Why old people make better entrepreneurs than young ones
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Re: Why old people make better entrepreneurs than young ones
#2Young people bring enthusiasm, new thinking and energy to a startup. They are at a place where they can risk everything and it doesn't matter. They've also not learnt any bad work habits.
Old people bring experience, wisdom, capital and connections to a startup. They either have risk capital or have decided to pursue a riskier path in order to get larger returns.
It's two routes to the same goal and I would argue that it comes down to a mix between the individual, the business, the opportunity and luck. I doubt age has that strong an influence.
Re: Why old people make better entrepreneurs than young ones
#3I didn't have the feeling of urgency to bring something into the world when I was in my 20's. The feeling of mortality you get as you get older is a real motivator.
I suspect that those who want young people to drop out of school and start businesses are Pied Pipers running yet another "chew 'em up and spit 'em out" operation like McKinsey or grad school.
Re: Why old people make better entrepreneurs than young ones
#4I'm 22, and I'm currently starting a business.
My dad is 61, he's currently starting a business.
My company is very small scale because I have limited capital. I'm investing His company is using a contract manufacturer, about 2 million bucks, and really doesn't break any new technical ground. Their products are better than the current market leader, but have existed for a few years. He is bringing new marketing to the process, but most importantly changing the distribution channels. He has contacts at all the current market leading distributors and retailers (he was previously the EVP of the market leader) and is bringing on about 5 full time sales guys to go out and win business.
So the scale is completely different, the reason we think we can win is different (he is focusing on business, I'm focusing on product), but we do have a lot in common.
Both of us are not taking that much risk. I'm working a day job, he has enough in the bank to be retired and is using other people's money. Both of us are working insane hours (he probably is working more than I am because he has a bunch of employees depending on him, I just have myself). He is doing it full time, I am doing it as a sideproject for now.
Neither approach is better or worse, they are just different. The good news is that you can start a business anytime between age 22 and 62 (and younger and older I'm sure). The other good news is that we both enjoy it more than anything else we've done working for other people, so that never gets old. And you can bring enthusiasm to a new venture even if you have been in that industry for 40 years.
Re: Why old people make better entrepreneurs than young ones
#5Two points that I think are worth making
1) When someone in early twenties sets up a successful business it is considerably more newsworthy and is far more likely to get attention than someone in say their 40's, thus distorting public preception.
2) Once you get into your 50's your career options narrow dramatically. You become too expensive, less flexible and potential employers may feel that you are 'stuck in your ways'. Therefore entrepreneurship may in actual fact be a necessity.
Re: Why old people make better entrepreneurs than young ones
#6It just takes a while to make all of the mistakes you need to learn from to be successful. I think I'm getting close...
Re: Why old people make better entrepreneurs than young ones
#7Two points that I think are worth making 1) When someone in early twenties sets up a successful business it is considerably more newsworthy and is far more likely to get attention than someone in say their 40's, thus distorting public preception. 2) Once you get into your 50's your career options narrow dramatically. You become too expensive, less flexible and potential employers may feel that you are 'stuck in your…
heck, your career options can narrow dramatically in your 30's. Especially if you have a startup background with titles like founder, CEO, etc.
Re: Why old people make better entrepreneurs than young ones
#8old entrepreneurs used to be young entrepreneurs. of course they're better.
Re: Why old people make better entrepreneurs than young ones
#9It just takes a while to make all of the mistakes you need to learn from to be successful. I think I'm getting close...
That thought was your next mistake!
Re: Why old people make better entrepreneurs than young ones
#10I'm 22, and I'm currently starting a business. My dad is 61, he's currently starting a business. My company is very small scale because I have limited capital. I'm investing His company is using a contract manufacturer, about 2 million bucks, and really doesn't break any new technical ground. Their products are better than the current market leader, but have existed for a few years. He is bringing new marketing to th…
My sons are 21 and 23. I'm 45. We all three want to start something of our own (well, they want to start something together as a team, I want to do something myself). I hope we all three succeed. So I hope you are right and age is largely irrelevant.
Good luck to both you and your dad. And thanks for sharing.