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Let maturity be a prime asset to your starting a new business in Toronto, a city known for its vibrant entrepreneurial ecosystem and supportive networks for mature entrepreneurs. While some young entrepreneurs like Mark Zuckerberg are enormously successful, older entrepreneurs, statistically, have a higher rate of success. We don’t hear about the young failures. There are reasons why older entrepreneurs starting up may be more successful than the young.
You have, in your life, met many experts who know other experts. This network—attorneys, accountants, marketers venture capitalists, financial planners, real estate agents, designers etc.—is an invaluable asset that comes with age. This network will lead you to introductions that can make your business enormously successful, especially when starting up.
As an adult with years of life experience, you know the importance of goal-setting and planning steps for achieving the desired outcome. Your maturity will give you insights into navigating Toronto’s unique market landscapes—from tech startups in the Discovery District to boutique shops in Yorkville—allowing you to realize your goals efficiently.
While younger entrepreneurs may attract investors who want a larger stake in the business, you will attract those who want a more secure investment in light of your experience, with the effect of your not having to give up a larger stake in the business. Yours may be the smarter investment for the venture capitalist.
With Toronto’s economy transitioning from traditional industries to a knowledge and tech hub, your seasoned experience gives you an upper hand. The more mature entrepreneur will bring skills and knowledge to a project more than the beginner. Knowledge accumulates as will be your successes.
The younger entrepreneur may have responsibilities of mortgage payments, education debts, child-rearing expenses, insurance payments etc. that you no longer have. Therefore, your financial security will allow you more disposable income to invest in your business to develop it.
In Toronto, with its range of financial services and institutions, your maturity, strong credit rating, and financial solidity open up diverse opportunities—from startups in the tech sector to acquisitions in the established financial district. You will have an easier time getting credit than the young one.
Partnering with an established firm is an option when you bring experience, knowledge and resources, all assets the young beginner may not have.
Every failure is a lesson. You have learned what not to do and how to improve; you have honed your skills, your commitment to hard work and ability to plan. Furthermore, you have gained confidence and a stronger sense of self, both invaluable in development.
