Don’t listen to what anyone tells you. Starting a business after 40 is a great time to chase your entrepreneurial dreams. In fact, there was a survey developed by the Kauffman Foundation, which shows that twice as many over 40 tech entrepreneurs born in the US have started their businesses as they do in their 20s.
Starting a business after 40
Thinking about starting business, but feel like the ship has sailed? Think again.
You have more experience
Have you ever watch that Gary Vee video about age and entrepreneurship? It’s called 6 Minutes for the Next 60 Years of Your Life. If you’re questioning whether or not you’re too old to chase your business dream, please watch it. He emphasizes that when you’re older, you have this magical gift called experience.
Experience is a huge benefit when you’re starting a business later in life. At this point, you’re more sure of yourself and know what you want and don’t want in your life. This is a huge advantage over someone much younger, who isn’t really sure of what they want and jump in uninformed (Many of us were that person and don’t want to repeat that!).
You know how to work hard
You’re no stranger to working hard to earn a dollar. You’ve got bills, kids and a ton of responsibilities. You completely understand what’s at stake, and don’t need anyone to tell what it means to sacrifice and work hard.
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You have more contacts
At this age, you know people. Friends, family, local businesses, old classmates, past colleagues…you name it. Your personal and professional circle is a lot larger now than it was two decades ago. Many of the people you know can become part of your network, depending on what your business is. You’re also mature enough to know how to communicate effectively with your network. Big plus for turning those contacts into customers.
You’re in good company
Don’t believe me yet. Here are a few people who started their businesses and/or empires after 40. Reid Hoffman, at age 35, co-founded LinkedIn. The company went public when he was 43. Donald Fisher, at 41, opened his first Gap store. Lynda Weinman co-founded Lynda.com at 40, and eventually sold it to LinkedIn for $1.5 billion. Charles Ranlett Flint launched IBM at 61. The list goes on and on.
Stop overthinking. Get that business started! You got this.