Why Being in Your 40’s is a Great Time to Become an Entrepreneur

There is no one-size-fits-all answer to the question “When is the best time of your life to start a business?” but recent research suggests that 40 may be the magic number. Despite media speculation about the entrepreneurial spirit of the younger generation, the average age of an entrepreneur in the UK is 47 (46 for men and 48 for women), according to research from Sandler Training. US research puts the figure a little lower, saying 40 is the average age to start your first business.

This makes sense. For many, being a twentysomething is characterised by career uncertainty and debt, while a lack of experience working for other companies could make starting your own a risky business. Your 30s is the era of children and mortgages: a combined responsibility that could rule out taking a leap into the unknown. Forties, on the other hand, represents an attractive combination of financial security and business experience.

“I think experience, greater perspective and in some cases a little more resource to prime the pump means in many ways your 40s are a great time to start a business,” says entrepreneur Duncan Cheatle, 47.

By your 40s, Cheatle says, “you have typically made plenty of mistakes to learn from, built great networks but still have passion”. He believes that one of the many benefits of starting a business further along in your career is that “you know what you’re good at and what you’re not – and therefore need to delegate”. It also means you are more likely to have built a strong network of contacts and a good industry reputation, which can open doors when raising capital.

For Marcus Angell, 45, founder of SilverDoor serviced apartments, the experience and qualifications he gained early in his career meant that he was in an excellent position to spot a potential gap in the market.

“I’ve always been involved in property, redevelopment or construction one way or another. I have an MSc in Building Heritage and Conservation and a particular interest in the conversion of old buildings for use in contemporary residential and commercial life,” he says.

He came across the concept of serviced apartments in 2000 and saw the potential for a new business venture. “I thought they were a fantastic alternative to a hotel room for corporate and business travellers,” Angell says. “I couldn’t see a reason why you wouldn’t choose to stay in a serviced apartment instead of a hotel if you had the choice.”

Marcus Angell
 Marcus Angell, founder of SilverDoor serviced apartments. Photograph: PR

The company now has a strong focus on training and development, with a small company academy and a history of recruiting apprentices once they have completed their training. For Angell, this is “one of the things I am most proud about at SilverDoor”.

For many first-time fortysomething entrepreneurs, their business idea is a result of years, sometimes decades of thinking, planning and building experience and funds. By this point in your life, you know what you want from a career and what you don’t, so are in a good place to create a business and a lifestyle that is right for you.

Sara Leigh, 46, a business analyst at an investment bank, started her craft business, Re-Creation, last year. Leigh, who is on the autistic spectrum, says she finds working in a large corporation quite difficult. “I’ve always been interested in crafts from childhood and done lots of courses,” she says. She discovered that often the only way to access the equipment required for specialist crafts was by enrolling on a course – “I wanted to find a space where I could get the equipment and materials without committing to a 10-week course. I wanted a more flexible solution.” she continues.

Leigh has her own studio, where friends used to come and try out crafts. “I thought it would be nice to share it with the wider population, so that’s what [Re-Creation] is all about.”

Like many forty-something entrepreneurs, Leigh is at a perfect point where she has enough capital to support a fledgling business, and also has a clear idea of what she wants from her life and career.

“I think the fact that I earn a decent salary and can cover it is great. I had a plan for it for about 10 years, I kept putting it off and then I thought, you might as well do it.”

WHAT ABOUT ONLINE MARKETING?

For those of us who are serious about making money and becoming an online entrepreneur, I wouldn’t be surprised if the average age for that is also in the 40’s, because, it can take a while for a person to realize that a regular job simply will never satisfy or build up a retirement fund. Plus being in our mid-40’s should have given us enough time to perhaps save up a little money to invest in the better marketing programs, all of which do cost a little to get started in.

Don’t be deceived… You not only get what you pay for, but, no decent business can be started without some investment in money and certainly quite a bit in time and dedication. By the time we are in our 40’s, we are okay with that, or, at least, we should be. You don’t get something for nothing in this world, another reality we normally have learned by the time we exit our 30’s.

Don’t make the same mistake so many newbies make in network marketing… be NOT afraid to go for the gold. In fact, if you really want to really make it – I mean beyond just earning a lot of money, but, raising up in your social status, as well, forget the gold, and go for the platinum and diamonds. Might as well do it right from the get-go. Choose GWT – Global Wealth Trade – the name says it all. GWT is a global designer luxury goods business with world-class, fabulous clientele whose success will rub-off on you, quickly.

Don’t wait until it’s too late to do it right – GWT! Click here to learn more, now. Don’t hesitate! Thank you. Not only does GWT offer top designer high fashion garments and accessories, shoes, handbags, jewelry and more… GWT now offers FERI’s new line of supreme skin care products called FERI Flawless… yet another reason why you can get into the big money with the best products of the highest grade on the planet.

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