Think you’re too old to start a business? Think again – average age of an entrepreneur is 39 years old. The Kauffman Foundation study that documented this average age also found that entrepreneurial activity is consistent across all ages. Contrary to the 20-something entrepreneurs that the mass media glorifies, people of all ages, educations, and backgrounds start businesses. Look no further than Colonel Sanders who started Kentucky Fried Chicken at the age of 65 with an investment from the Social Security Administration – his first benefits check.
No, you don’t need to be young to start a business. You don’t need to be well-off, either. Think about the legions of immigrants who came to America, didn’t speak English, and didn’t have a penny, yet became wildly successful. While your physical age and resources don’t matter, your emotional age and resourcefulness do. You have to be young at heart to start a company because it takes boundless energy and dedication. If you can’t put in the effort, you’re better off starting a new hobby instead. As good as Colonel Sanders’ chicken was, he got rejected more than 1,000 times before he signed his first franchisee. Now that’s young at heart.