It’s easy to get caught up in the hype about the 19 year old tech billionaire who started a company out of his dorm room. Or the 20 something entrepreneur who started her own multi-million dollar skin care line.

The media loves them, so that’s who we hear about.

But that’s RARELY the case.

In fact, many iconic businesses and entrepreneurs started much later in life.

  • Martha Stewart didn't get in to home decorating until she was 35!
  • IMB was launched by Charles Flint at age 61.
  • Walmart was founded by Sam Walton at age 44
  • Campbell soup was started by Joseph Campbell when he was 52.

There are countless other examples of entrepreneurs who started later in life, and built amazing businesses.

That great news is, even if your ambition isn’t to be a multi millionaire, but is to make some extra money now and into retirement, or just have fun, you have even better chances of finding success!

Age doesn’t factor into the success of an entrepreneur. In fact, there are huge benefits to starting later on!

Which you can argue will give you a better chance of reaching success.

Here are 5 benefits of starting your businesses later in life...

1) You’ve Failed Before

Knowing how to pick yourself back up and keep going is the most essential trait you can have as an entrepreneur. Failure is a part of life, and whether you have just a few or a couple dozen, these stages of life taught us lessons in the process. Lessons about hard work, carrying on, and problem solving.

In addition, failure and set backs don’t demotivate you like they used to. You’ve learned how to use them as motivation, to propel yourself forward. Essential when pursuing your entrepreneurial dreams.

2) You Have More Grit

To that, our failures have given us strength. When we’re young and difficult things happen, we give up easier. We’re more sensitive. However, as we age we get more GRIT. We carry on, push forward, and make things happen. The strength you developed gives you more persistence, you don’t take no for an answer.

3) You Know More People, Who Know More People

One of the easiest businesses to start is a service business. Where you are delivering a service to other businesses or people. Cleaning offices, Writing Blogs, Administrative work, Home delivery service, etc.

And one of the biggest challenges with starting those businesses is knowing people! The more people you know, the faster you’ll get clients, and the more you’ll get paid. You’ve spent all these years getting to know people, getting them to trust you, and now you can really put it to use!

Your network of professionals and service providers can also be invaluable as you get started. Think about all the experts you’ve met who can give you advice, or offer a service to help you get going. It’s incredible how your network can get you up and running much faster.

4) You’re a Hard Worker

You understand the value of hard work. You’ve done it. You’ve seen the benefits of it. And you’re WILLING to do it because you’ve worked hard your entire life. You’re primed for success in an entrepreneurial endeavor.

5) You’re in a Better Position for Risk

As you can probably remember, starting and growing your family in your 20’s and 30’s likely made you risk averse. You needed to provide. You needed to feel the comfort of knowing you had a consistent paycheck, they had good health care, etc.

But now, they’re either taking care of themselves or on their way to it. You have a little more in savings, you’re ready to think about YOU and YOUR future. The risk will impact less people, and it won’t set the rest of your life on a difficult path.

You’ve already laid that foundation, and it’s strong. Less will shake it, so risk seems a little more… fun!

Into The Future...

Many of you reading this may have already ventured down the entrepreneurial path when you were younger. And you failed. So now you’re afraid of repeating that…

But you need to remember you have a whole new set of traits. Your position in life is different. And you’re better prepared to take it on!

That’s why we started The Smart Founder. To simplify starting and growing an online business, for people at every stage  of life.

July 15, 2020 — Zack Long