This archive report was first published on 12 September 2021.
September 12, 2021, marked a significant milestone for many entrepreneurs, as it highlighted the ideal age to start a business. While the conventional wisdom suggests that the 20s are the prime years for launching a startup, global research paints a different picture.
According to statistics, the average age of successful business founders is not 20, but rather 45 years. This challenges the notion that young entrepreneurs have a significant advantage in the business world.
One of the key advantages of older startup founders is their accumulated experience from various industries. This knowledge enables them to identify gaps in the market and develop products that are problem-oriented and customer-driven.
For instance, an employee may recognize that their organization is neglecting a particular segment of customers who are interested in their services. This realization can lead to the creation of a new business that caters to this underserved market.
Older startup founders also enjoy social capital in the form of extensive networks that can be leveraged during the early stages of their business. These networks may include clients, suppliers, advisors, and funders who have been built over years of working in different firms.
Furthermore, older entrepreneurs often have easier access to financial capital, thanks to their established networks and other income-generating activities. This can be a significant advantage in the early stages of a startup.
Lastly, older startup founders have accumulated knowledge and skills that are essential for entrepreneurial success. While some of these skills may be outdated, they can be easily reskilled to adapt to changing industry trends.
The writer is an entrepreneurship lecturer at Kirinyaga University.
