I co-founded my first startup at 19, and several more before I was 25. I've done a couple since. I'm now nearly 39. Not had the big payoff, but I'll try again sometime.
To me, it feels like the biggest thing is the combination of willingness to take risks coupled with outlook on life and experience.
At 19 I had no business experience, no experience at the business I went into (4 of us started an ISP), had never set up a router or a Linux server. We all had to learn everything from scratch. I ran board meetings, did phone sales, configured Cisco routers, took support calls from users using Trumpet Winsock - a program I'd never seen on anything but screenshot - using Windows 3.x, an OS I'd never spent more than 10 minutes consecutively with. I negotiated with suppliers, and creditors at times. I negotiated contracts with partners. And so on.
Five years later, I knew just how unprepared we had been. Had I known what I did then about how tough it was at 19, I would likely not have started the company (but had I known what it led to in terms of contacts and opportunities - I still would have; did not get an exit, but it still paid off). Had I had the knowledge and experience I have now on the other hand, with the willingness to take a risk and life situation I had then, I'd have jumped right into it.
What has changed apart from having had 20 years to learn is partly that I make far more money and have far greater outgoings, and a family. I can't take the same risks, and my potential loss if a company can't pay a good salary is far greater.
I'm also more risk averse simply because my experience makes me far more likely to spot fatal problems with many potential startups I might have jumped at in my youth. But of course there's also the risk that I'll overlook things because of changes in perspective or because I misjudge the risks, or because I would have gotten lucky if I'd taken the risk.
Another major change is simply life outlook. While I was never the totally reckless type, and never all that obsessed with money, today the money just isn't particularly important. I want enough to ensure security, and it'd be nice to have enough to just work on my own projects, but I don't particularly care if I get rich. That changes my assessment of any startups drastically - I'm no longer prepared to jump at an opportunity to get rich if it's not something I'm sufficiently excited by. I don't feel I'm in a hurry to prove anything. I have what I need, and then some. I'm far more secure in myself in every way than I was at 19. I'm not going to pretend like I wouldn't love to get that multi-million exit, but it's not something that matters to me now (I'm sure it'd matter to me if it happened, though).
Instead, what I do think about, are ideas that fascinates me. And some of those ideas have been germinating for 20 years. Maybe none of them, nor any new ideas will ever click. If so, no big deal. But if something "clicks" I am vastly better prepared, and I believe I'd be far more likely to succeed.
I created 4 reasonably successful companies in my life, and about 12 that fell flat. The first success was in high school. But the first million+ was at age 34. At first I thought the article was a little too academic, but... honestly it fits my life pattern. So... there you have it.
Consider that the vast majority (something like 9/10) of companies fail within 2-3 years. If you're not willing to deal with failures, chances are you'll stop trying long before you get to 12. If you deal with the odds, you keep going as long as you get something out of it
Also, even companies that "fall flat" may be worth it. For my part, a large part of my current salary is down to my experience and contacts from my various startups. And each one of them have been fun for the most part.
To me, it feels like the biggest thing is the combination of willingness to take risks coupled with outlook on life and experience.
At 19 I had no business experience, no experience at the business I went into (4 of us started an ISP), had never set up a router or a Linux server. We all had to learn everything from scratch. I ran board meetings, did phone sales, configured Cisco routers, took support calls from users using Trumpet Winsock - a program I'd never seen on anything but screenshot - using Windows 3.x, an OS I'd never spent more than 10 minutes consecutively with. I negotiated with suppliers, and creditors at times. I negotiated contracts with partners. And so on.
Five years later, I knew just how unprepared we had been. Had I known what I did then about how tough it was at 19, I would likely not have started the company (but had I known what it led to in terms of contacts and opportunities - I still would have; did not get an exit, but it still paid off). Had I had the knowledge and experience I have now on the other hand, with the willingness to take a risk and life situation I had then, I'd have jumped right into it.
What has changed apart from having had 20 years to learn is partly that I make far more money and have far greater outgoings, and a family. I can't take the same risks, and my potential loss if a company can't pay a good salary is far greater.
I'm also more risk averse simply because my experience makes me far more likely to spot fatal problems with many potential startups I might have jumped at in my youth. But of course there's also the risk that I'll overlook things because of changes in perspective or because I misjudge the risks, or because I would have gotten lucky if I'd taken the risk.
Another major change is simply life outlook. While I was never the totally reckless type, and never all that obsessed with money, today the money just isn't particularly important. I want enough to ensure security, and it'd be nice to have enough to just work on my own projects, but I don't particularly care if I get rich. That changes my assessment of any startups drastically - I'm no longer prepared to jump at an opportunity to get rich if it's not something I'm sufficiently excited by. I don't feel I'm in a hurry to prove anything. I have what I need, and then some. I'm far more secure in myself in every way than I was at 19. I'm not going to pretend like I wouldn't love to get that multi-million exit, but it's not something that matters to me now (I'm sure it'd matter to me if it happened, though).
Instead, what I do think about, are ideas that fascinates me. And some of those ideas have been germinating for 20 years. Maybe none of them, nor any new ideas will ever click. If so, no big deal. But if something "clicks" I am vastly better prepared, and I believe I'd be far more likely to succeed.