First time entrepreneur over 40 would be a tough job and for me to answer this would also be not that easy because when you look into KFC, the startup which changed Colonel Harland Sander's world took so many years and so many attempts. This startup he tried at the age of 65, whean most of the eople are looking at slowing down and retiring. This man worked all his life trying to establish a successful startup, when he could have worked some where and could have spent his life well. Who began selling fried chicken from his roadside restaurant in Corbin, Kentucky, during the Great Depression. Sanders identified the potential of the restaurant franchising concept, and the first "Kentucky Fried Chicken" franchise opened in Utah in 1952.
Now comes the question that whether you can start a successful startup at an age of 40, I would say yes you can do if you have got enough gut and patience to face failure. As you must have learn failures are the stepping stones to the success.
Some easily recognisable names are:
Mark Pincus founded Zynga137 aged 41
Arianna Huffington founded Huffington131 Post aged 54
Aspiring Entrepreneurs: Break the Midlife Crisis Belief130
Seek inspiration and set your goals on Goal Based Social Network131 'Linkagoal'