If you idolize Bill Gates, the founder of Microsoft, Steve Jobs, the genius who transformed the Apple brand, or Mark Zuckerberg, the founder and CEO of Facebook, the world's largest social media platform, you probably already have an answer in mind. If you're thinking about starting a business, don't hesitate; strike while the iron is hot! Use your courage and ideas to dive into the business world.

But wait... before you hand in your resignation or start drafting a business plan while still in college, take a look at the research that might make you reconsider. It turns out that the best time to start a business is not in your early 20s, but rather when you reach middle age.

According to research conducted by the National Bureau of Economic Research in the United States, which analyzed the ages of business founders and their success over the years, it was found that while younger entrepreneurs may have several advantages—such as familiarity with communication, technology, flexibility, and fewer family obligations—middle-aged entrepreneurs have a higher chance of leading their businesses to success compared to their teenage counterparts.

The research clearly indicates that entrepreneurs under the age of 25 tend to have relatively low performance. When comparing this on a graph, it shows that upon reaching 25, performance gradually approaches success, stabilizing between the ages of 25 and 35, and peaking again at ages 35 and 46, before stabilizing again after the age of 60.

Why is this the case?

First and foremost, you must believe in the value of age. Although many people say that getting older is not beneficial, believe me, people are like ginger; the older they get, the spicier they become, thanks to the skills and knowledge accumulated over a lifetime, including education and work experience. In economic terms, this is referred to as human capital, which is a crucial resource that serves as a compass for discovering new business opportunities and maximizing existing resources.

          The next significant obstacle hindering the success of younger generations is limited financial stability and insufficient experience. Studies have shown that the more experience entrepreneurs have in their field, the closer they are to achieving success compared to those with less experience. Additionally, life experiences, including lessons learned from family responsibilities and financial discipline from paying off a house or car, provide the resilience needed to start a business cautiously and face challenges without fear.

It is also essential to remember the saying “Slow and steady wins the race.” It’s not wrong to think about starting a business early, but once you do, ask yourself where the end goal of this business lies—success or something else? While scientists or engineers need solid theories and hands-on experience to excel, many young entrepreneurs often have the opposite mindset, believing that they must start a business quickly, and the sooner, the better. While it’s true that you might see idols like Steve Jobs starting a business at 21, if you study his biography, you’ll find that he reached the peak of his career when he launched the iPhone at the age of 52.

          Finally, another significant strength is that work experience gives you a broader network of connections than younger individuals. Therefore, take advantage of the connections you have built over the years to create support and gain a competitive edge.

Thank you for the source http://theconversation.com