Startups aren’t reserved for Millennials, those born from the early 1980s to the early 2000s. There are plenty of entrepreneurs – Reid Hoffman of LinkedIn home page and Leo Goodwin of GEICO, for example – who followed their dreams of owning their own business later in life. Entrepreneurship at an older age can come with certain advantages.
Waiting to start your startup could be what ultimately leads to your success:
1) With age comes wisdom—and experience. Older entrepreneurs benefit from greater insight of the market and the audience—increasing their chances of success.
2) Investment in their dream. Unlike experienced entrepreneurs, who recognize the importance of contributing their own savings, young people usually don’t have the capital to commit to their startup.
3) Network of professionals. As experienced professionals in the industry, older entrepreneurs have established contacts – which can take years or decades to create.
As you can see, youth isn’t always the secret to success for startups. If you need more motivation, here are interesting stats about experienced entrepreneurs from a study by the Kauffman Foundation:
- Businesses started by those ages 55 to 64 accounted for nearly one-quarter of all new businesses.
- Americans in the 55-64 age group start new businesses at a higher rate than those in their 20s and 30s.
- The average age of founders of U.S. companies who went on to hire at least one employee was 42.
No matter your age—or your financial needs—Busey can help you with the resources to help you succeed. Contact us today at 1.800.67 | Busey or visit one of our many convenient locations to determine which products and services are right for your business.