Age is just a number when it comes to pursuing your dream or passion. People have a perception that entrepreneurship is a game that can be played at an early age. Harvest business review was published by the MIT Sloan School of Management. The most preferable age for the entrepreneurship is 45.
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Pierre Azoulay led the study and concluded the whole study by analyzing the 0.1% of the newly launched business and their growth in 5 years. People initially build their skills or capabilities in that particular field. Theory strongly condemns the belief that entrepreneurship is the study of young minds. So, we can say that it is inappropriate to say that only young minds can lead to more successful businesses.
An entrepreneur is an individual or a person who takes an initiative by taking an advantage from the potential opportunity. In other words, we can say entrepreneurship is a process or designing, launching the new venture that has distinction or gets the competitive edge from the rest of the people or ventures. As we have mentioned earlier the best age to be an entrepreneur or to able to find opportunities is suggested as 45.
Do Age Have An Impact On The Success Of Entrepreneurship:
When we recall some big names or billionaires like Jack Ma, Milton Hershey or Jan Koum the success stories indicate that middle-aged people have more tendency to create successful ventures. Researchers say that it reduces the success rate of the young entrepreneurs as they lack the required knowledge, expertise, and novel and transformative ideas that ensure the success of the venture. It is definitely a drawback or disadvantage for the young founders.
So, who has started the business, people with more age have a higher chance of success, due to their expertise, knowledge, and skills besides the age. In the late 50s they become sharper, experienced to deal with the challenges and the chances of success get substantial.