Thursday, 31 March 2022 05:51

Think you're too old to start a business? Science says think again

Rate this item
(0 votes)

Because a 50-year-old is almost 3 times more likely to found a successful startup than a 25-year-old.

Mark Zuckerberg -- clearly no stranger to startup success -- said "young people are just smarter." Maybe that's true.

But that doesn't mean younger entrepreneurs are likely to be more successful than, um, more "seasoned" entrepreneurs. A study conducted by the Census Bureau and two MIT professors found the most successful entrepreneurs tend to be middle-aged -- even in the tech sector.

After compiling a list of nearly three million company founders who hired at least one employee, the researchers found that the average startup founder was 45 years old when they founded the most successful tech companies. (In general terms, a 50-year-old entrepreneur is almost twice as likely to start an extremely successful company as a 30-year-old.)

Another study published in Journal of Business Venturing found that entrepreneurial success, where age is concerned, is fairly U-shaped. (Especially for female entrepreneurs.)

Granted, younger entrepreneurs may have better insights into how new technologies could meet consumer wants and needs. And younger entrepreneurs may be less risk averse; it's harder to quit a full-time job and take a flyer on a startup if you have a number of mouths to feed.

But on the flip side, older entrepreneurs can benefit from their broader business, leadership, and execution skills and experience. Inexperience makes developing sound strategies more difficult. Inexperience makes building a team more difficult. Inexperience makes turning an idea into a reality -- much less a profitable reality -- much more difficult.

As the researchers write, "Age has ... a positive effect on subjective success, firm size, and financial success."

Because the only way to decrease the number of things you don't know -- and, just as important, have a good grasp on which things you do well, and which you don't -- is through gaining experience.

If you're in your 40s, and want to start a business, don't let age hold you back. If you're in your 50s, don't let your age hold you back. If you're in your 60s, don't let age hold you back.

The skills, experience, and savvy you've acquired could mean you're the perfect age to start a business.

 

Inc

June 26, 2025

How to ace a job interview in 90 seconds, from an Ivy League communication expert

Sophie Caldwell You only have about 90 seconds to make a strong first impression in…
June 26, 2025

Peter Obi decries ‘coordinated lawlessness’ after brother’s property is demolished in Lagos without court order

Former presidential candidate Peter Obi has condemned what he described as a brazen act of…
June 27, 2025

Which drink is best for hydration? Hint: It isn’t water

Lisa Drayer When you’re thirsty and in need of a drink, which beverages are best…
June 21, 2025

Man convicted of posing as flight attendant to fly for free 120 times

A 35-year-old American man has been found guilty of impersonating a flight attendant at least…
June 26, 2025

17 soldiers killed, dozens injured in fierce gun battles with terrorists in Niger, Kaduna

Seventeen soldiers have been confirmed dead and at least ten others injured following coordinated attacks…
June 27, 2025

What to know after Day 1219 of Russia-Ukraine war

WESTERN PERSPECTIVE Russia captures village in eastern Ukraine near lithium deposit, Russian-backed official says Russian…
June 25, 2025

Tesla robotaxi launch: Why getting from dozens to millions of self-driving cars won't be easy

Tesla (TSLA.O) finally has a robotaxi. Now comes the hard part. The electric-vehicle maker deployed…
May 13, 2025

Nigeria's Flying Eagles qualify for World Cup after dramatic win over Senegal

Nigeria's U-20 national football team, the Flying Eagles, have secured their place at the 2025…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2025 NewsScroll. All rights reserved.