These days as we hear more stories of entrepreneurs and their small start-ups evolving into successful businesses, we get more inclined to the idea of establishing our own business set up. Following the footsteps of famous billionaires like Mark Zuckerberg, Bill Gates, Steve Jobs or even Kylie Jenner, individuals are now finding hope in the world of self-made businesses.
However, have you ever really thought on the idea of when should you start? It is true that the majority of billionaires we see nowadays started young. But is 20’s the ideal age? Well, we don’t think so. After some profound analysis and data gathering, we concluded that most of the highly successful entrepreneurs launched their company while being in their late 20’s or late 30’s. Find out how their age became one of their success secrets below:
It takes time to recognize your passion
While many people have their careers paths decided from a very young age, the others, however, take time to get to know their skills until they reach their practical lives. They switch jobs, colleges and even careers to recognize their inner talents and passion, which eventually leads them to their late 20’s. And after knowing what they are good at, they start their own company.
People in Mid-Thirties are more likely to Finance Themselves
One of the key aspects of a well-established business is a strong budget. If you are a young graduate, there might be fewer chances of you making financial ends meet and paying off heavy debts associated with your business. On the other hand, when you are in your thirties, you are financially stable, more likely to have a high-paying job and are able to fund your own self.
Older people have Advanced Degrees
A study shows that most of the young entrepreneurs who stormed into the business world after college never really got the chance to attain degrees in later life. Meanwhile, people who started their companies in the late ‘30s had more time to study for their postgraduate. This not only helped contribute to their business but also guided them to lead better. Moreover, according to a survey, 50% of successful founders had Masters, PhD or MBA degrees.
They have a Wider Business Network
Business is all about knowing more people. The stronger your network is, the more likely you are to succeed. Research reveals that most entrepreneurs who after years of studying and working in diverse working backgrounds had more connections than people did in the younger ages. This factor brought them more support, opportunities and network growth when they started a business in their 30’s.
Most of them have Significant Working Experience
What counts the most when leading a company is your working experience. 50% of business founders belonging to well-established and flourished industries had an industry experience of 5 to 15 years before they landed into their self-made business. Therefore, it is highly important to have the required knowledge and skill before switching from your employed life to the life of an entrepreneur.