About a person who has started a new business enterprise
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Whether it’s Jack Dorsey or Mark Zuckerberg, America loves the story of the scrappy, young founder. Lost in that narrative is the fact that many people start their first business in their later years. According to the Kauffman Foundation, three-quarters of all new entrepreneurs in 2014 were between the ages of 35 and 64, with most being 45 or older.
People start businesses later in life for a variety of reasons, but experience is a common factor. Often the best ideas reveal themselves with time, learning and exposure to a variety of challenges. “When you are out working in the real world, you might see an opportunity to make a product better or do something more efficiently,” says Jason Wiens, policy director at the Kauffman Foundation. It also doesn’t hurt that people 40 and older tend to have more money saved or assets to borrow against to get their business up and running.
History is rich with successful entrepreneurs who got into the game at 40-plus and changed the way we live our lives. Here’s a look at 10 of them.