What's the Best Age To Start Your First Business?
Age causes most female entrepreneurs to stumble by thinking they should have started their business earlier or wait until a certain age. As a result, most women pause their dreams or give up entirely. But what age is best to start a business?
Many women may believe they missed the boat by not starting earlier or waiting until they're older, but what truly matters is when your personal drive and entrepreneurial goals align. Whether in your early twenties or late sixties, the perfect time to start your first business is when you're ready and inspired. Studies indicate that entrepreneurs aged 28 and above typically have a higher success rate due to their years of valuable experience. So, it's never too late to chase after your dreams and create the business of your dreams!
Stay tuned as this article delves deeper into the intriguing correlation between age and entrepreneurship. Stick around!
Does Age Contribute to the Success of a Business?
The stories that perform very well on the show, are those such as Tammy Green’s, who started her bag business Prene at just 20 and has now built it into a multi-million dollar business.
-> Listen to Tammy’s full story on the Female Startup Club podcast
TikTok also loves a story where the founder started from their parents’ bedroom floor. But, as incredible as these stories are, we are aware that these things all contribute to a narrative that you must be young to start a successful business - which is far from the truth.
That’s why we also love to shout about the stories of female founders such as Sally Mueller, who started her brand Womaness at age 56 and can now be found in all your fave retailers.
-> Check out Sally’s full story on the podcast. It’s a great one!
Or meet Robin Chase, a transportation entrepreneur who launched Zipcar at age 41. Under her leadership, Zipcar became the largest car-sharing network worldwide, selling for a whopping $500 million after 13 years!
These powerhouses prove you can start and succeed in business at any age. Research also proves a weak positive linear relationship between the success of a startup and the founder's age. Having said that, there are pros and cons to starting a business at any age, young or old. Let's explore these further below.
Pros and Cons of Founding a Business in Your Teens and Early Twenties
Less risk ⚠️ If the inevitable happens and the startup fails, a young entrepreneur can learn from the experience and easily bounce back from it in the future
More hours in the day ⏰ As most young entrepreneurs do not have family commitments, they can devote more time to their business and very much increase their chances of success.
Lack of experience 🌟With little to no prior work experience, young founders may learn on the job, particularly with aspects such as finances, resource management, and compliance with regulations. Mistakes are inevitable.
Financial bundles 💰Due to the lack of experience, many investors see young founders as risky prospects. Banks may also hesitate to provide them with loans because they lack collateral.
Pros and Cons of Starting a Business Late in Life
Broad experience: Being in the corporate world for more than five years exposes you to life and business lessons that make you better at making decisions for your own venture. You can identify risks, allocate resources reasonably, and navigate challenges wisely.
Financial security: Being employed for a while before starting your business allows you to save, accumulate wealth, and build your credit score. You can bootstrap your business or obtain a loan with your assets as security.
Diverse network: Most businesses thrive on relationships. Exploring the corporate world before starting your business helps you build beneficial relationships with people from different backgrounds who can offer valuable advice or support your business in times of need.
Less stamina: In your 40s, you're less enthusiastic than in your 20s. It might be hard to endure long working hours. Also, you have many commitments, such as family, which demand your time.
Inflexibility: Experience teaches you to be skeptical before making any choice. You may not readily accept new ideas and innovations, causing you to miss out on profitable opportunities.
High risk: If your business fails, chances of recovering from the loss are minimal.
But here's the thing: Age doesn't determine success in business. What matters most is having a solid idea that solves a problem and a solid plan to make it happen. So if you've got a dream and the drive to make it a reality, go for it, no matter what your age!
The ages of successful women entrepreneurs range between 19 and 60. So, there's no perfect age for starting your business. If you believe in your business idea, you should gather resources and put on the right mindset to pursue your goal now. As we often say on the podcast, the best time to start your business was yesterday!
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