Entrepreneurship has become something of a trend for millennials, which has come as a positive, for the most part.
Entrepreneurship is hard, and most would-be entrepreneurs don’t make it far before giving up or burning out. There has also been a trend among some young people that has caused them to believe that entrepreneurship is something you should start when you’re young, and that the stresses of entrepreneurship become increasingly difficult as you grow older. While starting anything while you’re younger will make it easier, the numbers are in on entrepreneurs over 50 years old, and they are doing far better than their younger counterparts.
Entrepreneurs over the age of 50 are performing better than those under 50 by a large margin. While many millennials are becoming millionaires in the new economy, entrepreneurs aged 50+ are far safer bets when it comes to starting a business. 75% of all entrepreneurs fail in their first year, while 75% of entrepreneurs aged 50+ are still in business after their third year. The average entrepreneur aged 50+ also makes $1 million in revenue and hires 5 employees.
The reasons that older entrepreneurs are more successful are harder to explain in numbers, but there are plenty of anecdotes out there. For entrepreneurs aged 50+, confidence is key, and it’s something that any entrepreneur needs, but it’s something which fewer young entrepreneurs have fully developed. For many people over 50, seeing young people, especially family members succeed is a source of inspiration for them to perform. The main reason, however, would appear to be resilience, something that is often harder for younger people to grasp. Regardless, entrepreneurship is for everyone, as long as they’re willing to work hard, take risks, and eat the dirt from time to time while still moving forward.