Want to know what the best age is for you to start a business? It’s simple – today!
Many people search for the answer to this age-old question and wonder when the perfect time to start that business they have been dreaming of is. They may even set an age-related goal for themselves. At 30 or 40, they are going to finally throw their hat in the ring and officially start that business they have been dreaming of for so long. But the truth of the matter is, there is no better time than today!
People can be successful with their entrepreneurial goals regardless of their age. People from the youngest of ages to the oldest of ages have been successful at starting their own business. So whether you are young, old, or somewhere in between, don’t let age be an excuse that keeps you from starting a business!
Here are some notable people and their ages when they started their business, just to send the point home:
· Bill Gates – co-founder of MicroSoft was only 20 years old when he started the company that many of us use on a daily basis.
· Steve Jobs – co-founder of Apple Inc. was only 21 when he helped found the company that helps millions stay connected.
· Mark Zukerberg – at only 20 years old, he founded Facebook, a site that millions of people around the globe use today.
· Colonel Sanders – Harland Sanders had been selling fried chicken in his hometown for years. But it wasn’t until he was 65 years old that he decided to devote himself to creating the KFC franchise.
Interestingly, Colonel Sanders didn’t shy away from taking on such a big project near the age that most people retire. Yet within 10 years, he successfully had help establish 600 KFC franchises around the country! And he didn’t stop there. Even though he sold the company in 1964, he remained an important part of the company’s image and growth, logging a quarter of a million miles per year traveling around to franchises. And he did that until he was 90 years old!
Age for age, studies show that regardless of when they were started, people who started their company and successfully ran it for at least five years or more made more money than their counterparts. For example, 2008 in the business world represents a typical year, in which there were 627,000 businesses that opened their doors and over 596,000 businesses that closed them for good. It is estimated that around 70 percent survive for at least two years, but half are gone within the first five years. So the key is to reach that five year period!
Getting past the five year business hump should be the goal of any person opening their business. This could be why younger entrepreneurs seem to end up being more successful in the long run. Simply put, they have more years to hang in there, giving it all they have to survive and thrive. If you start your business when you are older, you may not want to continue on past that five year mark. Unless, of course, you are another Colonel Sanders, and that wouldn’t be a bad thing!
The end result in all this is that the sooner you start, the odds are going to naturally be in your favor. So regardless of how old you are today, you are at the perfect age to start your business! Forget age and go for longevity, as that is what will sustain you and perhaps make you a household name, like Bill Gates, 30 or more years from now. You never know when you get started just where it will take you decades down the road