Recent research by Dunn & Bradstreet shows some interesting results about entrepreneurship and starting a business.
having started my first business aged 24, I found it interesting to see the results of the survey and the links between age and entrepreneurship.
Although the media is jam packed with stories about young start ups, almost teenage bedroom billionaires and multimillionaire twenty-some-things, this infographic shows some interesting statistics related to starting a business and how age affect the start up groups associated with success and failure.
Age and drive
While we all think you have to start young, the fact is, most founders are middle aged when starting a business. I think that shows that real life experience, and the drive of having a family to support can sometimes make you all the more successful and can bring something ‘extra’ to the table. While age isn’t the most important factor of entrepreneurship, I think it could affect the type of business you start and the risks you take associated with your start up. For example, a young, budding entrepreneur, just out of college may not see the risks opening up ahead, whereas someone older and more experienced in the same industry could have alarm bells ringing at the first hurdle and possibly bail out.
A massive 98% of those surveyed showed lack of ability or willingness to take risks, alsong with 93% saying they do not have the time to devote to a new venture, indicating that a certain stage in life is more suitable to starting something great.
Is it ever too late?
Well, I say hell no! There are enough successful entrepreneurs out there starting a business later in life, and taking the risks normally associated with the young and single.
I think age personifies us. We draw on our experiences and use them to help us choose a path more wisely and ultimately lead the way to creating change with real meaning.
Important Start Up Requirements
Sure, you have to be brave! Often, starting a business is a step into the unknown, and for most, is entirely working outside the familiarity of their comfort zone. Be brave, be bold, get noticed!
If at first you don’t succeed… Of course there will be failures along the way, and only your ability to get back up and try, try again will make you and your start up business a real success. No waiting in the wings for something to happen, get out there and stick to the end goal whichever way you can!
Having the drive and the motivation to reach your wildest dreams is definitely important when starting a business. Aim big, and ensure everything you do is a step closer to winning.
Having great understanding is powerful, and making sure you have the correct skills and are equipped with the right tools is essential to start up success. Taking your results, analysing them and knowing how to build on them for the future is key to the survival of any business.
Whether it’s reinventing what you already have or creating heavy demand for something new, being ready to accept challenges and innovate to succeed is very important. New ways to market and innovative products are the key to outstripping the competition.
Source: Dun & Bradstreet