There are multiple examples of people starting their own business in their old age who succeed. Everybody probably knows the story of Ray Kroc purchasing McDonald’s in his fifties and turning it into a worldwide success story. Most self-made millionaires became millionaires only after they were fifty years old.
If you are old and you were an active person during your younger years, you should have now quite a big network of contacts and experience. Maybe your old friend is a director in the bank or has an influential post in politics or the tax bureau. With more time spent on networking, your contacts can be of higher quality.
Experience is gained by actions and time. If you are older and you spent your time well, it is probable, that you experienced many problems and learned how to solve or avoid them. You may lack the energy of a younger person, but you can catch up by being more effective and focused. As an older and more experienced person, you probably went through painful mistakes already and you will not repeat them again.
When you are older, probably your children are grown adults and you don’t have to take care of them anymore. This means more energy which you can use for your business.