According to research from MIT and Northwestern University, the average entrepreneur is not a millennial fresh out of college. In fact, the average age of startup owners is 42 years old. Though some entrepreneurs start smaller than others, the study’s data also covered companies in sectors likely to go through significant growth phases. There’s much to be said for the experience and wisdom an older founder brings to a company, and here, you’ll learn more about how older business owners are breaking the mold.

Older Isn’t Always Boring

If you’re truly passionate about delivering products and services in different ways, or you just want to control your own destiny, it’s crucial to draw confidence from past professional and personal experiences.

Older business owners have shed the naivete of their youth in favor of the realism it takes to understand that building something worthwhile takes hard work. By observing years of daily business operations and challenges, entrepreneurs can learn much about their own passions and abilities.

Creating a Solid Business Plan

Older business owners are somewhat better equipped to deal with the daily challenges of corporate life. Entrepreneurs over the age of 45 often find it easier to obtain licenses, register for tax IDs, and apply for loans than their less experienced counterparts do.

No matter your background or age, however, running a startup involves a certain level of risk. Here are a few simple ways to create a risk-mitigating business plan.

  • Choose the right template. The plan must suit you and the company.
  • Know where your funding will come from. Starting a company without a funding plan will stop the journey before it starts. Older startup owners typically find it easier to secure funding because they’ve had time to establish credit and build up savings.
  • Don’t behave recklessly. Older business owners typically have patience, wisdom, and maturity in their corner, which usually saves them from mistakes. However, due diligence is still important.

When you make good decisions early on, you’re more likely to land on a firm footing.

In Closing

Though not all entrepreneurs will enjoy the same level of success as people like Mark Zuckerberg, who started Facebook at 19 years old, it’s important to remember that the foundation for that success was likely laid by an older entrepreneur who came before. Don’t be afraid to take chances, even at an advanced age, as there’s nothing more rewarding than getting into a career you love.