Aging Entrepreneurs
The majority of new jobs are created by small companies. These are generally start-up ventures launched by entrepreneurs. A recent study revealed that entrepreneurs over 60 are two-and-a-half times more likely to succeed than entrepreneurs under 30. Entrepreneurs under 30 are more likely to understand the latest technology and current trends, but entrepreneurs over 60 are more likely to understand human nature and time-tested success principles.
As confusing as technology may seem, it is easier to grasp digital developments than to embrace ancient wisdom. Will Rogers said, “Good judgment comes from experience, and a lot of that comes from bad judgment.” Start-up entrepreneurs fall into two basic categories. There are those who understand a product or service and want to launch a business, and then there are entrepreneurs who understand business who are seeking an appropriate product or service.
Success principles work everywhere all the time while the latest knowledge about technology is rapidly becoming obsolete. Here in our company, Narrative Television Network, we make movies, television, and educational programming accessible to millions of blind people around the world. This is accomplished by adding an extra soundtrack to the existing program which describes actions, settings, and other visual elements. Early on in our venture, I realized that the true core of our business was writing the narration script that turned visual images into verbal descriptions.
Many people in the movie or television business mistakenly think it’s all about technology. At Narrative Television Network, we began 30 years ago by creating audio soundtracks on reel-to-reel tape which we cut and spliced with razor blades and Scotch-tape. Then we transitioned through five or six analog formats, and now we work on state-of-the-art digital platforms, but the foundation of our business remains that we create narration tracks for blind people that help them hear what they can’t see.
Wisdom comes through experience, not necessarily age. There are young people who have wisdom far beyond their years and elderly people who wouldn’t recognize wisdom if they tripped over it—which they probably do. Age doesn’t necessarily make anything better. If you age an inferior vintage of wine, you simply get an old, bad tasting wine. But, if you take a good vintage and age it properly, it will grow in flavor, complexity, and value.
The older entrepreneurs who have higher success rates than their younger counterparts have learned from experience, and they bring that wisdom to their new business ventures. For maximum success, consider a recipe of the energy and excitement of youth combined with the experience and wisdom that comes from aging.
As you go through your day today, collect wisdom and utilize knowledge.
Today’s the day!