These days many young individuals prefer starting their own business rather than waiting for their dream job. Apart from being full of spirit and energy, younger adults are not tied up with family responsibilities, which allows them to focus on their newly launched business.
However, like anyone else, millennial entrepreneurs are also prone to mistakes. And while blunders are considered a part of the learning process, minor slip ups can cause the complete project to fail. Unfortunately, more than 50% of businesses fail in the first four years and while incompetence is rated as the major cause of failure, lack of experience ranks as the second main cause.
A quick look at statistics shows that 51% of small business owners are 50 – 88 years old while 33% are between the age of 35 and 49. Surprisingly, only 16% of individuals under the age of 35 have launched their own startup.
On the other hand, if I were to ask you to pick out a few successful entrepreneurs, you would likely answer Mark Zuckerberg, Bill Gates, and Steve Jobs. Well, did you know that the owner of Facebook became a millionaire at the age of 22 while Bill Gates and Steve Jobs founded their respective companies at the age of 20? Additionally, Larry Page developed Google at 25 while Jack Dorsey came up with the idea of ‘tweets’ when he turned the big 30. Age didn’t matter to them!
Even the most successful entrepreneurs faced challenges. Since they were quite young, not many investors took them seriously and they were often mocked as being “Toddler CEOs.” Additionally, family members are not as supportive of a young person starting his or her own business when there are plenty of other opportunities available. And although good ideas do sell themselves, companies without any brand recognition or experience in the industry often find it difficult to attract customers.
Of course, these minor encounters are part of every entrepreneur’s journey and they shouldn’t deter you from achieving your dreams. Any obstacle that comes your way should be dealt with confidence, enthusiasm, and optimism.
So to answer the question above – Does age matter for success in entrepreneurship? – no, age definitely does not matter and as time passes, business owners gain plenty of experience that helps them overcome the obstacles of youth.
Admn November 28th, 2017
Posted In: Uncategorized