Hi,
We've all heard the stories of whatsapp founders. I wanted to know if it's more of an exception than a rule. Assume you have a brilliant idea and you have the capability to execute it, would you risk your day job to start your company ? Are there any examples here , above 35, who've started a company successfully ?<p>By successful, I mean, you earn decent enough income to live just as good or better than what you did on a day job.
I would say the simple answer is yes, of course I would risk my day job to start a company after 35 if I had a brilliant idea and capability to execute. I did in fact.<p>The follow up questions are, what are the real risks?<p>Some people seem to be making an assumption that there is more risk as you get older. Risk isn't so cut and dry. Certainly you may have more risk as it pertains to your family. By the time I was 35 I was married with kids and a mortgage. Certainly there is more risk of changing your retirement. By the time I was 35 I had more money going towards retirement as well as retirement funds collected. By starting a business I was significantly risking those things.<p>Some people also make the assumption that young founders make better founders. By the time I was 35 I had worked for many companies and corporations, large and small. I had learned quite a number of business rules for myself and I had come up with a set of rules and patterns that worked in business. At 25 I did not have those experiences or that knowledge at all. I thought I did, of course, but I did not.<p>Over all I felt it was much less risky at 35+ to start a business and leave the day to day. But that was for me. I also found no problem at all jumping back into a day job if a business didn't work out. So it hardly seems like a risk at all.
Ahh, the valley cult of youth.<p>Believe it or not, thousands of small businesses are started every year by folks in many different age brackets. Heck, the company I work for was founded by a 40+ year old entrepreneur.<p>Don't let the myth of the 20-something tech genius fool you. With age comes wisdom and experience that many a young founder could benefit from.<p>As for risk, risk is something you manage, not something that happens to you. Prepare, set a clear goal and definition for success, and be willing to cut your losses if you hit the end of your runway.
<a href="https://www.entrepreneur.com/article/235357" rel="nofollow">https://www.entrepreneur.com/article/235357</a><p>For years, people have tried to correlate an entrepreneur’s age when they launched their startup, with the ultimate success of that startup. Many studies have been done on the topic, including reports by the Kauffman Foundation, Duke University and the Founder Institute, to name a few.<p>The collective summary of their learnings is: the average entrepreneur is 40 when they launch their startup. People over 55 are twice as likely as people under 35 to launch a high-growth startup. The average age of a successful startup with over $1 million in revenues was 39. Age was less of a driver to entrepreneurial success than previous startup and industry experience.<p>...
I know quite a few people who started companies successfully that were far older than 35. The idea that entrepreneurship is only for the youth is a Silicon Valley fantasy.<p>Save up a financial cushion and go for it, at any age.
I'm 36. I submitted my resignation a few weeks ago, to start a company. Yesterday my current employer and I officially came to terms on allowing me to switch to hourly to allow them more transitional time and for me to work on ramping up getting things going. I'm a bit torn on this. Part of me feels I should just cut the cord and be completely committed but at the same time I think the arrangement allows a win-win for all parties involved.<p>I hope to be an example that you are looking for.
I was a good handful of years past 35 when I launched my own business (in a non-tech industry). Certainly, working every day is less burdensome for me than for others who may have significant commitments, like a spouse or children. In my four years, during which I’ve had about 30 days off from going to work, I haven’t for a moment regretted my decision. And I should add that I don’t know if pre-35 I had enough experience to be as successful as I’ve been.<p>But I don’t believe my experience as described here necessarily says much for anyone else. The viability of a business is often easy to determine. I think the important considerations depend on the person making the choice. In simple terms, the key questions are about what someone values and what someone is willing to give up.<p>I enjoy working on my feet, making things with my hands, having relationships with my customers and coming through for them reliably and in ways they don’t expect. I take pleasure in the challenges that confront me (and the ensuing education from those challenges), I appreciate trying to teach and get more out of the (as of yet) one employee I have.<p>For all those positives and others, I’m comfortable going to work every day, I’m not bothered by the physical toll, and I am decent at brushing off the customer behaviors which can be infuriating. No, I can’t have the same social schedule as all of my friends, but I do see my local friends regularly and remain in good contact with those who aren’t nearby. My work definitely makes intimate relationships more difficult, but the ones I’ve had during this business didn’t fail because of my schedule but for other reasons.<p>At least in US culture, I think our careers are typically a form of self-discovery.<i></i>* That’s not to suggest anything negative about anyone who doesn’t launch a business. But our work gives us good feedback on ourselves and our place in our world. In that framework, some of us are comfortable starting a business and some of us are not.<p><i></i>*I would have said any of the above a while back, but I also recently started reading the Studs Terkel book Working. It’s a collection of interviews with people about their jobs and how they feel about their jobs. From people in well-respected positions to those in positions often looked down upon, the themes shared about the value people derive from their work are illuminating and inspiring.<p>Book: <a href="https://www.amazon.com/Working-People-Talk-About-What/dp/1565843428" rel="nofollow">https://www.amazon.com/Working-People-Talk-About-What/dp/156...</a><p>Some Audio Interviews: <a href="http://www.radiodiaries.org/the-working-tapes" rel="nofollow">http://www.radiodiaries.org/the-working-tapes</a>
> Assume you have a brilliant idea and you have the capability to execute it, would you risk your day job to start your company ?<p>Almost 40 here. I would definitely risk it, but on the other hand I don't have any kids or other responsibilities.<p>But I wouldn't quit my day job until I had a working produce and saw potential and good feedback.
