Contrary to conventional wisdom, women over 30 make better entrepreneurs. Today, companies, society, and the job market, in general, believe young entrepreneurs have more potential than older folks. But we know that’s not necessarily true.
As a woman over 30, you have accumulated enough experience to start a business and thrive. In fact, as reported in Age and High-Growth Entrepreneurship, researchers found that the most successful entrepreneurs are typically middle-aged, not young.
Let’s dive into why women over 30 make better entrepreneurs.
Ability to Leverage Business Connections
Admittedly, young female entrepreneurs are often more tech-savvy, aggressive, and bolder than older people. However, this age group is less likely to have connections and the financial footing a business needs to thrive. Studies show that women business owners are twice as likely as men to cite a support system as a hurdle to business ownership. Most of them are still understanding their customers, their businesses, and learning industry trends with few female mentors to look up to.
Conversely, older women entrepreneurs have amassed a wealth of wisdom over time and can now leverage relationships they made earlier in their careers to grow their ventures. According to an analysis of 2.7 million company founders, a typical 50-year-old founder is more likely to realize high growth than a 30-year-old founder. The findings object to the skewed perception that being young is a key trait of successful entrepreneurs.
Increased Confidence with Age
The number of businesses owned by women today has more than doubled over the last 20 years, with women opening approximately 850 businesses a day. Here’s why: Women aged 30+ are more confident, and their family responsibilities have declined. Also, their wealth of experience helps them discover opportunities for new business more than their male counterparts. As such, they are more likely to set up businesses that meet customer needs and fill gaps that have been in some product markets for a long time.
A business coach for women entrepreneurs will still cite inadequate capital as a serious hurdle for women starting a business. Conversely, women in their mid-to-late-career have adequate capital as they’ve had time to amass wealth to invest in the business. Their ability to invest more capital gives them an edge over their younger counterparts.
Forget about the stereotypical perception that older women can’t start or thrive in business. We know that with the right mentorship from an experienced business coach for women entrepreneurs, you can start the business of your dreams and succeed. Older women entrepreneurs enjoy many advantages. With their financial capital, management experience, social connections, and lighter family obligations they are more likely to operate successful ventures for a long time and even become a business coach for women entrepreneurs as well.