But I Have a Family! And a Mercedes!

You’re never too old to start a company. But you’ll need to show the same commitment, passion, and willingness to sacrifice as any younger entrepreneur.  (The original article appeared in INC.com.  Here is a link.) One recent theme at the Triangle Startup Factory is that of the later-in-life entrepreneur. We are seeing a lot of newly minted company founders with gray in their hair. In fact, in our 11-company portfolio we have three founders older than 50, two founders older than 40, and at least three founders older than 30. Starting a company at this stage in life presents a number of specific challenges. We’ve learned that they need to be addressed directly, before they create friction between co-founders, between founders and future investors, and even between founders and their advisers and mentors. The issues might include: The need to maintain current income to support a family The need to maintain current income to support an acquired lifestyle Family pressures that limit available time Location restrictions that limit future company movement Trouble getting comfortable with how people communicate in contemporary start-ups (also known as the “sorry, I don’t use email” problem) Insufficient levels of commitment and passion

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