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After decades of denial, pandemic is making Minnesota baby boomers feel their age

By Kevyn Burger Special to the Star Tribune

Baby boomers, the generation that refuses to age, might have met their match in the coronavirus.

Marilyn and Juan Galloway exchanged a look that many married-with-children couples might recognize.

Their 22-year-old daughter had just dropped an unintentional bombshell, one that left them equal parts amused and wounded.

“She said, ‘If you guys get COVID, you’ve lived your lives,’ ” said Marilyn, of White Bear Lake. “She was dead serious, like, ‘You’re elderly and at the end of the road.’ We were stunned. We’re 55 and 63. We run, golf and bike. We’re more active than our kids. At the age that my grandmother wore a housecoat, I spiked my hair and dyed it purple.”

For baby boomers, it seems that COVID-19 has done what self-denial and evidence to the contrary has been unable to do: make them feel old.

For the generation whose youthful battle cry was “Don’t trust anyone over 30” and who prided themselves on remaining relevant as the years accumulated, being lumped in with the cohort regarded as frail and vulnerable has come as a shock.

“The pandemic has been a reckoning for baby boomers,” said Scott Zimmer, a speaker and trainer for Bridgeworks, a Wayzata consulting company that advises businesses on generational dynamics.

Based on sheer size, the 76 million American boomers, now between ages 56 and 74, have been courted by marketers since their postwar arrival. They have reframed every life stage they’ve passed through and were in the process of rewriting the script for their retirement years when the coronavirus arrived and stripped away their pretensions.

“They retain a youthful spirit and don’t want to slow down like previous generations. They take on encore careers and find new activities to be passionate about,” Zimmer said. “Now they’re forced to acknowledge that they’re not invincible. Even if they’re in great shape, they can’t deny that their age puts them in greater danger if they catch the virus.”

Dings and Dents

Writer Bill Souder’s upcoming biography of novelist John Steinbeck is titled “Mad at the World.”

That could also describe the 70-year-old author’s feeling about the way his age group is characterized.

“ ‘Seniors.’ ‘Elderly.’ I don’t like those terms. ‘Your sunset years.’ The labels they attach feel like they are trying to erase you. The message is that when you get older than a certain age, you’re in this other category. You are diminished, a fossil,” he said. “I don’t belong in that club.”

Souder has preferred to define himself by his activities rather than his age.

“I ride my bike, I still wade a trout stream. Last year I got a new hunting dog to trudge through the forest and fields with me. I do the same things I did when I was 40, but a little slower,” he said. “I’m like a golf ball. I’ve got dings and dents, a little asthma, a little heart disease.”

Since the arrival of the virus, Souder’s pre-existing conditions, previously regarded as minor and manageable, have prompted him to act with caution. He’s isolating in his home in Washington County in the company of his wife, their adult son who’s quarantining at home following a furlough and Sasha the wire-haired pointing griffon.

“At a certain age you are at an elevated risk and you have to live your life differently,” he admitted. “The science is clear. I can’t spin it.”

Ageism at the Root

For many boomers, the pandemic is revealing, even cementing, some long-held negative stereotypes associated with aging.

“They are experiencing ageism with the assumption that a number — their age — is the defining marker,” said Katie Smith Sloan, president and CEO of LeadingAge, a national association of nonprofit providers of aging services. “They may have experienced ageism in the workplace, but not in their day-to-day lives. They’re seeing how the contributions of older adults are undervalued and underappreciated.”

Age is just a number, but how that number is perceived is subjective. As people get older, the definition of “old” changes. In a Pew Research Center study, only 21% of those between the ages of 65 and 74 said they felt old, and just 35% of those 75 and older self-identified that way.

Advances in medical science in the past half-century have created a longevity revolution that is giving Americans not only longer life spans, but more years of good health. Still, anyone north of 55 is often lumped into the same age category.

Lori Bitter believes that happens out of “ignorance or laziness.”

The president of the Business of Aging, a California consultancy that advises companies marketing to mature consumers, Bitter thinks the older demographic needs to be sliced thinner.

“There’s not enough understanding that 65 and 85 are vastly different, just as people who are 50 and those who are 65 are nowhere in the same territory. Some of the language used for this vast, diverse group is ridiculous,” she said.

“Companies and others trying to speak to the different ends of the cohort need to distinguish between them,” she said.

It’s a fine point that the pandemic does not take into account.

While the Centers for Disease Control and Prevention notes that “the greatest risk for severe illness from COVID-19 is among those aged 85 or older,” the CDC also generalizes with the statement that “As you get older, your risk for severe illness from COVID-19 increases.”

That means that in the foreseeable future, taking the threat of the virus into consideration may cause baby boomers to live more constricted lives.

“We really don’t want to get it, so we are being conservative,” said Souder. “We don’t touch our kids. We sit in the backyard. All bets are off on when that will change. But I’m not bedridden, I don’t have one foot in the grave. I’m here and a high-mileage version of myself.”

Kevyn Burger is a Minneapolis-based freelance broadcaster and writer.

This article is originally featured in StarTribune.

Top 5 Reasons Older Adults Are More Productive Becoming Entrepreneurs

Our thanks to Mohit Sharma for this contribution to our blog. 

 

Presenting the new age entrepreneurs, They are all above 65!

