"Older" Entrepreneurs Prove It's Never Too Late to Learn New Things

Back in 2019, Wharton’s J. Daniel Kim published research that the average age of the most successful entrepreneurs is ... 45. This bucks the long-held belief that to be an entrepreneur (or at least a successful one), you need to start a firm in your teens or 20s—and because the stories of entrepreneurs like Mark Zuckerberg and Bill Gates get so much media attention, it’s easy to think of their stories as the norm rather than as the exception. 

Older Entrepreneurs Benefit from Experience 

I’ve written about the older entrepreneur before. Founders who are over the age of 40 have the distinct advantage of experience; which means learning, over time what drives business success and how best to avoid failure. In the article, “The Advantages of the Older Entrepreneur,” Next Avenue’s Chris Farrell highlights other key qualities that over-40 (and even over-50) starters bring to the table, including a vast professional network and personal capital.  

He tells the story of a former human resources executive who opened a French pastry shop at age 52—which is now franchised across the country. Consider for a moment the skills she brought to her venture that likely helped propel her success—the ability to build relationships, handle crises, and hire well, perhaps? More than just baking, to be sure. 

Founders who are over the age of 40 have the distinct advantage of experience; which means learning, over time, what drives business success and how best to avoid failure.

You, too, have what it takes to turn a spark into a flame. Kumar Mehta (the former CEO of Course5i) writes in Forbes that older entrepreneurs have shattered ageism, and there may be a pattern to it. He says “all the data points to you being successful,” particularly if you leverage what you know, have a track record as a hard worker, and can stay motivated.  

“Growth for Grownups” is Easier Than You Think   

Your ability to successfully learn and launch new endeavors, therefore, might come down to mindset. Margaret Talbot wrote in her 2021 New Yorker article about learning new skills: “You missed your chance to be a child prodigy, but there’s still growth left for grownups." 

“Fluid intelligence, which encompasses the capacity to suss out novel challenges and think on one’s feet, favors the young. But crystallized intelligence—the ability to draw on one’s accumulated stories of knowledge, expertise—is often enriched by advancing age.” 

Could your experience propel you in a new direction? Click here to read more about why it's never too late to learn new skills!