The notion of entrepreneurship is generally youth-centric. We tend to assume that today’s business leaders are ambitious 20-somethings en route to being the next Steve Jobs, who launched Apple Computers at 21 years old, or Bill Gates, who went into business at just 15.
But that assumption couldn’t be further from the truth. In reality, entrepreneurs are like fine wine—they get better with age. In the UK, for instance, Enterprise Nation’s Small Business Barometer shows that the average entrepreneur is 42 years old.
There are endless real-life examples that support this. To name a few, James Dyson founded Dyson Farming in 2013, Ray Kroc founded McDonald’s at 52, and Charles Flint founded IBM at 61. As cliche as it sounds, age really is just a number.
Want to know more? Stick around as the UK’s best company formation agent, 1st Formations, explores why it’s never too late to become your own boss.
Older entrepreneurs are more likely to succeed
We may think of young founders as sharper, more energetic, and bursting with innovation—a great foundation for starting a business. But did you know that older entrepreneurs are actually more likely to succeed?
Anyone can start a company. The administrative process of bringing a business into existence is quick, simple, and inexpensive in several countries, including the UK. However, growing it into a thriving venture is another story, and if you’re an aspiring entrepreneur in your 50s or older, you’ll be pleased to hear that your odds are considerably greater than those of your younger counterparts.
The Age and High-Growth Entrepreneurship study from the American Economic Review is one of the most comprehensive pieces of research on the relationship between age and entrepreneurial success. Though it focuses on US-based start-ups, its wide-ranging results can be applied generally.
It discovered that a surge in performance comes at the age of 46 and is sustained towards 60. Additionally, a 50-year-old founder is almost twice as likely to achieve upper-tail growth than a 30-year-old founder, and entrepreneurs in their 20s have the lowest likelihood of forming a top growth firm.
It’s natural for your confidence to diminish with age. You might fear failure or feel overshadowed by younger leaders with cutting-edge ideas.
But there’s no place for ageism in entrepreneurship, and research shows that older entrepreneurs are not only highly innovative but far more successful than those who take the leap as young adults.
Entrepreneurs aged 50+ are trending
Not only do ‘olderpreneurs’ have a higher success rate, but they’re also increasingly popular, especially since the rise of the side hustle that emerged from the Covid-19 pandemic.
According to the Small Business Barometer, more than a third of UK businesses are now started and run by people over 50. In addition, Startup Loans, a part of the British Business Bank, announced earlier this year that it had provided over £140 million worth of funding to small business owners aged 50 and above since 2012, £13 million of which was issued in the fiscal year from April 2023 to March 2024.
This trend shows us that career paths can vary widely and start at any age. There is no right or wrong way to navigate your professional life, and it’s certainly never too late to start a business.
Benefits of starting a business after 50
Let’s now take a closer look at what exactly puts older founders in a strong position to do well when they start a business.
Robust skillset
General life experience is one of the biggest differentiators between older and younger founders. They tend to spend most of their adult lives in ‘regular’ jobs (as employees), and once they reach their 50s and 60s, they have a robust skillset under their belts that prepares them for a strong start in business.
That skillset comprises certain attributes, such as:
- Leadership
- Communication
- Strategic planning
- Patience
- Resilience
- Wisdom
While these key skills come naturally to some and may be attained from a young age, they generally take time to develop properly. That’s why older entrepreneurs are generally better equipped to start and grow a business and have a higher success rate.
Financial stability
Funding is essential when starting and growing a business. Older entrepreneurs have greater financial stability, which helps ensure a successful venture.
Not only have they had more time to save up, but they’ve also learnt to be more financially savvy and have been able to develop their credit rating, which helps boost their access to crucial resources.
Support network
Life experience enables mature entrepreneurs to build a strong and reliable support network, which is crucial when starting a company. Whether it’s a former colleague, a friend, or someone you met through a mutual contact once, having dependable people in your life can provide financial and emotional support, market insights, and business guidance.
Deeper motivation
People commonly start their own businesses later in life in search of genuine fulfilment. Perhaps they spent 30 years in a corporate job where something was always missing, or maybe they’re passionate about turning a life-long hobby into a career.
Whatever their story, older entrepreneurs tend to have deeper, more meaningful aspirations, which can make success feel exceptionally more rewarding. Meanwhile, young founders are more likely to be motivated by autonomy and financial gain.
Inspiring case studies
Below are just a few examples of how some of our customers have turned their experience, expertise, and drive into successful businesses in their 50s and 60s.
Julia Parker founded Lettuce Publishing at 52
Julia started her own business in her early 50s. With a keen interest in gardening, books, and podcasting, Julia spotted a gap in the market for a publishing house that supports new authors, and so Lettuce Publishing Limited, a female-led publishing business, was born in 2019.
Julia co-wrote their first title, The Little Grower’s Cookbook, and she plans to focus on gardening and sustainable food growth in the future.
Having launched just before the pandemic, Lettuce Publishing has had its fair share of challenges. However, the company is on an upward trajectory—The Little Grower’s Cookbook was even shortlisted in the Garden Media Guild 2021 awards.
Stephen Dann founded Medical Realities at 65
Having started his career in film and TV as a youngster, Stephen went on to form his own augmented reality company, Amplified Robot, in 2008. However, his latest venture, Medical Realities, was launched in 2015 when Stephen was 65 years old.
Since then, Stephen’s business has won several awards and accreditations, such as the WEBIT Award and the 2022 SXSW Innovation Awards.
Graham Stimson founded Worldwide Catamarans at 62
Last but not least is Graham Stimson, a former Sales Manager. With over 30 years of experience in catamarans and a passion for warmer climates, Graham created Worldwide Catamarans at the age of 62.
If you’re contemplating whether starting your own business is the right choice, Graham’s advice is: “If you’re good at what you do and enjoy it, why not do it for yourself? Go for it! You will be doing it for you, and you will never get rich working for someone else.”
It’s never too late to become an entrepreneur
The bottom line is that it’s never too late to start your own business. Entrepreneurs all over the world are embracing their age and life experience to find fulfilment and turn their life-long dreams into reality.
Feeling inspired? No matter your age, start your business with the UK’s top company formation agent, 1st Formations.
Their simple online registration process makes it quick and easy to launch your business in a matter of hours, and their expert team are always on hand to guide you through your company’s lifetime. Find the right package for you on the 1st Formations website.
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