Is it better to become an entrepreneur at an early age?

[Kevin Lee]

Is it better to become an entrepreneur at an early age?

According to a report called "When does the brain start to decline?" by CBC, "Our mental abilities start to go at a younger age than thought...

Age 22 is when the brain peaks in terms of the speed of thoughts, ability to reason and visual problem solving ability...

Test scores started going downhill at age 27, he found.

But vocabulary skills and general knowledge actually improved until age 60."

http://ca.news.yahoo.com/s/cbc/090317/s ... rain_aging

I guess that's why it's always easier for younger people to learn new skills, languages, interests, etc.

[TannyL]

The younger you are the better you are at learning.

I just posted a new thread that one of our teams won 2nd place at the FLL competition. these kids are at age 11-12, and they learned most of the skills by themselves.

They know how to read and write in English. Kids in Israel just start learning English at the age of 10. They learned programing skills, etc.
One of the kids learn how to use the Gimp program in one hour! That was amazing, all he knew before is how to work with windows' paint, and I downloaded gimp and he made posters for the team.

This is why there are many schools for 3 years old, teaching them English and math.

To answer you question, Kevin, I thing young is good, after you learn different skills, you can start at an early age. Kids in my country have a little advantage, they have to go to the army for 2 years, this experience is preparing you to life, and you have to mature early.

And the best thing about it the early retirement too. A good entrepreneur will be able to retire early, this is everyones dream.

[GT Bulmer]

Hi, Kevin:

Great discussion question!

Personally, I don't think entrepreneurship is a question of being "better" for the young. It all depends on the individual and the time in their life when factors come together to produce optimal results. Some people are more tuned in to it when they are young. Some, when they are older. Entrepreneurship and personal develop are influenced by a variety of factors - emotional, experience, economic, social.

However, when talking about mental abilities and learning abilities, I DO believe it is better to start when young. As you have pointed out, our mental abilities are more flexible when we are younger. Also, studies seem to indicate that the younger we are when we learn skills, the more ingrained and lasting they are. Still, there is hope for us as we grow older.

Recently, I read the book, The Mind and The Brain, Neuroplasticity and the Power of Mental Force, by Jeffrey M. Schwartz, M.D., and Sharon Begley. It highlighted newer studies that provide evidence that the brain is much more capable of learning new things and changing old patterns at more advanced ages than ever before thought possible.

So, I think "entrepreneurship" can be embarked upon successfully at any age. But young people may have a decided advantage in learning and developing the skills! Especially when it comes to adopting and adapting to new technology! (Speaking from experience.)

GT

[Kevin Lee]

Well let's not forget that it's a lot easier to become an entrepreneur when a person is younger since he/she typically has less responsibility and risk (i.e. a young person has the luxury of living at home with his/her parents, can live mortgage free, with no family to provide for, job, etc.)

[GT Bulmer]

Well let's not forget that it's a lot easier to become an entrepreneur when a person is younger since he/she typically has less responsibility and risk (i.e. a young person has the luxury of living at home with his/her parents, can live mortgage free, with no family to provide for, job, etc.)

So true, Kevin. I wish I would have thought of that when I was a teenager!

For me, I couln't wait to get out on my own. My home life was fine. I just wanted independence. I was one of those kids who bought a car and arranged insurance before my 16th birthday, so I was taking a real chance, not knowing for sure that I would be able to pass my driver's exam on my birthday ... but I squeaked by.

When I was 18, I was in a management training program and the company I was working for paid a decent wage, so I got my own apartment and moved away from home. I think that year was the best year of my life! After that, responsibility and the weight of the world started pressing down on me.

Looking back, if I had taken a different approach to my future, I might have stayed home, pursued additional education or training, then followed the entrepreneurial path at a MUCH earlier age.

GT

[ideasuniversity]

Most of the greatest entrepreneurs we know today started very early. Bill Gates started Microsoft at a tender age. Micheal Dell started also at a tender age. And a lot of others.

[TannyL]

Looking back, if I had taken a different approach to my future, I might have stayed home, pursued additional education or training, then followed the entrepreneurial path at a MUCH earlier age.

GT

Me too. But I couldn't wait to be an adult and wanted to get on my own. I remember the day I took the mortgage, that was a big and scary step.

