Are you unsure about the best time to start your own business? Here’s why 35 is the right age to start a business with most optimal success…
Guest post by Ankit Gupta
8 Important Reasons To Wait Until You Are 35 To Start A Business
Silicon Valley has taught us one thing: the ideal entrepreneur is a young, talented, and hungry individual like Mark Zuckerberg, who started Facebook at age 19. Even Steve Jobs who founded Apple at 21 or Larry Page and Sergey Brin, the two 25-years old brains behind Google, are also classic role model examples cited by people advocating that 20s is the right time to start a business.
However, a recent study published in The Wall Street Journal points in a completely different direction. As per the essay:
“People over 35 are more likely to start a business—and much more likely to succeed at it.”
The study was done by Carl Schramm, author of Burn the Business Plan, in collaboration with Kauffman Foundation. They validates it by stating:
“Mid-career entrepreneurs (35 or older) were five times more likely to enjoy a successful business five years later than entrepreneurs starting businesses right out of college.”
In fact, this research also backs a significant finding by HCDC Business Center that asserts many of its success stories started with entrepreneurs aged 35 and above. There are studies and statistics to back this up. Let’s delve into why 35 is the right age to start a business…
35 Is Indeed The Right Age Start A Business
You Have Settled With A Fine Combination Of Passion, Skills, And Capabilities
In your 20s, you are driven by your passion but have not yet fully developed the skills and capabilities. At 35, you have nurtured your skills and capabilities and can direct them to focus on or find your true passion.
According to a study, the perceived capabilities are the highest at 50% in a person between the age of 35 and 44. Starting out a business at 35 can help it grow as you gain more confidence in your capabilities.
At 35, you have achieved a settled demeanor with a fine combination of your passion, skills, and your capabilities, which let you succeed in your business endeavors.
You Have Enough Money To Self-Finance (Bootstrap) Your Business
More than 29% of startups fail because of insufficient funding options or because they totally run out of money. The biggest reason why individuals should start their business at 35 is by the mid-thirties, most aspiring entrepreneurs have saved enough money to self-finance or at least bootstrap their business.
During the 20s, it becomes difficult to pay off debts and make ends meet if you do not have an angel investor or venture capitalist backing your business. At 35, you have had enough time to save money to self-finance the business and scale it without as many funding issues.
You Have Identified Different Opportunities
By the age of 35, you have likely tried your hand at different professions in your quest to determine the right business for you, and learned something from each one. This helps you identify your personal liking and passion, so you know the possible opportunities for starting a successful business.
One of the studies mentioned above even pointed out that ages 35-44 is when 58% of people have perceived opportunities and are more capable of using these opportunities in starting a new business.
You Have Developed Strong Networks
Without a doubt, you develop stronger connections as you age. By the time you reach 35, you have already developed a strong network including people from various areas of your life. They are capable of being part a robust team that is not just skilled and experienced, but also dedicated towards your business.
This is the age when you develop connections with fellow entrepreneurs that act as role models that can offer encouragement to start and then scale a business.
You Have Matured And Gained Emotional Stability
By the time you reach 35, you have matured both mentally and emotionally. You have gained emotional stability that is indispensable in managing your workforce.
While starting a business, you need to hire and fire team employees, and be strict with them to achieve goals. By age 35, you have gained the emotional stability and maturity to deal with these processes, as well as team member emotions at times of tough decisions.
You Have Attained Better Management Skills
Management skills are one of the core characteristics required for starting any business. Having the acumen to manage:
- The team
- The finances
- Meeting production and revenue goals
Are only achieved with experience.
At 35, you have developed better management skills than you had in your 20s. Starting a business at this age will allow you to manage it more efficiently.
You Have Had Your Share Of Failures And Deceptions
Every failure you face and every betrayal you experience, teaches you a life lesson and makes you a stronger individual (here, entrepreneur). You only get to learn these lessons with age.
By 35, you have tried your hand at multiple things and have already experienced deceptions and failures. Additionally, by this time, you have probably already worked through:
- How to start a business plan
- How to start a business from scratch
- How to start a business with no money
- How to start a business online
And other similar challenges.
As you grow, you learn to size-up individuals and analyze each and every step to ensure that you do not face as many negative circumstances.
You Have Both Theoretical And Practical Legal Understanding
Legal knowledge is indispensable for starting and scaling a business. In your 20s, you only have a theoretical understanding of legal terms in business. By the time you reach 35, you become more practically aware of the legalities related to business development and eventual success.
35 And Ready To Start A Business?
The reasons listed above easily validate that 35 is indeed the right age to start a business.
Instead of jumping straight to starting a business right out of college, give yourself some time to grow and develop emotionally, mentally, and financially. By the time you turn 35, you would be all set to start your own business and, more so, succeed at it.
Ankit Gupta heads and manages the content marketing team at ExportersIndia, a leading B2B portal in India. Owing to his passion for his profession and his interest towards the B2B industry, Ankit keeps a close tab on the latest trends in content marketing for B2B companies. Connect with him on LinkedIn and follow him on Twitter.