The general misconception among masses regarding entrepreneurship is that only young people can be entrepreneurs, while the ones that have crossed youth are merely survivors and the only thing they can do is finish their current job and get the retirement money. This conception is wrong. One is never too late to be an entrepreneur; rather turning towards entrepreneurship at a later age can come with certain advantages.
All entrepreneurship deals with is a unique idea that brings innovation and meets a demand in the market. Therefore, there is nothing in the definition of entrepreneurship that says that after a particular age one cannot be an entrepreneur. You are never too late to become an entrepreneur, rather being a little late comes in handy. In the lines below I shall discuss why there is nothing wrong with pursuing entrepreneurship a bit later in life.
The first and foremost important thing that helps people that aspire to become entrepreneurs later in life is their experience. Compared to young entrepreneurs, these people have more professional experience and have a greater insight into the delicacies of the market and the audience. Therefore, when such people pursue entrepreneurship, the job is quite easy compared to the young ones who have to learn everything.
The experienced professionals turning to entrepreneurs means that they have more knowledge about managing staff, they know more about bookkeeping, they know how a product can be marketed effectively and they know how the capitalists can be convinced to invest in their project. Therefore, the later arrival of professionals in the field of entrepreneurship serves as a blessing in disguise and increases the chances of success of the business as a result of the experience these so-called ‘non-entrepreneur-age’ people carry.
The other important thing that makes entrepreneurship a good choice for professionals is their network. Due to spending a substantial time as a professional in the industry, the late pursuers of entrepreneurship have an established network where they have contacts with all kinds of people. For an entrepreneur right contacts are as important as the business itself. In fact, the launch of the entrepreneurial venture is primarily dependent upon the contacts as these contacts are what serve as investors in some cases while in other cases they are the clients. Therefore, the second edge that the professionals turning into entrepreneurs have over young entrepreneurs is the network. Young entrepreneurs have to struggle to find people and then convince them, whereas the professionals know where the people are all they have to do is to go and present them their idea and have their venture-funded and supported.
The biggest problem with young entrepreneurs is that they don’t have enough money to bring their idea into a form that can be presented in front of the investors, thus, most of the young entrepreneurs struggle with this initial investment and are able to arrange it with too much struggle. On the other hand, the late pursuers of entrepreneurship have a job and during that job, they are able to save money for their venture to start. Therefore, the professionals have enough money to start their business and make it presentable in order to get more investment from others. Thus, this availability of investment is another feature that makes entrepreneurship feasible for late pursuers of this domain compared to young people who have no such investment, to begin with.
Now it’s Your Turn!
At what age did you decide to become an entrepreneur? What kind of difficulties did you face? How do you think your experience helped in your entrepreneurial venture? What advice would you give to those who think they are past the age of being an entrepreneur? Share your insightful experiences with us!