What’s the Best Age to Become an Entrepreneur - PowerPoint PPT Presentation

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What’s the Best Age to Become an Entrepreneur

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Title: What’s the Best Age to Become an Entrepreneur


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Whats the Best Age to Become an Entrepreneur?
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  • I often get asked by aspiring entrepreneurs am
    I too old or too young to become a successful
    entrepreneur? The simple answer is no. Starting a
    business requires a shrewdness and resilience
    that you are either born with or develop with age
    and experience.

3
  • There are certain things that you can achieve
    with youthful energy and optimism that you cant
    with an older experienced attitude, and
    vice-versa.

4
  • It is often said that younger business owners
    channel their passion through innovative thinking
    and thrive in the face of adversity, while older
    entrepreneurs rely on experience to triumph
    during difficult times.

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  • So what is the best age to start a business in
    Nigeria, or anywhere else in the world? That
    question is up for debate, and has been
    extensively researched.

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  • In an age of young millions, we expect the
    headlines to be dominated by young successful
    entrepreneurs such as Mark Zuckerberg, Daniel
    Ek, Mark Shuttleworth and Daniel Karp to name a
    few. This is not the reality of the majority.

8
  • The middle-aged professional with experience,
    knowledge and vision makes up the silent majority
    of the typical entrepreneur of the high growth
    business startup.

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Nothing to Lose
  • Brocke Blakes article in Forbes, Why
    20-Somethings Are the Most Successful Entrepreneur
    s, suggests that your 20s are the best time to
    start a company due to having nothing to lose and
    no responsibilities. Please approach articles
    like this with caution.

11
  • As Brocke mentions in this article the grand
    slams of entrepreneurship come from the young and
    ill-experienced 20-somethings. This suggests
    that young entrepreneurs are likely to approach
    the business world as if it is a game of poker or
    a roulette wheel.

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  • This can lead to risky gambles that can be boom
    or bust for the company. This strategy is not
    advisable if youre planning to create a steadily
    growing, sustainable business, which is often
    what older entrepreneurs aim to achieve.

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  • But contrary to my previous point, I believe that
    the energy, fresh and uninhibited mindset that
    someone in there 20s brings is invaluable. They
    arent bound by workplace or boardroom culture
    that they have picked up during their
    professional career.

15
  • Free from the ways things should be, they
    unknowingly challenge the norm and can produce
    innovative and groundbreaking solutions to
    problems that in turn create businesses, and
    occasionally market altogether i.e. Facebook,
    Google, Apple, Twitter and Microsoft. This is the
    theory of disruptive innovation.

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Age Over Youth
  • Whitney Johnsons article in Harvard Business
    Review, Entrepreneurs Get Better with Age
    references work carried out by Duke University
    scholar Vivek Wadhwa, who studied 549 successful
    technology ventures. His work concludes, The
    average age of a successful entrepreneur in
    high-growth industries such as computers, health
    care, and aerospace is 40.

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  • Twice as many successful entrepreneurs are over
    50 as under 25. The vast majority 75 percent
    have more than six years of industry experience
    and half have more than 10 years when they create
    their startup.

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  • This success may be attributed to older
    entrepreneurs taking fewer risks, and carrying
    out extensive research to ensure that their new
    business ventures are viable. They will ensure
    that there is minimal risks and impact on their
    financial security, and personal commitments such
    as family. The more you have to lose, the more
    likely you are to rigorously plan, and think
    things through.

21
Age is not the Factor
  • Empirical data leans strongly towards the
    advantages of age and experience. But any
    experienced entrepreneur knows that age is not
    the determining factor. A good business idea can
    come about at any stage of life, and age will not
    determine whether or not your idea is successful.

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  • Success depends on a range of factors the idea,
    industry, timing, talent, drive, commitment,
    finance, location, networking, social, legal and
    economic factors.

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  • An ideal scenario would be for a young and hungry
    up-starter to co-find a business with an
    experienced individual, or find a valuable mentor
    whose experience and knowledge can be beneficial.

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  • But even in this idealist scenario success is not
    guaranteed if luck is not on your side. The only
    way to find out is to stop procrastinating, start
    the planning, and go for it.

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