Age is just a number when it comes to startup success
We’re all familiar with the stories of super-successful entrepreneurs like Mark Zuckerberg and Bill Gates who started their companies in college, and many young people worry that their window to entrepreneurship is over before they turn 30. Fortunately, that’s far from the truth.
Young entrepreneurs may get the media attention, but they’re not the only ones starting and growing businesses. In fact, the average age of successful founders in the U.S. is 45, according to Harvard Business Review. According to Statista, only 6% of entrepreneurs in 2022 will be between 20 and 30 years old, while 64% will be over 40. These numbers tell us that age is not just a number when it comes to starting a business, but it can be an advantage.
Age stereotypes in entrepreneurship
The stereotype of the young, energetic Silicon Valley tech entrepreneur was popularized by people like Mark Zuckerberg and Steve Jobs, who started their companies in their early 20s. While these stories may be inspiring to some, they represent a narrow side of the entrepreneurial spectrum.
“An excessive focus on the young can often overlook the more important contributions of older entrepreneurs who bring a wealth of experience, networks, and financial and emotional stability,” explains Kate Barsky, an entrepreneur-turned-author who now helps quarter-lifers reclaim their 20s and enter their 30s with confidence. “Our society perpetuates what I call the ‘milestone myth’ — false deadlines — that can make women in their 20s feel like they’re failing or falling behind as they approach 30. I’m here to expose the unrealistic and irrelevant societal expectations and conditioning facing women in their 20s. Success can happen at any age, and we need to encourage young people to stop putting deadlines on their dreams.”
Experience is a valuable asset
Hands-on experience is one of the most important advantages that older entrepreneurs have. “It’s impossible to know everything about running a business when you’re just starting out. Working at a small business or startup for a few years, learning from and reaping the rewards of founders’ successes and failures, is the best experience an aspiring entrepreneur can have. That hands-on experience and industry knowledge often translates into better decision-making, a clearer understanding of market trends, and improved risk management capabilities when running your own business in the future,” says Belski.
For example, Harland Sanders (aka Colonel Sanders) founded KFC at the age of 65. His years of experience in the food industry and tireless hard work led to the creation of a global fast food empire. Similarly, Vera Wang launched her own brand in the fashion industry at the age of 40, leveraging her extensive experience in journalism and figure skating to build a brand that is synonymous with bridal couture.
When it’s time to quit your corporate job and start your own company, rely on experience, not age. “Don’t let your age determine it. Experience is more important. Focusing on your idea and expertise is really important to start a successful company,” advises Emma Waldman.
Building a strong network
Experience gained early in your career gives you the benefit of an established professional network. Experienced entrepreneurs have had time to build and nurture relationships across a variety of sectors, which is a huge advantage when starting a new venture. As this SCORE article states, “People want to do business with people they know. When you become known through your network, people are more likely to want to do business with you.”
Your network doesn’t have to be limited to your local community. You can meet great entrepreneurs, investors, and professionals online. “The rise of social networking is great for entrepreneurs who want to expand their business beyond local geographic boundaries,” says Berski. “Finding a community of like-minded people as you’re trying to plan your future can help you feel less lonely and more connected.”
Entrepreneurship can be a lonely path, which is why it’s more important to take the time to gain experience and build a strong network rather than succumbing to time pressure. Moving away from a “milestone mentality” and embracing the process will lead to more innovative solutions and ensure success and greater life satisfaction. As with most goals in life, when it comes to entrepreneurship, age is just a number.
