We are often being told that age is just a number and it is your attitude and outlook on life that matters more, so does that apply to starting and running a business beyond a certain “working” age.
You can find lots of excellent business insights on sites such as businesstrex but one topic that is not often approached is the difficult question of how old is too old to be in business?
Here is a look at some of the clues to help you arrive at a sensible answer.
The first thing to say is that you don’t have to search too hard to discover stories of entrepreneurs who have started their business empire at a very early age, such as Mark Zuckerberg before his 20th birthday, as a prime example.
However, you can also find plenty of success stories where the founder didn’t get going until they were well north of 40, with the IBM founder forming the business after he was 60.
It is that classic balance of either youthful exuberance and optimism or the wealth of experience gained being applied to ensure success at a later age.
It is abundantly clear that age is no barrier to launching a business and try telling any of these entrepreneurs that they are too old.
If you look at the typical profile of an entrepreneur it is interesting to note that a high percentage of those starting a business tend to be over the age of 40.
The classic mid-life crisis occurs when you think your corporate career is at a crossroads and this scenario often fuels the desire to start your own business.
By the time you reach that age, you will have some valuable experience and a host of useful contacts, all of which allow you the opportunity to research and prepare a business idea properly before launching it.
The major percentage of business owners still start out before they are in their mid-30s but maturity and experience are also great assets to have and that is why a decent number of founders are closer to retirement age.
The bottom line is that you are never too old to start a business and your age is irrelevant if you have a viable business proposition that will make you money.
About 15% of all applicants for government-backed loans tend to be over the age of 50 and there is no age limit applied when you try to get startup finance, which is how it should be when you consider that you are never too old to try something new.
Those in their 50s often have the requisite skills, attitude, and experience to ensure that a business venture has the best chance of succeeding, so it is abundantly clear that age is just a number and not a barrier to putting a great idea into action.