Downing Capital Group’s Post

Should we focus on young #entrepreneurs or are those starting a business in middle age a better bet? Yesterday's post on student #entrepreneurship was very much focused on how to generate businesses from the #university sector. However, the point was well made that there should also be greater support for ‘mature’ people to become entrepreneurs. In fact, at lunch with Henry Engelhardt earlier this week, we both recalled how the marvellous Gary Mawer set up UPL in his 50s, a business that became one of the fastest growing firms in #Wales and Gary was only one example of successful entrepreneurs who started their ventures later in life. Perhaps the problem is that we are all influenced by the image of the young, tech savvy entrepreneur which dominates media and venture capital narratives. Yet as this excellent article in Harvard Business Review shows, the average age of business founders in the U.S. is 42 and even in the high-tech sector, the typical founder is in their early 40s, with the most successful companies being started by individuals around 45 years old. So why are middle-aged founders more likely to succeed? 🔧 Work experience and industry expertise - Founders with at least three years of work experience in the same narrow industry as their startup are 85% more likely to build a high-growth company. This deep industry knowledge gives older founders a strategic advantage over younger counterparts who may lack the same level of expertise. 🍎 Multiple bites at the apple - Middle-aged individuals are more likely to have started businesses before. Their prior entrepreneurial experience allows them to refine their approach, avoid common mistakes, and take more calculated risks. 🤝 Access to resources and networks- In addition to experience, older entrepreneurs often have greater access to financial resources, either through personal savings or established networks. They are also likely to have stronger social and professional connections, which can be leveraged for mentorship, partnerships, and business development. 📈 Peak performance later in life - Though top founders launched their companies in their 20s, their businesses hit peak performance when they were middle-aged. For example, Steve Jobs introduced the iPhone (Apple’s most profitable product) at the age of 52, while Jeff Bezos led Amazon to its fastest growth in market capitalisation when he was 45. 💷 VC preferences and the appeal of young founders – Lacking financial resources, younger entrepreneurs are more likely to cede control or equity at a lower price, making them more appealing from an investor’s return-on-investment perspective. So there are clearly real advantages when older entrepreneurs are starting a business but to be honest, I still think it's important that, regardless of age, there needs to be support and encouragement for anyone at any stage of their life to begin their entrepreneurial journey.

👉 Sometimes you just have to bite the bullet. A topic I’ve thought about a lot recently — as a recurring thought over the last couple years — is the need to take action. The “planning” phase is where many innovative ideas go to die. Yes — you should always have your fundamentals in check: thorough market research, solid financial projections, a general multi-year growth plan, etc. But that’s pretty much it. After you have those key details on paper, it’s about action. • Developing your minimal viable product (MVP) • Meeting with potential customers/stakeholders • Arranging logistics with manufacturers • Planning out potential investors All of that is real work, and it requires real action. The success and haste of your development will rely solely and uniquely on your determination, focus, and endurance. So, what is stopping you from taking that first step? #cdnpoli #business #youngpeople #entrepreneurship #projects #startups https://lnkd.in/e4bdwufM

I finally finished reading Peter Thiel's book on startups, "Zero to One." But, I can't say I would recommend it to everyone. The book was published exactly ten years ago, in September 2014, and has since become a classic. It's been quoted by investors, entrepreneurs, bloggers, and journalists alike. Every chapter has been dissected in dozens of articles. Because of this, the book no longer feels fresh or original. I've come across all the ideas before, often paired with examples and counterarguments. That said, the insights are still very relevant today. Here are my key takeaways: 1. Competition is the enemy: The worst thing an entrepreneur can do is split profits with others. The best? Build a monopoly. 2. Innovation means creating something new: The path from zero to one is about building something radically new that didn't exist before, unlike incremental improvements (going from one to n). 3. Seek secrets and know-how: While "business gurus" sell fictional secrets and overworked entrepreneurs claim they don’t exist, successful startups uncover real secrets and create know-how that competitors can't replicate. 4. Timing and market fit: It's not just about finding your market but launching at the right time. A decent product on time is better than a perfect one later. 5. Vision, scale, and long-term goals: Entrepreneurs must have a vision for where the market is headed, not just chase short-term profits. This vision should be shared across the team through a strong company culture. 6. Start with a niche: It's always a good idea to dominate a niche market first, then expand into adjacent markets. 7. Risk is your friend: Focus on testing the riskiest and craziest assumptions first (risk assumption test). 8. Success is unique: Every company finds success in its own way. Simply copying another company's path won't guarantee the same outcome. Find your own way. If you're just starting your entrepreneurial journey and haven't encountered these ideas before, then reading the whole book might be a good idea.

