THE DREAM IN ACTION

[...] Graves recently blogged about the best age for entrepreneurship, and the post had some very interesting follow-up conversation in the comments. I agree that age is [...]

Matt - I totally agree. Case in point - Ryan Kuder, an ex-Yahoo, is really
doing some great things. Check out the Purple People Collective job board
and Neighborsville.com, a micro news site, both are Ryan's projects.

Thanks for the comment. This has been a really cool conversation on here...

Matt - I totally agree. Case in point - Ryan Kuder, an ex-Yahoo, is really
doing some great things. Check out the Purple People Collective job board
and Neighborsville.com, a micro news site, both are Ryan's projects.

Thanks for the comment. This has been a really cool conversation on here...

Ryan - Great post. I think that age is a very interesting dynamic to look at when discussing entrepreneurship. Another think that I've been thinking about lately is what I'm calling 'forced opportunity'. With the current economic climate, it's no surprise that more and more tech workers are getting laid off. For most, this is an awful situation to be in -- but for a few, this is just the event they needed to get over their risk-aversion of trying to go at it on their own. Many would-be-entrepreneurs probably find it difficult to make the 'leap of faith' between part-time entrepreneurship to go along with a steady job and a full entrepreneurial commitment. I'm not saying that being forced into it is always a good thing, but there might be some lights shining if we try to look at the bright side.

With that being said, I know that SIlicon Valley has been hit hard lately....and because of this, I'm looking for some new kick-ass startups to come out of there in the next year or so from the talented ex-Yahoos and others. The Software industry is still great --- what other industry can say that the most expensive part of the investment is simply your time and passion?

That's an interesting take Ryan and I agree that it doesn't apply here. I'd extend that one step further and as I alluded to in my previous comment around this topic, there are just too many variables that can come into play and as such I don't believe he can lock this theory down in this day and age.

Perhaps pre-internet we could have crystallised some of the concepts and hung our hats on the measures. The speed and dynamism at which we can learn and acquire data changes the the ball game altogether...and that's just one of the many variables out there blurring the edges of Gladwell's theory.

I agree he is a gifted writer and can articulate complex concepts into layman terms (I think of Stephen Hawking here), but the 10,000 theory just doesn't wash with me.

Here's an interesting perspective on that from Michael Nielson (on Malcolm Gladwellu00e2u0080u0099s new book, u00e2u0080u009cOutliersu00e2u0080u009d, and the 10,000 hour rule: http://michaelnielsen.org/blog/?p=496).

With respect to your comment 'I wonder if one must be an expert to be successful in the entrepreneurial
process?'

I'd say no way, and from reading your blog, I can see you know this instinctively already. Entrepreneurism is about leadership. Know just enough about each relevant topic, to be able to influence, hire and lead the right team of experts who bring your ideas to life...that to me is also one of the defining attributes of a successful Community Manager.

I've done no coding in my life at all, but I know the right people who can and know just enough to appreciate what they are capable of or could be capable of. That helps keep your idea creation process realistic too.

Al the best,
eric

I agree, being young does have its setbacks. I would like to start my own lead generation online business but lack the funds, something I probably can't get unless went into it with someone else. Starting any project basically encourages having the adrenaline and motivation to put the time and effort into it. The problem isn't starting, the problem seems to be more to sustain it and work at it.

I also am trying to write a book, have the whole thing mapped out in my head, just can't seem to find the patience to sit down, organize it, and really give it ago. Curious to hear more about your book.

"Being an entrepreneur is all about risk and innovation, not timing the market, a good idea doesn't wait for the perfect time to emerge." - JS

However, I would also like to add - that technology opens up opportunities. I created a sustainable, community based business in Buenos Aires when I was about 26. That was a good age for me to quit a secure broker job in Chicago, to sell everything and make it abroad. It didn't last however, and i will have to try again. When?

To borrow a page from a fellow musician "What better place than here? What better time than now?" - Zach de la Rocha

I tend to agree with the late 30's or 40 range more than the late 20's
range. However, I'm going at this process at 25. I think the experience of a
40 yr old is hugely valuable in order to gain credibility from investors or
customers. There are however many 40 yr olds who do not have the energy or
will power. It's rare to combine years of "quality" experience with the
sustained drive to start and maintain a business.

Here's to breaking the norm and being on the younger side of those who can
gain the credibility. Hoorah!

I thought about the 10,000 hrs thing as I was writing this post. That means
you have to be full time (10+ hrs/day) for almost 4 years before you're an
expert ( to reach the 10k mark)...

Others have launched very successful businesses in less time than that. So,
I wonder if one must be an expert to be successful in the entrepreneurial
process?

Gladwell is extremely intelligent and I do buy into this theory but it may
or may not apply here.

I have NOT had the chance to read Malcolm Gladwell's new book, Outliers, yet. But...I guess the key to success for an athlete, artist or "pro" at anything is 10,000 hours. This could relate to starting a business.

Now you could be an entrepreneur with 100 hours, it all depends. But I have to believe that if you reached the 10,000 mark in the restaurant business, doing many of the functions, you are pretty much there for having the know how. Landscaping business, microbrewary, etc.

But look at what Seth Godin says in a post taking a different approach - you don't need the 10k. Quote: "You win when you become the best in the world, however 'best' and 'world' are defined by your market. In many mature markets, it takes 10,000 hours of preparation to win because most people give up after 5,000 hours. That's the only magic thing about 10k... it's a hard number to reach, so most people bail.

But, ready for this? The Dip is much closer in niche areas, new areas, unexplored areas. You can get through the Dip in an online network or with a new kind of music because being seen as the best in that area is easier (at least for now). You can get through the Dip as a real estate broker in a new, growing town a lot quicker than someone in midtown Manhattan. The competition is thinner and probably less motivated."

http://sethgodin.typepad.com/seths_blog/2008/12...

Bottom line: Just work hard!

There is a stat (that I can't put my finger on at the moment), that showed the age sweet spot for self-made millionaires adding that 6th zero to their net worth, as being 40.

While there are glaring examples to the contrary, they are the exceptions that may push the averages one way or another, but I tend to agree with 40 as being the age at which entrepreneurial effort 'pays off'.

If we do however consider entrepreneurship as the process one went through to reach the pay-off, then theoretically we only need to count back from there to determine an 'age-range' for optimum entrepreneurship...but I'm guessing here.

Energy can come youth as Ryan proposes, and several other sources can provide one with the energy required to match that which comes from youth: competition, desperation, failure (for some), greed, the affections of a lovely lady/fellow...can all generate the energy and motivation required to succeed regardless of age.

That is a nice segue into upbringing. One could argue that a ramshackle environment is a breeding ground of hungry, devil may care, who cares if I fail entrepreneurs. A counter-argument to that could be a background of solid mentoring, leadership, support and guidance as setting the stage for success.

One variable I think that should not be factored into how we determine best age, is when there is financial backing from the birth...that won't qualify for a run in our measure phase.

So, back to Ryan's question; What is the best age for entrepreneurship? I think it is too hard to call without first placing (and agreeing) on a clear operational definition around entrepreneurship, then measure, measure, and measure followed by a healthy dose of data analysis to really validate the data we have collected, our assumptions and what we feel intuitively.

That said, taking an intuitive guess; I'd reckon between 23-32 is when things can really get cracking.

Great post Ryan, love this style of discussion.