As any regular visitor to this blog knows I am in the process right now of choosing a business idea that I think not only fits me and my interests, but also is good enough to provide a perfect replacement for a regular job and the income it provides.
So far I've taken a look at building a social networking site and a social bookmarking/ ranking site. They're both fairly good ideas that are fairly popular right now. Either of them would probably fit into my interests well and provide a decent return on the investment of my own time and money provided they are successful and competitive with other offerings.
However, I still have a few other ideas I'd like to look at before I make a final decision. As for now, and the reason for this post, I want to take an opportunity to look at an entirely different view of this decision. I'd like to address the whole question of "Should I do it?" as opposed to "What should I do?"
The main motivation for this is a few articles that have popped up on my radar over the last week or so suggesting that I'm way past the prime age that could be indicative of whether or not I'll be successful at this little venture into the uncharted waters of entrepreneurship.
fortywhat??!! is just too damn old
As noted in this article, I may have already missed the boat over ten years ago. Why? Because the stunningly successful entrepreneurs are twenty-somethings, not fortywhats!!?? And beware . . . if you're in your thirties, you just might be over the hill as well.
Well, this may very well be true. However, I think the results are slightly skewed in favor of "stunningly successful" startups as opposed to "successful" startups. So perhaps it's more a matter of what you define as successful. Do you need billions of dollars like Google to consider yourself successful, or is owning your own business with a income slightly above the median your measure of success? For me, my measure of success is relatively simple. I want more control over my life. I don't want to have to make decisions influenced by the demands of the workday world. If I want to attend my daughter's talent show, I don't want to have to worry about having to use vacation time to see to it that I am paid for the two to three hours it may consume. If my kids are sick and someone needs to stay home with them, I don't want to have to worry about using sick time to replace what may be lost for the day. Also, I don't want my wife and I to have to decide who will stay home and miss a day of work. Lastly, I don't want someone else to determine my worth. It's difficult to impact the bottom line in a manner as obvious as someone, for example, in sales.
Realistically, however, things are a little more difficult when you're a fortywhat??!!
We definitely have more to deal with than most twenty-somethings.
Fortywhats??!! are too rigid
I cannot agree with this. I'm not some old fart who's so set in his ways that it makes it impossible to grasp new stuff and adapt to changes. I'll admit that the years and experiences I've put behind me have given me a way of looking at the world that may be different from someone half my age. But honestly, this is the gift of wisdom. I've been there and done that. I've learned a few things over the years and I can identify obstacles that might be somewhere ahead. As is pointed out in this post, this wisdom is really quite beneficial because it can make us more successful. Youth may be an asset when trying to come up with the next, disruptive idea, but successful execution might be the product of experience.
A fortywhat??!! brain is fried
I'll admit that myage experience has kind of limited me in ways that most twenty-somethings won't experience for many years. This articulate and well-thought post best explains it. The years have shaped my brain. The neural connections have been set so that when I see a car, I see a car. It's that creative juice that twenty-somethings possess, but hasn't been shaped yet. So when they see a car, they see something more, something else. They have a capacity to create disruptive ideas that I may not possess.
Perhaps they are better at tackling the "what-ifs" simply because they haven't yet experienced failure, therefore taking the risk isn't as frightening as it may be to a fortywhat!!?? This may be good; this may be bad. I'm not going to say either way because I can see it from both sides.
If I were twenty-something again, knowing what I know now and all things being equal, I wouldn't think twice about giving it all I had. Although I know the potential for failure is there, it's something I'll have to put off to the side because I just don't have the time to worry about it. So what do you think? Is fortywhat??!! just too damn old to be an entrepreneur? Can they come up with new ideas or improve on existing ones?
As noted in this article, I may have already missed the boat over ten years ago. Why? Because the stunningly successful entrepreneurs are twenty-somethings, not fortywhats!!?? And beware . . . if you're in your thirties, you just might be over the hill as well.
Well, this may very well be true. However, I think the results are slightly skewed in favor of "stunningly successful" startups as opposed to "successful" startups. So perhaps it's more a matter of what you define as successful. Do you need billions of dollars like Google to consider yourself successful, or is owning your own business with a income slightly above the median your measure of success? For me, my measure of success is relatively simple. I want more control over my life. I don't want to have to make decisions influenced by the demands of the workday world. If I want to attend my daughter's talent show, I don't want to have to worry about having to use vacation time to see to it that I am paid for the two to three hours it may consume. If my kids are sick and someone needs to stay home with them, I don't want to have to worry about using sick time to replace what may be lost for the day. Also, I don't want my wife and I to have to decide who will stay home and miss a day of work. Lastly, I don't want someone else to determine my worth. It's difficult to impact the bottom line in a manner as obvious as someone, for example, in sales.
Realistically, however, things are a little more difficult when you're a fortywhat??!!
We definitely have more to deal with than most twenty-somethings.