🚀 NEW BLOG ALERT! 🚀 ...this is a good one 💡 --- 🌟 Over the past year with WynHouse, one of my favorite parts has been delving into the Michigan and Midwest entrepreneurial ecosystems. From engaging with founders (first-time and experienced), to connecting with funding sources and accelerators, and getting involved in economic development, I've begin putting together a web of resources aimed at being able to enrich the conversations I'm a part of and support I'm able to provide to the connections I'm making. --- Throughout discussions, I've noticed a recurring sentiment from both founders and resources... 👩💼 Founders: "how do we put ourselves in front of the resources we need?" 💼 Resources: "how do we put ourselves in front of the startups who need us?" --- With a lineage of family entrepreneurs, entrepreneurship isn't just a passion, it's a part of who I am. The first generation of Vendittelli entrepreneurs didn't know where to start or what resources existed. They instilled in me the value of community support, which is why I'm committed to understanding and being an active participant in the ecosystems I'm part of. --- 🔍 Dive into our latest blog for a birds-eye overview of what makes up an ecosystem, who's involved, and how you can participate. --- ❓What questions do you have about startup communities and entrepreneurial ecosystems? What are you hearing in conversations? Let's spark a conversation below! --- 🤝 Interested in collaborating or exploring opportunities? Reach out! #entrepreneurship #ecosystem #startup #community #collaboration https://lnkd.in/g6ua_wwj

Success in entrepreneurship isn't just about grand visions; it's often forged in the fires of small victories and persistent effort. In a recent interview with Dave McClure, co-founder of 500 Startups, several key insights emerged that are crucial for anyone embarking on the entrepreneurial journey. McClure highlights that true success often takes 3-10 years of grit and experience—combining both operational know-how with entrepreneurial learning. He emphasizes celebrating smaller wins, whether it's a successful email campaign or refining your "About" page, and points out that these wins are stepping stones toward your larger goals. Moreover, McClure discusses the necessity of a supportive ecosystem: incubators that focus on engineering, marketing, and design can make a significant difference. He advocates for a shift in investment philosophy, urging investors to go beyond just picking 'winners' and instead focus on helping entrepreneurs grow, especially those from underrepresented backgrounds. Another vital insight is the mindset of an entrepreneur. McClure encourages founders to keep ambition alive while remaining honest with themselves, and to have a short memory when it comes to failures—think of it as channeling the resilience of a football cornerback! As we navigate the challenges of access to capital, networking, and the evolving landscape of venture capital, it's clear that building a community of support is invaluable. Are you an entrepreneur navigating your own journey? What small wins have you celebrated lately? Let's share our experiences and learn from each other! Like, comment, and share your thoughts below! #Entrepreneurship #StartupSuccess

Zero to One, a book that explains key concepts in entrepreneurship, by Peter Thiel and Blake Masters also pragmatically crystallizes the understanding of what is actually needed to create a new company that changes the future. This is an original work, will make logical sense to thoughtful readers, and will likely be contrarian to some. For example, it is suggested that companies attempt to obtain a monopoly in a niche market avoiding stifling competition and then grow to more general markets. One of the core ideas is that opportunities can be identified through unique insights or truths that others overlook. Even for those not contemplating a startup company, this book provides the most accurate interpretation of the motivations and forces that have shaped the companies that have and will shape our world. https://lnkd.in/gG7FdFNc

"I'm convinced that building a tech company is the 𝐛𝐞𝐬𝐭 𝐜𝐚𝐫𝐞𝐞𝐫 𝐩𝐚𝐭𝐡 𝐟𝐨𝐫 𝐯𝐞𝐫𝐲 𝐚𝐦𝐛𝐢𝐭𝐢𝐨𝐮𝐬, 𝐭𝐚𝐥𝐞𝐧𝐭𝐞𝐝 𝐢𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥𝐬 𝐭𝐨 𝐦𝐚𝐱𝐢𝐦𝐢𝐬𝐞 𝐭𝐡𝐞𝐢𝐫 𝐢𝐦𝐩𝐚𝐜𝐭" 💪 Absolutely loved Zoe Jervier Hewitt's latest article at Sifted. Within it she explores the multiple components to consider as an Aspiring Founders look into starting a venture. 👁𝐏𝐮𝐫𝐩𝐨𝐬𝐞: Understand why you want to start a company and ensure it's more than just a trend. Founders have a deep-seated desire to make an impact and bring their vision to life. 👥𝐏𝐞𝐨𝐩𝐥𝐞: Building a company is challenging, so surround yourself with a supportive network of mentors, advisors, and potentially a co-founder. Collaboration is key to success. 👣𝐏𝐞𝐫𝐬𝐢𝐬𝐭𝐞𝐧𝐜𝐞: Be prepared for setbacks and challenges. Persistence is crucial as you navigate the early stages of building a company. Stay focused on validating your idea and gathering feedback. If you have the drive, network, and resilience, entrepreneurship might be the right path for you. This is a topic near and dear to our heart at Amela. We believe that some of the most amazing future founders are women, which is exactly why we launched the 𝐀𝐬𝐩𝐢𝐫𝐢𝐧𝐠 𝐅𝐨𝐮𝐧𝐝𝐞𝐫 𝐜𝐨𝐦𝐦𝐮𝐧𝐢𝐭𝐲 💫 Take a bet on yourself and look into entrepreneurship as a path! Read the full article here 👉https://lnkd.in/e_mTuDYC #Startups #Entrepreneurship #WomenFounders #AspiringFounder

