But the same studies also show many businesses being started by people in their 30s and early 40s, after a work career of some length. Well, if you are like me, to dredge up an old adage, the older I get, the less I realize I know. After stumbling into the same pothole two or three times, you learn to go around it or jump over it. All of the people I can recall who successfully navigated their business start-up had relevant experience. Sometimes this is where having too much money to start your business can hurt.
Money often produces hubris.
Hubris can lead a person to try to pound a square peg in a round hole. If the price of a business you want to buy isn't right, you may have to look at another business, or be patient. The price may drop, or you may lose out. But investing too much up front in a business, not being objective, may drain your capital and make the long-term success of the business doubtful. Impulse buying is OK with a couch or a car - not your business idea.