Want to back an entrepreneur? Best bet is to go for old | Hacker News Reader

Want to back an entrepreneur? Best bet is to go for old

thenational.ae

55 pointsthankuz18 comments

People like to point out that the early 20s is the best time to take these risks because you have no commitments. The same is also often true for those at or nearing retirement age: your family is gone, your mortgage is paid, and you already have your retirement saved for.

My mother recently decided to retire, but shortly after decided to start her own business instead.

It doesn't have to be either-or.

Another option is to not get married or have children in the first place, and open yourself up to an entire lifespan of such opportunity.

Yet another option is to get married, have children, and then realize that starting a startup is still possible.

More generally: Never listen to anyone who says your demographic can't start a startup. They're wrong.

About 18 months ago, my dad left the job he'd been working at for 40 years (not entirely by choice), set up a new shop and has been going strong ever since. That's awesome for me to see. Every time I think I missed my chance I realize it's always there.

As a married (14 years) father of 3 that just turned 40, I couldn't agree with you more!

Something in your remark just startled me.

Some men (I'll speak for myself here) associate marriage/family with risk. Others associate it with security. Could it be that those who perceive the risk are those who (more or less subconsciously) know that they have/will marry a variant of "trophy wife", beautiful but high maintenance, while those who perceive the security or comfort know they will/have chosen someone who will make things less bad for them if they go wrong?

What does it say about me that I only see risks and dangers in marriage/family ("I'll do it when I'm rich enough/have a comfortable cushion") while my friends are all getting married or starting families, money in the bank or not? Hmm...

Or you could marry a beautiful,intelligent, low maintance, wife with a career of her own, and then you could have the security to do a startup and take risks. Worked for me.

You're either lying, or very lucky :)

Beautiful, intelligent, driven people of either sex are uncommon to say the least, and even if you find one, that doesn't mean you will be compatible; i.e. your goals may not align. For example, one of you may be driven to climb the corporate ladder, whilst the other may be driven to establish their own successful corporation in lieu of obtaining a regular job. If you're not successful quickly, you might be seen as lazy/unrealistic/non-contributing.

So, what are the odds of meeting someone who is beautiful, intelligent, driven, low-maintenance, and understanding of the implications of founding a startup?

Surely, you make it sound easier than it is.

P.S. if that sounds snippy at all, I don't intend it to be, I just meant that while you have found a treasure of a wife, everyone here is not going to be able to run right out and acquire one with ease.

I'm 34 and married (for 14 years) with 4 small kids working on my startup. I believe it's possible.

Not to detract from post-twentysomething entrepreneurs at all, but this article's references on closer look don't quite support this spin; rather, a significant component of the spike in "business startups" peaking in 2009 involved employees who were let go from regular jobs and either switched to doing the same jobs for the same people on outside contractor status, or hung out a shingle to offer their services as a sole proprietorship on the side, at lower earnings than their former job, while they kept looking for a new regular job.

and we have a similar situation now.

What does this mean? If you found your own company at 20, then 20 years later are you are 40 year old founder? If you are a serial entrepreneur, some companies will be started when you are young and others will be started when you are old.

If you can do it earlier, why wait?

It turns out that the highest rate of entrepreneurial activity in every year between 1996 and 2007 belongs to the age group between 55 and 64 years...Meanwhile those aged between 20 and 34, "which we usually identify with swashbuckling and risk-taking youth, has the lowest rate", wrote Dan Stangler, one of Kauffman's researchers in a report..."Perhaps most surprising," Mr Stangler added, "this disparity occurred during the 11 years surrounding the dot-com boom, when the young entrepreneurial upstart became a cultural icon."

Not so surprising once you realize there are 100 million baby boomers, many of whom would have loved to start a technology based business when they were younger...if only the PC and the internet existed.

Now that the technology has caught up, the pent-up demand can be released.

Over the next 20 years, as startup costs drop, there's going to be a enormous number of technical people with real world experience in various markets that retire and would like something to do.

As long as those folks can manage to be hungry (this is the same problem successful founders find on the second startup), they are going to kick some serious booty. Even if only 1 in 100 can be motivated enough, the numbers will dwarf anything we've seen in the startup world to date.

The headline and tone of the article encourages blatant ageism. If we said "Best bet is to go for men" or "Best bet is to go for Caucasians" there would be an appropriately strong uproar. People should be judged on their capability, not the inevitable aspects of their identity.

Don't stereotype.

Breaking news: people with a lifetime of wisdom to draw from make reasonably good decisions a lot of the time. Blog at 11.

In addition to the lifetime of wisdom, a strong Rolodex and intimate experience with the problems facing a particular industry can't possibly hurt. Bonus points: none of those problems sound like "I want to get an app to poke friends, but $1.99 is a little steep for it."

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