Jeff Haden’s recent article for Inc. magazine made me feel really happy for two reasons.
1. He reassured me that I am in the right place at the right time.
2. He justified my opinion about what’s wrong with Facebook.
The article, “A Study of 2.7 Million Startups Found the Ideal Age to Start a Business (and It’s Much Older Than You Think),” expands on the conclusions of the study conducted by the Census Bureau and some folks at MIT. Here’s a demonstrative stat:
“A 60-year-old startup founder is 3 times as likely to found a successful startup as a 30-year-old startup founder–and is 1.7 times as likely to found a startup that winds up in the top 0.1 percent of all companies.”
Does this mean that 30 year olds shouldn’t bother starting companies? Of course not. I started my first successful business when I was in my 30’s while raising two kids. It does mean that as you age, if you pay attention, you pick up massive amounts of experience that can then lead to habits, thought processes, and abilities that will give you the wisdom to have a better chance at success. Older people have usually been through tough times, setbacks and situations where they had to ask for help. Having those experiences will support that great idea that you have. I’m scaling up my third successful business now in my 50’s, secure in my direction and my ability to execute because of what I’ve endured in the past and the knowledge that I have gathered.
Which leads me to the second, related reason why Haden’s article made me happy. The study he highlights has reassured me that my opinion about Facebook is justified. (We can view Facebook’s ongoing difficulties as a case study about the importance of developing wisdom as an entrepreneur.) The issues that Mr. Zuckerberg and his associates have created for themselves (and the rest of the world’s population that is, or will be, connected to the internet) are mostly due to lack of humility, the inability to foresee outcomes and the lack of understanding of human needs and nature. I am absolutely sure that, early in the formation of the company, they could have found numerous folks over 50 with enough experience to help them create a platform that is not so misguided, blatantly manipulative, and a haven for the worst behaviors of human kind. Just had to put that out there.
Please take a few minutes to read Jeff Haden’s article no matter what age you are. It’s short, and contains a lot of useful info. If you’re over 50, it will make you feel really good about starting your business!