[GT Bulmer]

... I remember the day I took the mortgage, that was a big and scary step.

Hi, Tanny:

I remember that day, too: mixed emotions! It was also a day I learned a valuable and important life lesson: "There's always a way."

I wanted to buy a mobile home (house trailer) - just something inexpensive to start out with. My bank and all the banks in my neighborhood turned me down. I was devastated!

However, I had a great real estate agent who wouldn't give up. She found a friendly bank (Bank of Nova Scotia) willing to help me out and although we have moved to a different town and therefor a different branch of that bank, we have stayed loyal to the Bank of Nova Scotia (ScotiaBank) for 30 years or more. They have helped us buy two houses since first buying that mobile home.

GT

[Alan Mater]

Hi Kevin,

Those are some startling statistics as I'm just about to turn 23. That means I'm on the downward slope of losing my "speed of thoughts, ability to reason and visual problem solving ability..."

I honestly think it depends on each individual. Everyone's intellect is different. Memory, ability to learn, etc. I believe it's completely unique to each person. For instance, my fiance's memory is horrible, while mine is excellent. In fact, I've been gifted with photographic memory, one not too many people have. I've always thought of myself as a good reasoner and able to learn quickly. There are others my age that aren't as proficient in those areas. That's not to say those abilities won't lessen as I become older.

I'll agree that the older one gets (and I mean 40's and beyond), it becomes more difficult to learn and remember stuff. My parents are living proof of that. That's just a sign of old age. But, there are measures people can take to offset this and retain those abilities even later in life.

I feel that if someone in their older years wanted to become an entrepreneur, depending on their abilities and "wisdom," that they could become just as successful as someone much younger than them.

[GT Bulmer]

... I feel that if someone in their older years wanted to become an entrepreneur, depending on their abilities and "wisdom," that they could become just as successful as someone much younger than them.

Hi, Alan:

Great comments and observations. In particular, the portion of quote above. In my opinion, it all comes down to desire and focus. It doesn't matter what age we are, if we truly desire to do something and if we can make the commitment to focus on learning how to do it, we can and will do it. The challenge we have at any age is making the decision and staying committed and focused.

By the way, I have photographic memory, too ... but no developer! (In other words, I have a great memory, but it's short. Out of sight, out of mind!)

GT

[Alan Mater]

... I feel that if someone in their older years wanted to become an entrepreneur, depending on their abilities and "wisdom," that they could become just as successful as someone much younger than them.

Hi, Alan:

Great comments and observations. In particular, the portion of quote above. In my opinion, it all comes down to desire and focus. It doesn't matter what age we are, if we truly desire to do something and if we can make the commitment to focus on learning how to do it, we can and will do it. The challenge we have at any age is making the decision and staying committed and focused.

By the way, I have photographic memory, too ... but no developer! (In other words, I have a great memory, but it's short. Out of sight, out of mind!)

GT

Hi GT,

I was going to add determination and focus in there as well. That's the true focal point in finding success. Granted there are other factors involved, but where there's a will, there's a way.

LOL... sometimes my short-term is bad, especially if it's something that doesn't matter to me . There are a lot of weird and stupid things that I remember for years, which to me seems pointless. Too bad we can't just delete the nonsense memories and make room for more important ones .

A photographic memory is handy when studying for a test. Look at the notes long enough, and when it's time for the test, it's like you're still looking at the notes, but in your head! They were plain as day. I still can't get my head around it. My mom always wondered why I barely ever studied.

I just hope that ability doesn't dwindle as my years progress

[Kevin Lee]

Hi Kevin,

Those are some startling statistics as I'm just about to turn 23. That means I'm on the downward slope of losing my "speed of thoughts, ability to reason and visual problem solving ability..."

I honestly think it depends on each individual. Everyone's intellect is different. Memory, ability to learn, etc. I believe it's completely unique to each person. For instance, my fiance's memory is horrible, while mine is excellent. In fact, I've been gifted with photographic memory, one not too many people have. I've always thought of myself as a good reasoner and able to learn quickly. There are others my age that aren't as proficient in those areas. That's not to say those abilities won't lessen as I become older.