- We have jobs - Don't read me wrong. I'm not saying that twenty-somethings are lazy and don't work. However, as someone who went to college, I know what kind of jobs most college students have access to. Many work in the service and retail industries. It's easier to blow off a job and find another one that pays slightly above minimum wage than it is to blow off and find another that pays a decent salary.
- We have bills - Here again, I know college kids have bills too. But, most college kids have an option that fortywhats??!! don't . . . that would be sharing expenses. When I was in my twenties I shared the expenses I had with a roommate. Things were pretty darn cheap. The most I ever paid for rent was around $125, my car was paid for, and utilities were dirt cheap.
- Kids - I love my kids and I'll do anything for them. I'll make whatever sacrifice is necessary to make sure that they are happy and well cared for. Let's face it . . . kids are expensive and they do have a huge impact in your life. When you don't have kids it's a lot easier to devote your time and energy into your own ambitions.
- Risk and responsibility - Unless they're careless and fall into some traps, most twenty-somethings don't have to worry about this. When I was in my twenties my biggest responsibility was getting to class and work on time. After that was all said and done, the biggest decision I had to make was will it be Corona or Budweiser? Now things are different. I have projects and tasks for which I am responsible, meetings to attend, kids to take to sports and music lessons, car payments, house payments, deadlines, insurance premiums, and on and on and on . . .
Fortywhats??!! are too rigid
I cannot agree with this. I'm not some old fart who's so set in his ways that it makes it impossible to grasp new stuff and adapt to changes. I'll admit that the years and experiences I've put behind me have given me a way of looking at the world that may be different from someone half my age. But honestly, this is the gift of wisdom. I've been there and done that. I've learned a few things over the years and I can identify obstacles that might be somewhere ahead. As is pointed out in this post, this wisdom is really quite beneficial because it can make us more successful. Youth may be an asset when trying to come up with the next, disruptive idea, but successful execution might be the product of experience.
A fortywhat??!! brain is fried
I'll admit that my
If I were twenty-something again, knowing what I know now and all things being equal, I wouldn't think twice about giving it all I had. Although I know the potential for failure is there, it's something I'll have to put off to the side because I just don't have the time to worry about it. So what do you think? Is fortywhat??!! just too damn old to be an entrepreneur? Can they come up with new ideas or improve on existing ones?
Forty, Fifty and Sixty somethings can and do become entrepreneurs every freaking day! I read midlife and boomer related blogs daily and have seen the Valleywag stats posted elsewhere, and was about to write a response very similar to yours. Thanks for saving me the time :) While 20-somethings may be starting internet based businesses, the over 55 set are the greatest number of internet users. Eons is capitalizing on that as a social network (even though it really is my least favorite). Start your new adventure, the reasons to do it as you have them outlined far outweigh age as a disadvantage.
HA! Colonel Sanders was in his sixties or seventies when he started selling chicken, and we all know how that turned out (hmmmmm...KFC). Go for it. One is never too old, or too young to start a business.
Tell us your plans - we'll support you like crazy!
My question for you is..."Have you ever had a dream in your life?! And have you tried to realize it?!"...if not maybe this is the time...
M.
Jim - age is a number and that is all. Mindset is what is important - if you want something bad enough you will make it happen - I know that. And I resent being called old again...
The "Ayes" have it - age is just a state of mind and what you can do is just limited by your imagination. Think, Act, Refine - just don't Judge. In the immortal words of Ty Webb (Chevy Chase in Caddyshack) - "I'm going to give you a little advice. There's a force in the universe that makes things happen. And all you have to do is get in touch with it, stop thinking, let things happen, and be the ball. "
Well Arnie, I guess I'll just have to put on the blindfold and tee off.
Hi there! I found your blog through mylifebeginsatfortytwo. Anyway, you might want to read a few posts I have written on this subject at my other blogs. Career Strategist http://careerstrategist.blogspot.com and Resource Economics which is http://evnucci.wordpress.com
Follow your passion......because it will not be work. It will be a passion. You can check out what I do for a living and my background at my webiste...www.nucciconsultinggroup.com.
Before you make your decision, pull out a yellow pad of paper and write down the pros and cons. Write from the heart...and don't stop writing pros and cons until you have thought of every single one. Let your mind go....put down every single stupid or silly thought you have on the matter.
Then look at the list and look at the pros and cons. Follow your gut. Your pros and cons list........is your gut.
This was an interesting blog. I am about 40 and have three kids under the age of 7. My current job is strangling me and I want to start a business. Trust me, I understand the risk of leaving a job that is paying the bills and feeding my family. My biggest struggle is that I am doing it for personal carreer satisfaction. My wife wants me to suck it up and use my job as a means to the end (family) and I need (want) to have a job I feel satisfied and fullfilled in. A twenty year old does not have these kinds of dilemas. Why didn't I do this in my twenties? I swear I can still eat macaroni for a month straite.