I have had a few bites at the start-up cherry; the first at about 18, the latest at about 45. Nothing has failed spectacularly (I'm still using the company I started at 18), and the previous one now has a decent turnover (~US$15m/y).<p>I think that I have a better chance of paying attention to more of the important things with the current one, and letting go of the ego a bit more. We'll see!<p>I've only been someone else's employee for about 2 years out of my working life of about 30 years. What is this "risk" you speak of? B^><p>Rgds<p>Damon
Yes, anytime. I have done that when 20, 26. Now I gain strength, experience, and maturity from a beautiful wife, a wonderful son. We are expecting our next son soon in 6 months. My parents come and stay with us too. It's a big family for me. And, I will risk my job and start a company, because my family and my work are totally different things for me. I can afford to fail in one and try again, and again. I will prefer not to fail in another and instead draw strength from it. In more tactical terms, as an individual, you will have to become better at planning, prioritizing and ignoring it non-essential things when you are 35 and have a family.
I heard a video from Vivek Wadhwa that empirical studies show that majority of entrepreneurs are above 35. I cannot find that video but here is an article that can put your question in perspective. It is old but I'm biased to think that empirical studies won't be any different now (likely more supportive).<p>[The Truth About Entrepreneurs: Twice As Many Are Over 50 As Are Under 25 | PBS NewsHour](<a href="http://www.pbs.org/newshour/rundown/the-truth-about-entrepreneurs-twice-as-many-are-over-50-than-under-25/" rel="nofollow">http://www.pbs.org/newshour/rundown/the-truth-about-entrepre...</a>)
Only if I truly wasn't worried about succeeding, had an excellent plan and timeline, and enough money to reverse course if necessary.<p>The mortgage isn't going to pay itself with my dreams.
I'm in my 40s and would only risk starting my own business if I knew my spouse had good insurance, I have enough savings to live off of until my business started generating income, and any money I invested in it wouldn't endanger my current or future well being<p>As far as risking my day job, that wouldn't concern me too much in today's economy. It's never in 20+ years taken me more than a 2-4 weeks to find a job. Once I saw the writing on the wall for my business and saw that I only had a month's saving left, I would shut down my business ad find another job. I wouldn't sign a long term lease for property until I saw the business was sustainable.<p>On the other hand, seeing how much headroom I still have in corporate America, the idea would have to be a great one for me not to just be a corporate drone.
Easiest question ever....."you have a brilliant idea and you have the capability to execute it".<p>That's the secret sauce that's super hard to get right. I think most people who FELT CONFIDENT they had a brilliant idea and FELT CONFIDENT the could execute it -- would quit very quickly
I am 47 and did this 10 years ago. I recommend doing both for a while. Get paying customers, build an mvp. Don't quit out of excitement, slow down and plan. Quitting or staying is a false choice. Some day it may not be but today it likely is.
I think the main difference is that the more experience (and age, if correlated) you have, the more accurately you can judge whether or not (A) an idea is brilliant, and (B) whether you have, or can hire for, the skills to execute it successfully.<p>I actually think of them as 3 separate things, not 2.<p>- Some people have lots of ideas, many of them terrible.<p>- Some people have the ability to evaluate whether an idea is good or not.<p>- Some people have the abilities to execute ideas, good or bad.<p>People can have [0,3] of these, but #2 is the rarest in my experience. And if you do have all 3, go do whatever you want, because we'll probably end up reading about you in the news soon enough.
Absolutely. The difference now is that I'm less naive about what constitutes a good idea and what it would take to succeed. I'm better able to gauge the level of risk and the expected value of the likely outcome. That in turn makes me far less likely to jump at any particular idea. But I'd still quit in a heartbeat if the right opportunity came along.
Personally, I feel the most undervalued skill to being a successful entrepreneur is being comfortable with a low personal burn rate. If you can navigate that, starting a company at 35 is actually an ideal time, since you have savings, potentially a significant other to support and provide health insurance, and business contacts.
I don't think it is really a factor of age, although age will possibly give you more experiences that make you wary. I think it is more that people > 35 often have mortgages, family, children etc. While you might be happy living on noodles for a year forcing that onto your kids is not fair.
Knowing what I know now, I think by the time you're 35 if you work in tech you should have enough saved to not need a day job at all. Most people will find this outrageous though, since they're used to wasting money and nobody teaches you how to manage it.
I wouldn't risk my day job, but I'd definitely attempt to launch a business were I able to as the outcome of a side-project. I'm about 40 years old, have a wife, and two kids (one in school, the other not yet).
I did it at 36, but only because my wife is a doc and the marginal tax rates made W2 wages pointless.<p>If I were the sole provider for our family, nfw. There is too much out of your control, even if you are competent and have a good idea.
A lot of successful founders actually started their company in their mid-30s. I think SV glorifies the kid prodigy who drops out of school to become a billionaire... I say do it! :)
It really depends on your savings, mortgage, kids and what your spouse makes. That said, I don't think age has anything to do with it and maturity has many advantages too.
I just did.<p>Simply incorporated myself and started earning 250k USD as a contractor.<p>It seems more risky to me to spend your most precious years in some awful open office shit hole.
no #$@%^$ way - i have people i love more than life itself depending on me (which includes _being_ there). cleared my mortgage and can treat it as a sabbatical? sure, why not.