We ever wonder if you were too young to undertake. Today we will look at the other side of the coin, can it be undertaken after 60?
During the pandemic, several countries in the world suffered alarming unemployment rates. One of the tools to get out of the crisis was: entrepreneurship.
Tech companies took over the global ecosystem and unicorns began to appear one after another with young faces full of promise of innovation and disruption.
In all this scenario, at what age would it be too late to start a business?
According to a study published by the US National Bureau of Economic Research, the average age of an entrepreneur founding a new company is 45.
To reach that conclusion, they analyzed the data of 2.7 million citizens who created new companies during 2007 and 2014, in which at least one employee was hired. The cities chosen for the study were California, New York and Massachusetts, in addition to Silicon Valley.
In the same investigation, the case of several famous businessmen such as Sergey Brin and Larry Page (Google), Bill Gates (Microsoft), Jeff Bezos (Amazon) and Steve Jobs (Apple) were analyzed. The average age of these entrepreneurs upon reaching their greatest success was roughly the same as suggested in the study.
Contrary to what may be believed, after passing 60 many people in the world have been protagonists of great feats, especially when undertaking.
One of the best known examples is that of Harland David Sanders. Perhaps the name does not tell you much, since he is known worldwide as Colonel Sanders.
He earned that rank in 1935 thanks to his excellent way of cooking chicken, which made him well known in the state of Kentucky. That innate ability led him years later to found his own restaurant franchise, which was so successful that it continues to this day. You can easily deduce the name of the place.
Another lesser known case is that of the Japanese Masako Wakamiya, who at the age of 81 created a game for mobile phones inspired by an ancient Japanese tradition. His inspiring story led him to give a TED talk, where he explained that at age 60 he decided not to retire and learn computer science.
But without a doubt, one of the most famous cases of entrepreneurship in old age is that of the founder of Coca Cola himself. While it is true he was not 60 when he created the company, but 55, John Stith Pemberton went down in history for creating one of the most famous drinks in all of history.
How to start a business as an older adult?
Although there are no precise formulas to succeed in the business world, in addition to the effort and dedication that must be put into creating one, there are some dynamics that older adults should take into account when undertake.
In the first place, they must understand that today’s world works mostly thanks to new technologies, which provide many tools when it comes to entrepreneurship.
To know the latest in digital issues, it is necessary that they come into contact with younger people, they may be children or grandchildren, who will surely have a higher knowledge in this regard due to a generational issue. It is never too late to study, there are multiple platforms that offer courses to catch up on all the topics of technology and innovation.
It is essential that older adults leave behind their fears and qualms about new technologies. Social networks, messaging services, digital programs and applications can offer thousands of benefits when creating a business.
But most important of all is to take the risk. Deciding and taking the leap is a difficult step when it comes to undertaking, no matter at what age we do it. Don’t let the opinion of others affect you. Older people have something that is only gained over the years: experience. Better than anyone they know what it is to fall to get back up and this is a great advantage over younger entrepreneurs.
So making the decision, taking the step and studying and training will be the keys to start undertaking, regardless of age.
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