There's a pervasive cult of personality centred around super-rich founders, revered almost as demigods. This phenomenon is grounded in the belief that these individuals possess some elusive "secret sauce” a unique blend of insight, charisma, and innovation that propelled their ventures to astronomical heights. The narratives surrounding these figures are often mythologised, creating a culture where aspiring entrepreneurs hang on their every word, scrutinise their every move, and strive to emulate their paths to success. This veneration overlooks a critical reality: the success of these founders is not necessarily replicable or transferable. Each startup journey is profoundly unique, influenced by a multitude of factors, including timing, market conditions, team dynamics, and sheer luck. The specific context in which a mega startup thrived cannot be precisely duplicated, and the founder's strategies and decisions, while pivotal in their success, are not universal blueprints. The elevation of these figures to near-mythical status can be detrimental. It creates an environment where dissenting opinions or alternative approaches are often disregarded. Questioning the wisdom of these "startup sages" is perceived as heresy, stifling innovation and diversity of thought. The reality is that entrepreneurial success is multifaceted and complex, and no single individual holds all the answers. This hero-worship also glosses over the hard work, failures, and iterative processes that are integral to any entrepreneurial endeavour. By focusing solely on the success stories, we risk creating a skewed perception that diminishes the value of perseverance, adaptability, and learning from failure. It’s essential to recognise that while these founders achieved remarkable feats, their journeys were also fraught with challenges and missteps that are often omitted from the glorified narratives. Live your life. Be the best version of you. Encourage and build up others. Surround yourself with people you know and trust. Make mistakes, learn from them, fall over, dust yourself down and go again.

Have you ever heard the story of someone who made it big, lost it all in a crisis and then came back bigger and stronger.   One of the latest articles, from Entrepreneur Media, Founders of Companies Worth Over a Billion Dollars Have These simple Things in Common has got me thinking about the link between extreme success in business and the mindset needed of #winning no matter what.   The article answers the question: Ever wonder what founders of "#unicorn" companies, or #startups worth at least a billion dollars, have in common?   🚀 They do not have a backup plan 🚀 They have personal stories of feeling limited or unfairly treated 🚀 They believe in themselves.   The article broke down the success of running big business into three easy steps. That alone is something that is laughable however there is so much truth to this.   What I believe is missing from this is the undeniable perseverance to succeed that comes from a confidence and a need to win as there is no back up plan. It doesn't talk to the discipline and habits needed to develop and grow a business to that level and it certainly missed the point of developing good people and systems is at the heart of every success. In the article it quotes Christian Dorffer, "the founders all shared hunger, self-belief, ingenuity, and resilience."   The statement that comes to mind when I read this article is “when you want to succeed as bad as you want to breathe, then you will be successful.” (Eric Thomas).   I believe that #confidence, #mindset and #energy (motivation) are key to large success in business but also knowing the areas within the business that need attention at the right time is something few get right. Having great people around to advise, guide and mentor is something that is worth investing in.   The take-away here is that business is easy, often we make it complex and harder than what it needs to be. Work on your mindset as much as you work on the small things and good things should happen. 

Small businesses tap into the beating heart of the economy, but what truly separates the thriving from the faltering ventures? The untold ingredient often overlooked: learning from the triumphs and tribulations of fellow entrepreneurs. Tony Restell shared insights gathered from successful startup journeys, shedding light on pivotal success principles that can catalyze your small business to new heights. Diving into the intricacies of startup dynamics, the article underscored the vital need to embrace the possibility of pivoting your business model. Launching a startup entails a myriad of challenges, but the key to sustainable success lies in flexibility. Resonating with personal experiences, the narrative highlighted the importance of adapting to market realities, a lesson etched through the evolution of two successful startups. Delegation and outsourcing emerged as crucial facets of entrepreneurial efficacy. In the whirlwind of business demands, the ability to relinquish control and distribute tasks is a linchpin for sustainable growth. The dichotomy of preserving funds versus fostering trust in the capabilities of others was intricately dissected, drawing attention to the transformative power of effective delegation strategies in culminating significant business expansion. Journeying further, the narrative ventured into the realm of operational efficiency, championing the adoption of Standard Operating Procedures (SOPs) as a beacon for streamlined business conduct. SOPs serve as a roadmap for organizational alignment, fostering consistency and boosting productivity amidst scaling expeditions – a testament to the profound impact of systematic operational blueprints. Delving into the realm of mental health and team wellbeing, the article unravelled the critical role of personal wellness in entrepreneurial success. Prioritizing mental health not only fosters individual productivity but cascades into team performance, serving as a cornerstone for collective growth and resilience in the face of challenges. Reflecting on the narrative's profound insights, I invite you to share your thoughts and reflections on the journey of entrepreneurial success. How do these revelations resonate with your own experiences and aspirations? Let's ignite a dialogue and glean collective wisdom to fuel our entrepreneurial odysseys. https://lnkd.in/e4Y56Frr