Never Too Early, Never Too Late

The tragedy of old age is not that one is old, but that one is young.

“The Picture of Dorian Gray,” Oscar Wilde

Surprising Intro This week, after crafting this post on the timeless nature of entrepreneurship, I stumbled upon a Wall Street Journal article and the following Globes’ kind of translation, which both touch on similar themes. Despite the overlap, I realized that this post offers a unique storytelling(!) perspective, making it a complementary piece rather than a redundant one.

So, let’s start...

In the 1930s, a Japanese company purchased an industrial machine from the United States. About a month after the purchase, the manufacturers received a telegram stating, “The machine does not work. Send a technician.”

The American manufacturer promptly sent a specialist to address the issue. However, soon after his arrival, another telegram came from Japan: “The technician is too young. Send someone more experienced.”

In response, the manufacturer returned a telegram that read, “You might want to use his services, as he is the machine’s inventor.”

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Let’s be honest: when we think about the profile of the entrepreneur, most of us will imagine a middle-aged person. The entrepreneurial landscape is rich with stories of individuals who, in their middle years, pivoted to start something new, leveraging a lifetime of experience.

Reed Hastings co-founded Netflix in 1997 when he was around 37 years old; Jan Koum founded WhatsApp in his mid-30s; Vera Wang entered the fashion design world at 40; and Howard Schultz joined Starbucks when he was 34 and later bought the company, transforming it into the world-renowned coffee empire it is today. The recently retired Morris Chang started Taiwan Semiconductor Manufacturing Company (TSMC) at 55. This list can be nearly endless. The experiences of these and other entrepreneurs reflect a common but often overlooked narrative: that mid-life can be a prime time for innovation, fueled by accumulated wisdom and experience.

However, the landscape of entrepreneurship is dotted with stories of success and innovation that defy age boundaries. Reflecting on the realms of entrepreneurship and innovation, it becomes clear that age plays no significant role. The landscape where businesses are born and nurtured is as varied in the age of its creators as it is in the uniqueness of their ideas. The following examples demonstrate that when it comes to breaking new ground in innovation, age is neither a hurdle nor a limit.

The Young Visionaries

The entrepreneurial landscape is often illuminated by the brilliance of young innovators. For example, Bill Gates was 20 when he founded Microsoft in 1975, Steve Jobs co-founded Apple Computer Company at the age of 21, and Elon Musk was 24 when he founded his first company, Zip2 Corporation. These individuals leap into the business world with fresh perspectives and untethered imagination.

Let’s go deeper with two more examples:

Michael Dell. His journey into the world of entrepreneurship began in his University of Texas dorm room at the age of 19. In 1984, he founded Dell Computer Corporation with a vision to sell custom-built computers directly to consumers. This direct-to-consumer model was groundbreaking at the time, challenging the status quo of the computer retail industry. Dell’s innovative approach not only made personal computing more accessible but also allowed for customization based on individual needs, a concept that was novel in the 1980s. His keen understanding of market needs and his willingness to venture into uncharted territories at such a young age played a crucial role in Dell becoming one of the largest technology corporations in the world.

The Founders of YouTube. The story of YouTube’s inception is a testament to how a simple idea can transform global media consumption habits. In 2005, Steve Chen, Chad Hurley, and Jawed Karim, all in their early 20s, created YouTube as a user-friendly platform to share videos easily online. What started as a response to their own frustrations with sharing videos over the internet quickly grew into a cultural phenomenon. Their innovative platform filled a void in the market, providing a space for people to share, view, and engage with video content easily. The founders’ understanding of the potential of online video content and their ability to create a platform that democratized video sharing played a pivotal role in the advent of the modern digital media era. YouTube’s success, culminating in its acquisition by Google for $1.65 billion in 2006, underscores the transformative impact of youthful innovation in the tech industry.

