Age does play an important role in starting a venture. Many successful entrepreneurs began early in life and gained experience as they went along. Some people begin their ventures a bit late after having saved some money to invest. Whatever said and done it is better to start as early as possible and the growth period of the venture extends accordingly.
Many business people often feel it is better to start a venture when a person is in his or her twenties. By late 20s and late 40s they reach their peak levels and gain valuable experience to enhance their business.
Two types of early bird entrepreneurs:
- Conceptualists – These people conceptualize and start early in their life to create something. The urge to create something is early in their life and therefore they would prefer to set up business as quickly as possible.
- Experimentalists – These people experiment and try out things. They may take time to set up a business as they would alike to gain adequate knowledge and experience before doing so.
Advantages of Youth in Entrepreneurship
- Business requires a lot of energy and young people have it.
- Recovery time – If one has a setback in business he or she can again start all over again. If he or she was old then they have to end up using all their retirement benefits and becomes difficult to recover financially.
- Higher enthusiasm – Young people are more enthusiastic to achieve results.
- Learning Curve – If they start early, say in their 20s then by their 30s they would have gained much experience and knowledge.
- More free time -Young people have lesser responsibilities and have more time on hand to carry out their business. They do not have to take care of their children or spend time with their wife as they perhaps may be bachelors or maidens. They can spare all their time for their work.
Advantages of Age in Entrepreneurship
- One would have sufficient money to invest. Money may be saved so that it reaches cash positive. It is useful to have assets.
- Experience – One has more experience that a younger person.
- Connections – One builds up connections over a period of time connections help in business.
- Patience – An older person is considered to have more patience than a younger person. Naturally, for a businessman to be successful one has to be patient.
- Wisdom – With age one acquires wisdom and wisdom is essential to run a business .on the right lines.
Of course, in the final analysis one requires the ability to run a business whether young or old. Qualities, such as, willing to take risks, foreseeing the future, facing competitors are essential.