Every entrepreneur has a unique story about why they decided to start a business. Some come up with ideas while working for other companies, while others have always aspired to work for themselves and eventually take the leap into entrepreneurship.
Despite their differences, most entrepreneurs agree on one thing: being your own boss is incredibly rewarding. While each individual has personal motivations for starting a business, there’s a noticeable trend supported by studies—many people are choosing to become entrepreneurs after the age of 35.
One significant reason for this trend is financial stability. Over 30% of startups fail due to insufficient capital. Without the support of venture capital or investors, it can be challenging for younger entrepreneurs in their 20s to manage debts and maintain a steady cash flow. By 35, however, individuals often have savings and the financial independence to self-fund or bootstrap their ventures, giving them greater control over their vision.
In addition to financial readiness, entrepreneurs over 35 bring emotional and mental maturity to the table. Having faced successes and failures in their careers, they are better equipped to handle the stress of running a business. Research even suggests that entrepreneurs starting businesses after 35 are more likely to succeed than those launching straight out of college.
While statistics highlight the advantages of starting later, the journey to entrepreneurship doesn’t have a fixed timeline. It’s crucial to take the time to grow emotionally, mentally, and financially before diving into a business venture.