What is the ideal age to start in business? In paid employment and especially politics there is definitely ageism at work. Some politicians in the past have had to retire as leader of their parties because they were deemed to be too old to appeal to the voters.
Business has no age barriers.
When it comes to starting a business your age and experience will stand you in good stead. Many successful businesses are managed by people close to retirement age. Using their experience gained from their previous employment they are ideally suited to exploit a gap in the niche area they have experience in.
On the other hand young people with drive and determination can take risks that older people can not afford to, knowing that if they fail they can always have another shot! They often have the energy and ability to burn the candles at both ends and can spot new ideas that their senior counterparts might not even be aware of.
Older people tend to have realistic goals & better interpersonal skills gained from years of paid employment.
They usually have more access to funds. They often have a good credit history and can also raise monies using their property as collateral; having paid off a substantial part of their mortgages.
There is a higher chance of failure in a new start up by a younger person. They often do not have the ability to persevere when the going gets tough. Their businesses tend to be under funded and often they have set goals that are definitely not achievable.
If they can survive their first failure and still be motivated enough to start again their chances of success shoot up dramatically as then their expectations are more achievable and they have learnt valuable lessons from their first failed venture.
Love, life and family
Many young people are unstable due to their higher sexual urges that often lead them astray. They tend to devote a lot of their time and energy towards finding their ideal partner.
Older people tend to have more established ties within the community and in the business world. Having more contacts to lean on can definitely make the difference between success and failure. Having a supportive family around that can help with some of the tasks will lighten the workload.
Attributes for Success
Being in a stable relationship means that more energy can be devoted to business and less spent looking for the ideal mate. Having sufficient sums of money to fund your venture can play a big part especially in the first year.
Perseverance and commitment are critical especially when the going gets tough. Age is not a barrier in business. In fact experience can play a key part in the success of any new venture.
Poor health can wreak havoc on any business plan so if you are suffering from any ailments think twice. Unlike paid employment, you might not be able to afford to take time off, especially in the first year of a new business.
Home based businesses are becoming more common now. There is less of a stigma attached to working from home. If you have a spare room, don’t need much stock and do not mind working alone then this could be the ideal low cost way to get started in your first venture.