Think entrepreneurship is only for the young? Think again.

Michele Rhodes opened Great Day Juice Company in Somerset County after 27 years in cosmetology. Her advice? “If you really want to do something, there is no time to waste!”

“Everyone deserves to make changes if they are not happy or if they just want to do something different. Why should age be a stopping point?” Why, indeed? Michele Rhodes didn’t let it stop her from opening Somerset-based Great Day Juice Company following her retirement from 27 years in cosmetology. Research by the Harvard Business Review reveals that she’s not alone.

Analyzing the age of business founders in the U.S. in recent years using data from the U.S. Census Bureau, the publication found that the average age is 42. While software startups skew slightly lower with an average age of 40, in industries like oil & gas and biotech, it’s closer to 47.

The study also found that when they looked at the most successful firms, the average age went up, to 45. Interestingly, in looking at well-known exceptions, like Jobs, Gates, Amazon’s Jeff Bezos and Google’s Larry Page and Sergey Brin, their companies peaked (in terms of market capitalization) when they were middle-aged.

Experience goes a long way

While entrepreneurship requires risk and agility, a driving force behind successful startups—according to the study and to Rhodes—is experience.

Rhodes cites “life experience, work experience, financial security, and having solid family support,” as factors in her drive and her success. “All those things allowed me to decide to make such a big life change while also allowing me to be successful,” she says.

“I had been thinking of changing careers for a very long time. I just had to convince myself that you only live once, and if you really want to do something, there is no time to waste—you have to act. Things are not going to come to you, you have to go get them,” Rhodes believes.

More than 20 years owning and operating her own hair salon helped her learn decision-making and problem-solving. When she had the idea for Great Day Juice she spent time researching and reviewing trends and similar business models. An initial meeting with a Startup Alleghenies coach helped her take the leap.

“This discussion allowed me to talk to a neutral party, not a family member or friend, and talk through some of my ideas, get feedback and pros and cons. At the “idea stage” these conversations did not have to be a commitment, but they allowed me to evaluate the reality of my ideas,” she says.

Real advice for entrepreneurs over (or under!) 30

Rhodes offers this advice to anyone over 30 thinking of starting a business (but it’s pretty solid regardless of your age):

• Get a coach to talk through your idea. It’s helpful even at this early stage. (It’s as easy as registering at www.startupalleghenies.com. The process will connect you with the coach in your county.)
• Ask yourself why you want to do this.
• Write a list of pros and cons.
• Consider how your day-to-day life will change and especially how much time you will be willing to commit to your business.
• Evaluate your financial circumstances to determine how much you can invest in and how much savings you have until you start making a profit.
• After all these steps, if it still feels right, have courage. Do not be afraid of what others will think or of what will happen if you fail.

“Be ready to do whatever it takes to make your business the best it can be. Do not look at every failed effort in your business as a failure; take it as a learning experience and keep moving,” she says.