People around the world are setting up businesses later in life. For instance, 30% of Americans in their 70s are running their own businesses. That’s nearly double the share of American self-employed people in their 60s. So why is there still a stereotype around the world of an entrepreneur as young, relentlessly energetic and suited-up?
Assumptions about who ‘should’ be an entrepreneur are severely outdated. They can also be limiting, discouraging people who don’t fit the image and fuelling imposter syndrome among those already leading. The result is missed ideas, missed talent and a narrower view of what entrepreneurship can look like.
Through my work with entrepreneurs from every background, one thing is clear: there’s no single type of person who makes a successful founder. What unites them is drive, curiosity and persistence. By updating our idea of an entrepreneur, we create space for more people to see themselves in that role - and bring new ideas to life.
Challenging five common entrepreneur misconceptions
It’s a young person’s game: Entrepreneurship thrives at any age. Older generations bring a lifetime of experience, judgement and real-world connections. They’ve learned from setbacks and built resilience through trial and error - qualities that are invaluable when starting a business.
As people live and work longer, more are choosing to launch ventures in later life, using savings and spare time to pursue long-considered ideas. Anna Boden founded the digital-only challenger bank, Starling, at the age of 55; while Dame Mary Perkins founded Specsavers, one of the UK's largest optical retailers, in her 40s with her husband. Learning and ambition don’t have an expiry date.
The idea that entrepreneurship belongs to the young overlooks the creativity and perspective that come with age. Experience can be a powerful competitive advantage.
There’s an age limit on learning: Many assume the route to business success starts with university. In reality, nearly half of UK managers, directors and senior officials do not hold a degree or higher qualification .
For those that may have missed out on university after leaving school, there are many opportunities for education later in life. Opportunities such as the Help to Grow: Management Course make it possible to re-engage with structured learning without starting from scratch at any stage in a career journey, and can be done alongside business leadership. The drive to learn - wherever and whenever it happens - matters most.
Only business students can succeed: Entrepreneurs emerge from every discipline. James Dyson, for example, studied furniture and interior design at the Royal College of Art before moving into engineering and eventually starting his business.
While business courses are a valuable route into entrepreneurialism, specialist knowledge from science, healthcare, engineering or the arts can also spark ideas that others miss. Business skills can be learned along the way, but imagination and determination come from within. A background outside business isn’t a barrier - it can be an asset.
You can’t balance family and a start-up: It’s often assumed that family responsibilities and running a business can’t coexist. For many female founders in particular, that perception has long slowed progress. Yet this is changing.
Through the Help to Grow: Management programme, we’re seeing more entrepreneurs successfully striking a balance between professional ambition and personal wellbeing. They are able to delegate effectively, viewing family as compatible with leadership, and scale their business with renewed confidence. In today’s connected world, hybrid working has also made it easier to manage both.
Of course, the start-up journey remains a roller-coaster - filled with ups and downs - but by managing emotions and prioritising work-life balance, entrepreneurs can lead with clarity and confidence.
The old idea that business success requires sacrificing family life belong to a different era. With supportive networks and flexible structures, caring for a family and growing a business can absolutely go hand in hand.
Confidence can’t be grown: Many assume confidence is something you either have or don’t. In reality, it’s a skill that develops over time.
One recent study found that with dedicated training, students could significantly improve their self-confidence. This suggests that self-confidence is not a fixed trait but a learned behaviour that can be developed through experiential, reflective, and feedback-driven learning activities.
Imposter syndrome, feelings of self-doubt despite achievements, is commonly felt by entrepreneurs. Business leaders such as Sheryl Sandberg have openly shared the nature of their self-doubt demonstrating that even for the seemingly most successful it’s a work in progress. For example, Sandberg said: “There are still days when I wake up feeling like a fraud, not sure I should be where I am.” But through reflection, structured support and trusted networks, confidence can be cultivated.
Recognising that confidence can be developed helps more people see themselves as potential entrepreneurs - not just those who match an outdated ideal.
The modern entrepreneur
The modern entrepreneur is defined not by age, credentials, or background, but by sustained drive, curiosity and resilience. They learn continuously, embrace and adapt to change, experiment boldly, and draw on diverse experiences to create innovative solutions to complex evolving problems.
The stereotypical image of an entrepreneur was shaped by another era - one that prized a narrow definition of success. It’s time to expand that picture. When more people see entrepreneurship as a path open for them, we unlock a richer and wider pool of ideas, experiences and leadership that can shape a more inclusive and innovative future.
