The widespread misconception of founders or entrepreneurs being young or shackled in poverty or misery is prevalent. That, however, doesn’t make the notion any more accurate. Now, you might wonder what about Steve Jobs or Bill Gates? These successful entrepreneurs were in their teens when they founded Microsoft or Apple with others.
However, it is ridiculous to entertain the notion that a business or company’s success depends on the age of its founder. No research or even scientific facts highlight that founders need to be young to become successful.
In essence, success doesn’t come that way. The chances of gaining success in your venture increase with age. That’s because, with age, you attain professional expertise, extensive knowledge of the domain, and the steadfast confidence to know what to do!
Can old age create barriers to entrepreneurial success?
It is without a doubt that there are several young entrepreneurs that are now successful in their domains. However, these instances are rare in the real world. The reality is quite different. Evidence points out that older successful entrepreneurs are more in number.
The U.S. Census Bureau and researchers from MIT, Northwestern, and Wharton conducted a joint study on the topic of “Age and high-growth entrepreneurship.” The results pointed out the mean age of founders for startups in the U.S. to be 42 years. For that super-fast unicorns, it was 45, and for high-tech startups, it was 43 years.
An in-depth study of different business models indicates the average of successful entrepreneurs to be in the forties age bracket. A wide percentage of business personalities launch their businesses after gathering substantial industry experience.
Founders who attained success at a later age
The staggering list of founders whose age is beyond the highly misunderstood age bracket is impressive.
After working at WebEx as an engineer for more than a decade, Eric Yuan founded Zoom. He was 41 years old when Zoom came into existence. Today, Yuan is a successful entrepreneur, with Zoom having a market cap of $22.18 billion.
With an idea that had the potential to change the dynamics of the internet industry, Bob Parsons founded GoDaddy in the year 1997. He was 47 years old when GoDaddy made it easy for anyone to acquire a domain. Now, he has a net worth of more than $3.4 billion with multiple ventures under his name.
Ageism is a myth!
Unfortunately, the majority of investors and venture capitalists have this mistaken notion too. The belief that only young entrepreneurs can set up a successful company is a fable. Experienced ones have far greater potential for success if given the right opportunities.
Do you want to quit your job and start your own business? All you need to do is research the field, gain more experience, create a solid business plan and move ahead. Your age does in no way determine entrepreneurial success. In fact, it is your determination, business acumen, and creative workflow that make or break the entrepreneurial idea.
