaking of which, a 50-year-old entrepreneur is almost twice as likely to start an extremely successful company as a 30-year-old.

The study has been able to dig up some really interesting facts and statistics to back its claims, some of which are – 

 

  • 50 year old startup founder is 2.2 times more likely to have found a successful startup as a 30 year old.
  • A 40 year old startup founder is 2.1 times more likely to have found a successful startup as a 25 year old.
  • A 50 year old startup founder is 2.8 times more likely to have found a successful startup as a 25 year old.
Shockingly, it says that a  60 year old startup founder is 3 times as likely to be at the helm of affairs at a successful startup as a 30 year old startup founder and is 1.7 times likelier to found a startup that winds up in the top 0.1 percent of all companies.

 

But why? 

 

The reason behind older people getting more success in establishing and running a startup is the age itself and all the experience it brings with it. 

Also there is a huge gap between ideas and execution which an older entrepreneur brings to the table versus that of a young entrepreneur. 

Having ideas and possessing the skills required to execute them is crucial. Business tactics and strategies are affected in the same way by the entrepreneur’s age. 

With limited experience, you lose confidence in your own decisions and tactics, especially when you need to make a lot of decisions every day.

According to the data if you’re in your 40s and looking to start a business, do it. If you’re in your 50s, do it. If you’re in your 60s, do it. It is never too late. 

 

All you’ve got to do is believe in yourself, especially if one is willing to put in the long work hours and have a strong work ethic. At the same time, for young entrepreneurs, there is no reason to pack up and leave the game. No one is of the opinion that young entrepreneurs can’t be successful.In fact. there are many young entrepreneurs who are completely changing the face of the sectors they work in.Although this is a fact it would be very wise to always take guidance from people who are more experienced than you. Then nothing can stop you from following your dreams and being the change that the world needs. 

 

Authored by Soham Angal Content Developer(StartUp Monk)

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CIN- U74999DL2019PTC347107