10 Reasons It Is Never Too Late to Start a Small Business
The Indian entrepreneurship story has always been different from the global one. India has entrepreneurs who often look to start a small business after their work stint and ultimately look to achieve their dreams. These stories stand at odds with global entrepreneurship narratives where youth is valued more than experience.
Mr Narayana Murthy’s story is only one of many examples that make a case for starting a small business no matter the stage of life you are at. From the risk-taking ability to better business loan eligibility, here are 10 reasons it is never too late to start a small business.
- Proven Track Records of Past Entrepreneurs
Entrepreneurs like Netflix CEO Reed Hastings prove that a late start does not translate to a smaller impact. One doesn’t need to research too deep to find more such individuals who used their experience to make better business decisions.
- Better Know-How
An entrepreneur who has plenty of experience under his/her belt and knows how to use it has no match in the business world. With age comes experience, and all those years spent learning to build someone else’s business will undoubtedly help elevate your own.
- Learning From Past Attempts
Of course, everyone would like to become a successful entrepreneur from an early age in their first business attempt but many times, that is not practical in reality. The learnings you carry from past attempts that may not have been successful will act as a better teacher than anything you can learn in a classroom.
- A Nest Egg
Being stable and well-settled in your life before you start a small business is in no way a negative thing. Having a better financial base built over years of hard work can give you a springboard when you venture into the world of entrepreneurship.
- Greater Access to Business Loans
Financing your business becomes easier if you have more of the initial capital saved up and relevant experience to show in your field. Banks and financing institutions are more likely to grant a business loan to someone who has a proven ability to repay it and looks more sure of what they want to do with the money.
- A Nuanced Understanding of the Business Environment
Over years of consuming news and analyzing trends, older entrepreneurs build up the knowledge that they need about the current state of the economy and the best time to launch their business in the current market.
- Knowing the Right People in the Right Places
While working in a sector, you will meet many people at different stages of their corporate journey. When you are ready to start a small business, these contacts will undoubtedly come in handy to make your journey smoother.
- The Long-Run Mindset
Many start-ups have an aggressive beginning but fizzle out in a few years of their journey. This is because they don’t have a good long-term vision, and many times the entrepreneurs only focus on the present. Experience will help you see the larger picture in a business so that you are prepared for the long haul and don’t become another statistic.
- Laser-Like Focus
Never say Never. Get your hands dirty and try everything possible. Putting in the time in experimenting with different things helps you find your passion with laser-like accuracy. Once you know that, you can plan better and have more self-confidence.
- A Lasting Passion
If you have carried your desire for entrepreneurship into later age, then you can be rest assured that you have an undying passion for it. You have the belief in your idea, which kept it alive in your mind over the years.
Steve Jobs once said that if you don’t love what you do, things will get so hard that you will quit. With plenty of institutions available to help with financing options and services such as a business loan EMI calculator at hand, there has never been a better time to start a small business than the present.