Better late than never - why you're not too old to start a business

September 19, 2017

Picture of an elderly lady and of her as a baby

When people talk about innovative start-ups - or founders in general - they often think of young, dynamic people. But they are not the only ones trying their hand at entrepreneurship.

Today, we are focussing specifically on late-stage start-ups. Why should you also take this step in "old age"?

It is well known and scientifically proven that strength diminishes over the years - but life experience and expertise in certain specialist areas increase. Some people's fingers are tingling more and more because, after years of being an employee, they would like to realise their own ideas and be their own boss. They simply want to try something new and invest the experience and discipline they have gained in the business and pass it on to their employees. In addition, in most cases the wishes are more clearly defined and do not change from one day to the next. Savings and existing contacts are also an advantage in which the older generation is far ahead of the younger generation.

Of course, the objectives, business model and market should be clear, and the legal framework should be right (also in private or HR management, for example when it comes to health insurance). You should also be prepared and open to the technical and digital requirements. It is also important to assess your own strengths well and plan your workload accordingly, delegating tasks where necessary.

Most people are afraid of taking risks, even of failure. But if the dream is big, you should realise it before it is too late and you regret it:

"To any entrepreneur: if you want to do it, do it now. If you don't, you're going to regret it." (Catherine Cook, MyYearbook)

"If you've got an idea, start today. There's no better time than now to get going. That doesn't mean quit your job and jump into your idea 100% from day one, but there's always small progress that can be made to start the movement." (Kevin Systrom, Instagram)

In addition, many big names were already over 40 or even 50 years old when the company was founded: for example Henry Ford (40), Jerry Baldwin from Starbucks (41), Adolf Dassler with Adidas (48), Estée Lauder (54) and Ferdinand Porsche (56). IBM founder Charles Flint came up trumps at the proud age of 61. Even in Germany, the age group of founders aged 35-44 with full-time employment was 23.7 per cent in 2015, while the 45-54 age group was 22.7 %.[1]

So it is possible.

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