Four reasons age is no barrier to entrepreneurship

When is the right time to cash in on your great new idea that has a unique value proposition? The answer is perhaps best summed up by the phrase “Timing is everything,” attributed to Buck Brannaman, America’s renowned horseman. This quote, easily understood in the context of horse riding and its inherent risks, is often shared by both the cautious and the brave. Ultimately, the right time to start is when it feels right, says Alan Manly author of The Unlikely Entrepreneur and CEO of CampusQ.

Unique Value Propositions can occur to you at any age

A unique value proposition, or delivering a service in a way that’s smarter than those currently in the market, is crucial. In simple terms, the more time spent on earth, the more likely a person is to become an entrepreneur. Statistics from the Centre for Success show that only six per cent of entrepreneurs are under 34, while 43 per cent are between 35 and 54, and an impressive 51 per cent are over 55. These numbers demonstrate that age is not a barrier to becoming an entrepreneur.

Average age of successful entrepreneurs

So, what is the average age of successful entrepreneurs? Research from the Harvard Business Review found that the average age of entrepreneurs at the time they founded their companies is 42. To give this some context, the average Australian lives for 81 years, with the average age of the population being 38.3 years. This means that successful entrepreneurs often start their ventures around the halfway point of their lives. For some, it takes three to four years for a startup to become profitable. Therefore, if you are under 80 years old, you still have time based on these averages.

Age is not a barrier

By now, we should have dismissed age as a barrier to becoming an entrepreneur. The key question is perhaps the definition of an entrepreneur. According to Investopedia, “An entrepreneur is an individual who creates a new business, bearing most of the risks and enjoying most of the rewards. The process of setting up a business is known as entrepreneurship.”

The Entrepreneurial Mindset

Sooner or later, the true entrepreneur, unhindered by chronological age, will decide that they really do have a great new idea. Regardless of their age, they will harness their enthusiasm, which may be described as naïve due to lack of experience or patronisingly as a late starter. None of these perceptions will slow down an entrepreneur.

Back to the quote, “Timing is everything.” The most important time is when you feel that it is the right time for you. That moment will come when you are prepared to be prepared, passionate enough to be daring, disciplined enough to complete a business plan, bold enough to ask others for advice, and crazy enough to ignore some of it.

All the above can be achieved at any age. Entrepreneurs are defined not by their age but by their ability to innovate, take risks, and persevere. Whether you’re a young visionary or an experienced professional, the entrepreneurial journey is open to all. The key is to start when you are ready, equipped with a unique value proposition, and a willingness to navigate the challenges that come with launching a new business.

Want more? Get our newsletter delivered straight to your inbox! Follow Kochie’s Business Builders on Facebook, Twitter, Instagram, and LinkedIn.