I'll agree that the older one gets (and I mean 40's and beyond), it becomes more difficult to learn and remember stuff. My parents are living proof of that. That's just a sign of old age. But, there are measures people can take to offset this and retain those abilities even later in life.

I feel that if someone in their older years wanted to become an entrepreneur, depending on their abilities and "wisdom," that they could become just as successful as someone much younger than them.

If you check out this older post, there are some tips on how to keep our minds/memory sharp
http://www.evancarmichael.com/Forums/vi ... f=6&t=2405

[Alan Mater]

Hi Kevin,

Those are some startling statistics as I'm just about to turn 23. That means I'm on the downward slope of losing my "speed of thoughts, ability to reason and visual problem solving ability..."

I honestly think it depends on each individual. Everyone's intellect is different. Memory, ability to learn, etc. I believe it's completely unique to each person. For instance, my fiance's memory is horrible, while mine is excellent. In fact, I've been gifted with photographic memory, one not too many people have. I've always thought of myself as a good reasoner and able to learn quickly. There are others my age that aren't as proficient in those areas. That's not to say those abilities won't lessen as I become older.

I'll agree that the older one gets (and I mean 40's and beyond), it becomes more difficult to learn and remember stuff. My parents are living proof of that. That's just a sign of old age. But, there are measures people can take to offset this and retain those abilities even later in life.

I feel that if someone in their older years wanted to become an entrepreneur, depending on their abilities and "wisdom," that they could become just as successful as someone much younger than them.

If you check out this older post, there are some tips on how to keep our minds/memory sharp
http://www.evancarmichael.com/Forums/vi ... f=6&t=2405

Thanks for the link, Kevin. I'm a firm believer in keeping your brain sharp by doing daily "exercises." I like having to solve problems or think critically about something. I did that a lot in high school but since then not to so much. Having an online business helps me with this because it causes me to think in a different way than what I'm normally used to.

As with all statistics, we can always do our part to not become one.

[sajis@yahoo.com]

Yes kevin.

My brother in law started his first business out of necessity. A layoff left him unemployed and he decided to design web pages for a few friends and family until he could find something better. Four years later he was running a consultancy, a design firm, and a video company with a handful of employees and a rapidly growing customer base. We talked often about businesses, since I too ran one at the time, but we had very different perspectives because I spent several years in the corporate world first, and he plowed right in at a much younger age.

One day he called me and excitedly yelled into the phone "Gantt charts!" He had grown so busy that he was about to crush under the strain of his workload, but after a bit of research he had discovered the joys of project management tools. He used them to implement a management system that allowed him to increase his workload several times over.

Coming from a corporate background, I was already quite familiar with Gantt charts and other things related to project management. As a result I began to think a lot about the benefits of having some corporate experience before pursuing an entrepreneurial path.

It irks me a bit to read some of these blog posts around the web where people write stuff that basically says entrepreneurship is for everyone, and if you aren't an entrepreneur you are a loser corporate drone. The irony is that successful entrepreneurs who sell their companies usually end up as "corporate drones", working at the acquiring firm for a few years. There is value in what you can learn working for a corporation, and there is value in waiting until you are older to start a company. I did it at 26 and that was probably too young. There was so much I didn't know. But then again there was so much I learned too.

It can be dangerous to learn about entrepreneurship on the web because of all the misinformation. I don't know if anyone believes the hype that you should start a business young, but I am concerned that people will make bad decisions. I'm all for entrepreneurship. It is exciting and educational and can be very rewarding, but it isn't right all the time for everybody. So, I decided to dig into some research and see if age makes a difference in entrepreneurial success. Along the way I uncovered some interesting data about entrepreneurs and money that I also want to address. I am not advocating that you do anything other than think for yourself. None of this is gospel. This is information in aggregate, and may not apply to you. But at least it may help counter some of the more ridiculous things you can find about starting your own business...................

[GT Bulmer]

Hello, sajis:

I agree with your statement about info from the Internet being potentially dangerous to aspiring entrepreneurs. It is always wise, at any age, to do your due diligence and become more familiar with a business opportunity or any form of entrepreneurial activity before diving in and committing to it totally. Informed decisions are the best.

Unfortunately, many people, young and old, ride the wave of excitement and jump in before fully understanding the implications.

GT