Am I Too Old to Start a Business?
The recent online success sagas like Facebook, Mozilla Firefox and Mashable have taken the world by storm. All of these were the brainchild of young entrepreneurs in their 19s and 20s. Their massive accomplishments gave people goose bumps and an impression that one needs to be really young to become a name to reckon with in the industry. A lot of Hollywood movies further strengthened the concept of young entrepreneurs making it big with their revolutionary ideas on a meagre budget. The concept of college kids working out of their dorm rooms is nothing more than a stereotypical cliché which has made the older generation question their ability to venture into the commercial sector. If the world has the likes of Mark Zuckerberg who founded Facebook at 19, it also has Bob Parsons who launched GoDaddy at 47, and Momofuku Ando who invented instant ramen at 48. Moreover, who can forget Grandma Moses who began painting at the ripe age of 78, and sold one of her paintings for a whopping $1.2 million. As if that was not enough, Harry Bernstein began writing his bestselling book, The Invisible Wall, at the age of 93 and it got published when he was 96. So whether you have a pioneering idea for a start-up or wish to buy a successful business for sale in Canada, you need to believe in yourself to follow your dream.
If being older makes people believe that one would lack youthful enthusiasm and energy, they forget that the passion for success gets doubled with experience. In fact, at the end of 2015, there were as many as 1.17 million employer businesses in Canada and 97.9% of these were small businesses. The economic conditions are conducive for entrepreneurs in the country and will continue to welcome new traders with open arms. Now, let us come back to the age-related debate. To clear the air about negative perceptions, maximum small business owners were aged between 50 and 64 in the year 2014 in Canada. Another report by the CIBC disclosed that entrepreneurs over 50 have nearly doubled their share of start-up market between 2002 and 2012 in the country. The older generation is driving the economy with their invaluable expertise and financial stability. The age bracket of self-employment has moved to people who are above 50, as they are still agile and backed with years of experience to foray into the thriving sector of trade and commerce. This goes to show that the entrepreneurial drive is not restricted by age, which is just a number and nothing more. It is never too late to start something new, and there are several advantages of sporting a few grey hair and wrinkles on your face in the business world. Here are some of the most common ones listed for those who are setting up a new company or acquiring a franchise for sale in Canada in their 40s or 50s.
1. Indomitable Spirit
Vera Wang didn’t become a designer until she was 39 which was the exact age when Stan Lee created his first comic title ‘The Fantastic Four’. They learnt from their mistakes and became more resilient with each failure. With age and experience, comes the discerning power to know when to stop safely before falling off a cliff. The initial years of struggle make you who you are and build the determination to tackle challenges with patience and restraint. You are better equipped to manage risk and confident enough to handle an organisation, its employees and associates. You have the required business acumen, compassion, empathy and humility to understand the working scenario and make informed decisions.
2. Work-Life Balance
When you are in your 40s, you are probably well-settled with older kids and have a place of your own. The finances are in control, and no more loans and debts draining your pocket. You are well-placed in life to set out on your own without thinking about the responsibilities back at home. On the other hand, the younger generation is bogged down with student loans, living in rented places, or have younger children to support. Putting their energies into a start-up makes them lose out on precious family moments and burdens them financially which can lead to personal and professional crisis.
3. Efficiency and Networking
Business ethics and etiquettes come with experience of working in the industry for several years. It teaches you how to build relationships with customers and fellow employees and nurture them for years to create successful partnerships. A long presence in the market helps in building a strong network of influential friends who can support you when you become your own boss and fly solo. An extended tenure brings along the virtues of efficiency and competency. Also if you purchase a business for sale in Toronto, Ontario, you have a network of suppliers, distributors and loyal customers in place to be utilised for further development of the company.
4. Pragmatic Approach
The seasoned entrepreneurs are mature and focussed on achievable goals. They have realistic expectations from their business and are not blinded by an impractical vision that may soon fizzle out. Their objectives are deep-rooted in reality, and they are able to define their visualisation to others and make them work on it. They have a stronger intuition which makes them a better leader and far-sighted individual. They have been around for a while and can cherry pick competent team members to create a strong workforce.
5. Handle Pressure Effortlessly
Industry veterans are capable of working under strict deadlines and can cope with the stress of functioning in demanding circumstances with ease. They are not arrogant or overconfident; they combine their skills and experience to achieve their goals. They can handle rejections more responsibly and bounce back into action without letting the setback hamper their progression. They are in no mood to waste time and get things done in a timely fashion.
6. Gentle and Considerate
Since they have learned the tricks of the trade the hard way, they are well poised not to repeat their mistakes. They are more into the ‘give back to society’ mode rather than concentrating on earning millions and generating revenues. They value personal relationships and believe in mentoring the young people. They are not tyrannical in their approach and know how to get rich by treading the right path.
Success is not recognised by name or age of a person, it comes naturally to those who deserve it. The right age to start your own company or acquire an existing business for sale in Calgary, Alberta, is when you are ready to take the plunge.