Both Michael Dell and the founders of YouTube exemplify how young entrepreneurs, armed with fresh perspectives and a readiness to challenge existing models, can drive significant technological and cultural innovations. Their stories highlight that innovative thinking and entrepreneurial spirit are not bound by age but are fueled by the courage to envision and execute novel ideas.

The Senior Trailblazers

At the other end of the spectrum are the senior trailblazers. These individuals start their entrepreneurial ventures at an age where many consider retiring, bringing a wealth of experience and a different kind of resilience to their businesses.

Colonel Harland Sanders - The Birth of KFC. Colonel Harland Sanders’ story is a classic example of how it’s never too late to start something new. His foray into the world of fast food began in earnest when he was in his 60s, a time when many consider retirement. Sanders had run a restaurant for years, but it was the development and franchising of his unique recipe for fried chicken that marked the true beginning of Kentucky Fried Chicken (KFC). His secret blend of herbs and spices, along with his innovative method of pressure frying chicken, set his product apart in the burgeoning fast-food industry.

Sanders’ persistence and resilience were key to his success. He faced numerous rejections as he traveled across the country, pitching his business model and recipe to restaurant owners. His eventual success with KFC is a testament to his relentless pursuit of his vision and his ability to leverage a lifetime of culinary and business experience. By the time he sold the company in the 1960s, KFC had become a well-established brand with an international presence, illustrating how entrepreneurial vigor can indeed flourish at any age.

Charles Ranlett Flint - The Founding of IBM. A prime example of a high-tech innovator who achieved success later in life is Charles Ranlett Flint. At the age of 61, Flint facilitated the merger of several smaller companies to form the Computing-Tabulating-Recording Company in 1911, which was later renamed International Business Machines (IBM) in 1924. Although the term “high-tech” was not used at the time, IBM’s work in computing hardware laid the groundwork for the technology industry as we know it today.

Flint’s extensive experience in business and finance played a crucial role in the formation and success of IBM. His vision for consolidating and leveraging the strengths of various enterprises under one umbrella demonstrated strategic acumen and a deep understanding of emerging technologies. This venture, which started at an age when many would be considering retirement, went on to become one of the most influential companies in the development of computing technology.

The narratives of Colonel Harland Sanders and Charles Ranlett Flint stand as powerful testaments to the potential of senior entrepreneurship. Sanders, launching KFC in his 60s, and Flint, pivotal in the formation of IBM at 61, both demonstrate that innovation and success are not confined to the young. Their journeys highlight that with experience, resilience, and a strategic vision, the later stages of life can be ripe for groundbreaking entrepreneurial endeavors, shaping industries and leaving enduring legacies.

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The entrepreneurial world is a spectrum where age serves merely as a number, not a determinant of success or innovation. The diversity in age among entrepreneurs enhances the ecosystem, bringing together the vibrancy of youth and the wisdom of experience.

Four Key Takeaways for Entrepreneurs:

1. Age is Not a Barrier: From teenage tech prodigies to seniors launching successful franchises, the range of successful entrepreneurs across ages dispels the myth that innovation is age-dependent.

2. Diverse Perspectives: The entrepreneurial landscape benefits immensely from the diverse perspectives brought by different age groups, enriching the ecosystem and fostering a culture of inclusive innovation.

3. Lifelong Learning: Stories of senior entrepreneurs underscore the importance of lifelong learning. Their journey reminds us that adaptation and growth are continuous processes, vital at any age.

4. Balancing Youthful Energy with Age-earned Wisdom: The entrepreneurial ecosystem thrives on a balance between the fearless, innovative thinking of the young and the seasoned, strategic insights of the older generation.

To Sum Up…

The realm of entrepreneurship and innovation knows no age limits, inviting individuals from all stages of life to embark on ventures that can reshape industries and impact societies. Even the story we began with illustrates that expertise and ability are not confined to any specific age bracket.

This narrative, along with the examples of both youthful visionaries and seasoned pioneers, underscores that the entrepreneurial spirit thrives across all the spectrum of ages.