Is age just a number when it comes to building a successful business? We’re about to discover if there is a correlation between age and entrepreneurial success. George Deeb, Author, Forbes Contributor, and Managing Partner at Red Rocket Ventures, joins us on today’s episode of The Small Business Show to share his perspective.
Deeb is a renowned Author of 101 Startup Lessons-An Entrepreneur’s Handbook, Forbes Contributor, and Managing Partner at Red Rocket Ventures. He is passionate about entrepreneurship and has provided consulting services to over 750 startups. From 18 to 48, Deeb launched six successful startups and found the last startup he established generated the most success.
1. Studies by the Funder Institute, Duke University, and the Coffin Foundation, among others, have revealed that the average age for launching a new business is 40.
2. Deeb maintains, “Age doesn’t matter; it’s the experience that counts.”
3. According to research, companies founded by individuals over 55 have twice as high likelihood of making a tangible profit than companies founded by people under 35. Deeb points out that “this may not correlate to age, but rather experience.”
4. On an age scale, enterprises like Facebook, Microsoft, and Apple were founded by people in their 20s, as opposed to Walmart and McDonald’s, which individuals in their 40s established.
5. When assisting a person’s age on their potential success, there are a few factors to consider. Such as:
- There’s an increase in risk factors because investors are wary of putting their time and resources into those who lack experience.
- Also, entrepreneurs’ energy levels change based on where they are in life.
6. From a marketing perspective, venture capitalists are more conservative today. Therefore, it’s imperative to be mindful of the current economic conditions when starting a business because it could make it harder to increase capital.
"Success could be had anywhere at any age." – George Deeb