Have you ever thought of starting your own business, but you happened to be afraid you are too old? Has the very thought of jumping into something new, challenging, and financially risky frightened you? The good news is that we live in the 21st century where almost everything is available via click, and the Internet is full of tips, blogs, and courses on what to focus on if you want to be your own boss and promote the things you like. Although people think that you shouldn’t start your business when you turn a certain age, there are several claims on the best age to dive into your own dealings and try to make a living in that way.
When should you do it?
There was a global survey conducted by Millennials and Gen Zers which showed that the best moment to launch your business is 28. That is the age when a person feels mature enough to deal with any possible challenges and obstacles when there is still some enthusiasm left to start something new, as well as enough physical and mental energy to fuel the business dealings. Also, at that age, a person is still flexible to adapt to new technology that is appearing, a mentality to come up with fresh, new ideas hasn’t still gone, and there is less fear that a person will fail in future business attempts.
On the other hand, it all depends on the circumstances one is dealing with in different periods of their life. People in their thirties seem to be more stable and mature, so it seems that these business owners are more prone to regard certain situations more objectively and realistically, as well as to find a balance in extreme cases. It appears that, in your thirties, you seem to gain more working experience, which makes you more prepared for the moment to be your own boss. You may take less risk than those in their twenties, yet you will know how to manage your finances better.
What if you do it later than that?
People starting a business in their forties have the advantage of maintaining a great number of contacts and acquaintances, and they have already built a certain reputation that can help their business. At this age, a person can predict what would work best and what wouldn’t, so a forty-year-old business owner is the best at saving up energy, time, effort, and money. At this point, people seem to be most practical when it comes to leading a certain business and know how to deal with competition and what to learn from them.
Making this move in the fifties and sixties represents a real act of courage since the enthusiasm and openness to innovations start to decrease. For that reason, it is important to make a living of something that you truly love and have a passion for. If that is a field in which you worked for whole your life, then your expertise will overthrow any competition. At this age, you know your strengths best, and you focus on them more than you focus on fixing the weak points. This is also the age when you have to decide on your investments carefully.