Entrepreneurship: Planning to embrace entrepreneurship in your 40s? Here is why this is the best time
The moment we hear the word “startup”, our mind immediately tends to start associating it with someone who is in their early or late 20s, hustling to make millions through a revolutionary idea that struck them one fine day. Why not? Mark Zuckerberg launched Facebook, a company worth billions of dollars, at the age of 19!
But that doesn’t mean you can’t embrace entrepreneurship in your 40s or 50s. Reed Hastings founded Netflix at the age of 40, and Gordon Bowker, who co-founded Starbucks in his 52nd year, did so when he was only 40. India, the country with the most startup hubs, has seen many midlife entrepreneurs become innovators. You can still pursue your passions and dreams as long as you’re young.
Having said that, welcoming any transitional change in your midlife isn’t easy. You will encounter some obstacles and difficulties, no matter which role you decide to play. But don’t let these inconveniences deter you. A solid business plan, the necessary resources, the investment needed, a way to approach investors — these are the critical factors for which you should have solutions.
There are many benefits to starting a business in mid-career.
1)You have years of experience – It is obvious that starting a company in midlife gives you a lot of experience. You know how the market works, how exactly your business plan can grow, which marketing strategy can work the best, and, most importantly, what you shouldn’t do as an entrepreneur. You have also experienced many failures, so you are more prepared for the uncertain road ahead. Moreover, in today’s digital age, you can get access to a plethora of high-end technological tools to support your business idea, without spending much.
2) You have a vast network to bank on – You already have a solid professional network by this point in your life. It is something you can use. You might have connections to experts in finance, sales and operations, as well as marketing, design, writing and investment. This could be a game-changer for your business. Simple advice from industry experts can be very valuable when carving a niche. It might be time to reconnect and reach out to people who you have known over the years. You can also use social media platforms such as Facebook and LinkedIn to grow your network and keep up with the latest trends.
3) Financial stability – As a midlifer, you have had some time to build your investments and savings. It is possible that you will not need to use your home, or any other asset, to raise capital for your new business. Investors and lending institutions may also prefer to support midlife business owners because they have more experience and are able to handle many aspects of running a business.
4) You know your strengths and weaknesses better – If you are a 40+ business owner, it is likely that you have managed many different responsibilities and worked in various roles. Consequently, you are well aware of your strengths and weaknesses – you know which area of your business can be handled solely, and which needs to be delegated. As an entrepreneur, you will be able to easily overcome multiple challenges with self-awareness. You know, for example, that if you worked both as an author and as a Social Media Manager, you will be able to determine which of these skills is stronger and how you should use it in your new business.
But before you start your entrepreneurial venture, remember to:
- Research the market thoroughly to learn what your competitors are up to, what customers want, and what risks are associated with the business.
- Analyze your financial status to determine if you need to save or raise money
- Stay up to date with the latest technological advances in order to stay competitive. You should hire a techie to help you survive in today’s digital landscape if your background is not technical.
- Be willing to learn, and then unlearn. Starting a venture in any phase of life is challenging. To succeed, you need to remain flexible and open.
Time advantage
It has been rightly said that “age is just a number” because dreams and passions do not come with an age limit. Starting a business venture in your 40s makes more sense than you think – you have more experience, resources, connections, financial security and, above all, clarity in your vision. These factors can make it easier to move through the different stages of your business journey.