| I'm 22, and I'm currently starting a business. My dad is 61, he's currently starting a business. My company is very small scale because I have limited capital. I'm investing <$2k for now. I'm creating a relatively simple product but the bulk of my work is going into software development and marketing online. His company is using a contract manufacturer, about 2 million bucks, and really doesn't break any new technical ground. Their products are better than the current market leader, but have existed for a few years. He is bringing new marketing to the process, but most importantly changing the distribution channels. He has contacts at all the current market leading distributors and retailers (he was previously the EVP of the market leader) and is bringing on about 5 full time sales guys to go out and win business. So the scale is completely different, the reason we think we can win is different (he is focusing on business, I'm focusing on product), but we do have a lot in common. Both of us are not taking that much risk. I'm working a day job, he has enough in the bank to be retired and is using other people's money. Both of us are working insane hours (he probably is working more than I am because he has a bunch of employees depending on him, I just have myself). He is doing it full time, I am doing it as a sideproject for now. Neither approach is better or worse, they are just different. The good news is that you can start a business anytime between age 22 and 62 (and younger and older I'm sure). The other good news is that we both enjoy it more than anything else we've done working for other people, so that never gets old. And you can bring enthusiasm to a new venture even if you have been in that industry for 40 years. |
Good luck to both you and your dad. And thanks for sharing.