Starting a Business Later in Life
A surprising number of people are venturing out to start a business at an age where most decide to retire. Over recent years, there has been a noticeable increase in the number of entrepreneurs venturing a business at the later stage of their life. However, due to the risk factors involved in starting a business, many are hesitant to pursue it. The biggest setback for those wanting to start a business towards the end of their career is their mindset. Traditionally, the perception is that young people have the capability and potential for innovation. The lack of experience coupled with a strong will and ambition in young entrepreneurs allows them to overlook the possibility of failure and hence they are open to taking greater risks. This is not often the case with older entrepreneurs as their experience can lead them to be more cautious. That’s a huge asset considering the roadblocks and hurdles that come with a new business.
Age can be used as an advantageous tool in any entrepreneur’s arsenal. The most significant advantage is the experience gained, something that only comes with time. Experience is intertwined with the cycle of failure and success and teaches one to be more cautious, which results in a positive outcome. The depth of knowledge, expertise and wealth they offer are often viewed as extremely valuable not just by society but also investors. They have the firsthand knowledge of how much time and effort certain results may require, leading them to be more patient and accepting of the slow progress. A long life well-lived is also the result of a number of supporting pillars like a diverse circle of friends and family, who can prove to be valuable assets in providing insights and advice about the new business.
Numerous studies have shown a correlation between the age of entrepreneur and a startup on the prospects for success. A study by Kauffman in 2009 shows that companies which attained high growth are more likely to be found by someone over the age of 55. In another analysis of 500 companies with high growth rate, a researcher from Duke University also found out that the number of companies started by entrepreneurs over the age of 55 was twice that of companies started by someone younger than 35. This shows age should never be a deterrent to entrepreneurial aspirations.
The best part of pursuing a small business is that experts in the lower middle market can fill in the gaps and assist in the process. Combining your years of experience with our team designed to maximize your potential every step of the way, from capital raising to new acquisitions, SA Capital Partners has you covered. Today is the day to start what you’ve wanted to create, and to help get you there, SA Capital Partners understands lower middle market business and what turns ideas into industry innovators.
About SA Capital Partners:
SA Capital Partners is an innovative financial services firm that specializes in mergers & acquisitions advisory and capital raising for lower middle market businesses. We aspire to give all the tools necessary to complete any transaction. SA Capital Partner’s financial services industry specialists provide comprehensive, integrated solutions to banking transactions. Our breadth of services and industry knowledge allow us to understand each client’s unique business needs. Our goal is to make all financial services available to every small business.