Listen Now: Older Founders
Age is only a number, especially when starting a business.
According to Forbes, founders 50 or older are twice as likely to be successful than someone 20 years younger. And it keeps getting better. Someone who starts a business at 60 is three times more likely to achieve success. So, while headlines might be full of people who peaked in college or their early twenties, don’t count yourself out.
But here’s the downside. Investors are less likely to back older founders if they don’t come out of the gate strong. So, stack the deck in your favor. According to Forbes, there are a few things older founders should do to bring in money.
For example, engage your network. You’ve spent years making connections, so use them for references or ideas.
Or consider a co-founder. This person can fill in gaps and give your business a more well-rounded appearance. Experts say older founders tend to be overly cautious, so go bigger. Present both a base case and a growth case to show that you are swinging for the fences.
Money talks, but experience still matters.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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