Let maturity be a prime asset to your starting a new business. While some young entrepreneurs like Mark Zuckerberg are enormously successful, older entrepreneurs, statistically, have a higher rate of success. We don’t hear about the young failures. There are reasons why older entrepreneurs starting up may be more successful than the young.
1 Life experience
Your years of experience are your major asset. Being steeped in the ways of the world, you know that patience is the virtue that can see you through the difficult times, especially with the business ‘smarts’ you have developed. You know that a step-by-step process is the surest way to success.
You are aware that the foundations of a business plan, financial plan and thorough market research are essential. Furthermore, you know not to do everything yourself but use experts when necessary.
You have, in your life, met many experts who know other experts. This network—attorneys, accountants, marketers venture capitalists, financial planners, real estate agents, designers etc.—is an invaluable asset that comes with age. This network will lead you to introductions that can make your business enormously successful, especially when starting up.
3 Goal setting as practice
As an adult with years of life experience, you know the importance of goal-setting and planning steps for achieving the desired outcome. Your maturity will give you insights into various paths that you might take to realise your goals in an efficient, cost-effective way.
4 Attracting the best investors
While younger entrepreneurs may attract investors who want a larger stake in the business, you will attract those who want a more secure investment in light of your experience, with the effect of your not having to give up a larger stake in the business. Yours may be the smarter investment for the venture capitalist.
With years of experience you have greater self-knowledge and know what you are passionate about. Passion, the most effective motivator, will bring greater results. Being older, you may know what you want and what will lead you to achieving your goals because of a stronger desire.
You may tailor the shape of your business to your passions.
6 Your knowledge base
With the economy’s moving from an industrial base to a knowledge base, you may find that you have a great advantage from experience. The more mature entrepreneur will bring skills and knowledge to a project more than the beginner. Knowledge accumulates as will be your successes.
7 Financial Security
The younger entrepreneur may have responsibilities of mortgage payments, education debts, child-rearing expenses, insurance payments etc. that you no longer have. Therefore, your financial security will allow you more disposable income to invest in your business to develop it.
8 Choices of start-up options
With maturity, a strong credit rating, and financial solidity, the older person will have more options to start up a new business or buy into a new one or take over one that is established. You will have an easier time getting credit than the young one.
Partnering with an established firm is an option when you bring experience, knowledge and resources, all assets the young beginner may not have.
9 Have you learned from failures?
Every failure is a lesson. You have learned what not to do and how to improve; you have honed your skills, your commitment to hard work and ability to plan. Furthermore, you have gained confidence and a stronger sense of self, both invaluable in development.
Self-confidence and optimism lead to strong decision-making. You know you can rebound from set-backs and pick up now that you are older and wiser, eager for the next challenge.
So, having the advantage of age and maturity may ensure a successful venture in a new business.