Are you in your entrepreneurial prime?
A VC had a couple very interesting post on age and entrepreneurialism:
Do you know any 45 year old entrepreneurs?
Yes I do. But only one of the entrepreneurs in our current portfolio is older than 45. And he’ll probably be starting companies until he dies. It’s what he does.
But the facts are pretty eye opening. Nine of our eleven entrepreneurs are in their 30s. One is in his 20s, and one is in his 50s.
He then followed it up (after many angry comments) with:
I don’t have any really good advice for the mid life entrepreneur going through a “what next?” crisis. But one thing I’d say is try to think like that late 20s/early 30s entrepreneur doing it for the first time. Don’t let everything you’ve learned get in the way. Go for it with gusto and don’t think too hard.
Now these are only very small pieces of his post and he had quite a bit more to say than that. But it got me thinking. I’m in my early 30’s (34 still counts right?) and both of my partners are in their 20’s. Most of the “been there, done that” guys don’t seem to be doing true *start ups*. I see a lot of them investing in real estate or buying existing businesses. Thankfully there are a few exceptions but they seem to be the exception rather than the rule.
Is there such a thing as entrepreneurial burn out? Do you get tired of the manic highs and lows that many of us find almost addicting at this stage (or maybe it’s the diet RockStars). Maybe I’ll think differently after a few years of this but I can’t imagine not starting companies. Dirt (aka real estate) bores me, the stock market; whatever and I haven’t found a job description yet for an ADHD, extroverted, non-conformist, entrepreneur (I even checked Craig’s List).
I’d like to hear from some the “been there done that” guys if you’re reading this. Am I still too young and dumb (which I fully admit I am) to know what life after Ramen is like?
While I think there are more younger Es than older Es I believe there maybe more older than you suspect. I think Holmes Lunt, Pat Sewell, Steve Hodges, Joe Daltoso and others including myself may have great advice for newbies. After all we did not get all these scars from sitting around. First and foremost find something that really irritates you and think about why that is. Can you do something about it? Are there other people who are irritated by the same thing? If so, how many? Would they pay to be less irritated? How much? Or maybe it is something you really enjoy doing and you want others to enjoy it too. The next piece of the puzzle is “how”. This is where we “old geezers” maybe useful. We have all probably learned how to go around, over, under or ignore obstacles and how to focus on the things we can control. This becomes a major “energy” and “time” saver. The other value that maybe useful from us is honesty. If we think it sucks, trust me we will tell you and maybe give you some useful ideas. All you have to do is ask. And finally, I can tell you from personal experience that the “juice” from starting something new is as powerful now as it was 22 years ago when I did my first one leaving a very comfortable federal job. Start it up!!!!!!
Amen Rick,
and like I said there are some exceptions locally (we could use more). And I whole heartedly agree about the older E’s bringing much needed experience. As a young E what I find most useful is experienced advice. (I get all the un-experienced advice I need.)
I would like to make a challenge to all the old E’s out there; make time to sit down with a young start up. Hell, buy them lunch, they are probably tired of Ramen. I’m willing to bet you the price of that lunch that both of you will come away better off. Them with some sage advice and you with some good ideas.
Tac, great point & let me broaden that. I recently read a book whose point was… never eat lunch alone. Not just networking, just hang out and listen. We can get so caught up in what we’re doing that we don’t communicate with each other. (Lord knows, I need to listen more! LOL) Anyway, I’m making a list of people to have lunch, coffee or a beer with this summer. Maybe we all should?
I’d love to meet other entrepreneurs. I’ll be 50 on my next birthday, so would need to research some “young whippersnapper” jokes to bring along…of course.
I’m very interested in seeing how startups are adapting, or not, to the dynamic regulatory environment. FAA grounded my robotic helicopters (nationally…not just me) a few months back, and our preexisting diversifications were very handy at that point. Please do count me in if you start piecing together such meetings. References available. L
w.r.t. the entrepreneurial burnout question. No question, burnout is a factor, but I’m not sure it’s a function of the highs and lows. Starting a company is simply allot of work. When you are filling the roll of evangelist, sales team, delivery team, engineering team and support team, you end up burning the candle at both ends and in the middle. Tenacity and determination are two traits that every entrepreneur I’ve know has in buckets. Sure, a little luck and a few good partners help.
I’m 53. I’m what you call a serial entreprenuer. I’v started two of my own ventures and assisted in the formation of thirteen others. I’ve been instumental in two IPO’s and two acquisitions. I’ll be doing this until I’m 100.