Apparently, a lot of young entrepreneurs make headlines, such as Tesla’s Elon Musk or Facebook’s Mark Zuckerberg. However, note that age is not the primary factor in whether a business succeeds. Take the famous Colonel Harland Sanders of the KFC fame or Leo Goodwin of the GEICO insurance brand - known brands established with its founders at the age of 50 or above.
As a matter of fact, there are even studies showing that people at 55 are twice as likely to launch a flourishing startup compared to their counterparts under 35. To better present this argument, here are five reasons why age might be a contributing factor to the success of your business.
As a matter of fact, there are even studies showing that people at 55 are twice as likely to launch a flourishing startup compared to their counterparts under 35. To better present this argument, here are five reasons why age might be a contributing factor to the success of your business.
- You Are Now More Financially Secure
Starting up a business in your youth usually pits this against the standard lineup of responsibilities and investments: mortgage, car payments, insurance, healthcare, and expenses relating to children maybe. It goes without saying that as you grow older, the more of these responsibilities get paid off. This frees up your finances to invest in opening up a business. - You Have a Better Network
As you progress along in life, it is inevitable that you will know and meet people. This web of people who know people are important especially in putting up a new business. Imagine the advantages of your acquaintances and how many among them are accountants, lawyers, engineers, and contractors. Knowing who to ask introductions from definitely moves the business forward. - Investors See Older Entrepreneurs Positively
An article at Entrepreneur.com offers an outlook on why venture capitalists invest in older entrepreneurs. The article points out seasoned and experienced entrepreneurs know what to do in order to succeed. - You have more life experience
The last and the most apparent advantage of starting a business is wisdom brought by years of experience. As you age, you learn the importance of following procedures, planning, and conducting research. These levels of organization and foresight constitute a good business acumen.
It’s never too late to start a business, regardless of age. As you carefully plan the next step in your prospective startup, make sure to keep your assets protected by getting insurance from a trustworthy partner.
At Valencia Insurance Group, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (772) 344-8899 or Click Here to request a free quote.
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