An unexpected generation of entrepreneurs is transpiring in the market. You may see new age people, young and full of notions and impulsive energy, passionate about business and working for more than 100 hours per week. Full time retirement has become underrated and so many seniors are preferring to work even after their retirements from their full time jobs!

Just for a sec, imagine you are 75! What picture pop ups in your mind? A retired old person, correct? We live in an ageist society, where your dreams are a threat to others. People try to threaten you. But so many older adults have proven this wrong. There are so many entrepreneurs over 50. We will discuss the benefits of being an entrepreneur for senior adults.

According to a study by Forbes “people over 55 are twice as likely as people under 35 to launch a high-growth startup.” This could be any business, be it traditional brick mortar business or any online business. So no matter what they – senior adults choose to start up with, they have a lifetime of experience which is enough to get started.

Starting a business is the best way where the old adults can use their experience to the fullest. Among older men, business is trending as they desire to be their own boss. Among older women, it’s a long time held passion that they want to fulfill.

Though there are challenges and opportunities such as getting funds, lack of support from society, ageism – it knocks down the confidence. But at the same time, being in this age is an interesting time, you can open up new surprises!

The online business has boomed among senior adults who are looking to start a business from home. Let’s see the reasons:

1. Freedom of Time

As you are retired from a full time job, you can give time to your own, for your business or for a new startup. So you have all the time with you now. With this precious time, so many tasks can be achieved. This is the beauty of time, it is like a freedom, once you are retired, you have it all, it is all yours.

So, adult entrepreneurs can focus more and be more productive as they can give it time and focus. You have all this time, you can work on multiple things simultaneously for example, you can be a Consultant for ecommerce and at the same time become a Shopclues seller. It is very good ecommerce marketplace to earn good profit online.

2. Rich Experience

It is beyond doubt that starting your business at an older age means you have ages of experience to use. You are seasoned and it is truly valuable. If you have been in huge organizations, you have gained valuable experience and skill set. Such organizations offer excellent skills to lead your own enterprise through all the growth stages.

The new startups need advice from a highly skilled person who has an excellent experience. Let’s say if you are someone who has knowledge about selling items on paytm as a paytm seller, you can become a consultant for people looking out to sell on paytm. This new e-commerce marketplace has very high number of users searching for new products everyday.

3. Age is an asset

I have seen senior adults becoming Snapdeal Seller’s and earning good income. They have worked very hard setting up their online store on the marketplace. According to various adults, they take their age as an asset. The Rich experience and network that they have gained their entire life is noteworthy and is worth more than hundreds of degrees.

So whichever niche senior adults choose to start business after retiring, they are surely like to excel. According to a study by Stanford Center, the senior adults are considered as the pillars of the company. ”They are better collaborators, and they are more loyal. They make excellent mentors!”

So considering their age as an asset, unleashing their true potential is the major concern.

4. Rich Network

As you have been around for a longer period of time, the contacts or network of people is relatively wider for you. This network can be a source of investors, partnerships, advisors who can help you out when in need. Perhaps, the many years spent in the corporate built in professional contacts will help you now!

5. Passion to start something new

Working the entire life sometimes leads to saturation. People want to try out different things. There is an unnerving passion which is seen in the older adults. As they are fully aware about their capabilities, skills and expertise, knowing what will work for them or not is not even a question for them anymore.

Young entrepreneurs are generally not sure about their success. But older adults are sure about their success as they have a passion and sense of self awareness.

Options to start:

1. Starting an Online Business

Ecommerce or online business are the latest trends in the business domain. Building an online store and selling products online is easier because of ecommerce marketplaces such as Amazon and it is a great option. You can sell on amazon very easily, just get started with the seller registration process and list your products. Your e-store is ready in a few simple steps!

Starting a business after years of experience in retail or sales, it can be a new area of expertise for you. E-Commerce is an elevation which does not even require a physical retail location. So this is an excellent option to start an ecommerce business.

So if you have decided to go for this option, you can either create your own website from scratch with a team of IT professionals else, start selling on the trending marketplaces which are already well built, you just need to set up your products.

The decision is yours of course. Based upon your ideas, goals, available resources and the target audience one must come to a conclusion.

If you are planning to sell on various marketplaces, I am here to help you!

2. Content Writing For Blogs and E-Commerce Products

If you are fond of writing and sharing your experience, blogging is the best way to share your skill and create an audience for your own firm or, you can work as a freelancer for other firms. Companies these days are hugely concerned about their online presence. Indexing plays an important role. To be on the top notch, content and blogs are the key.

So when any company wants to start with a serious blogging, they go to professionals with rich experience in the respective domain. If you are someone who wants to blog for other companies then there is Upwork and Elance which can get you started.

So, decide your area of expertise, what do you want to convey to the people with your blog, what do you want to accomplish, etc.

3. Business Coaching and Speaker

Senior adults are highly experienced and skilled retirees for whom business coaching or consulting is the best option to get started. The young people need someone to show direction. There is an extreme need of experienced people, who can guide and lead the way to visualise businesses.

I have met a senior adult who had a rich experience as a flipkart seller, so being in this area for so long, he has started consulting the young. He provides coaching to the young who are in dire need of a direction.

Every course in the world is available online. Most of the senior adults have valuable life learning lessons to teach. One can create online courses or webinars to share their expertise meticulously. So many portals such as Udemy, Unacademy and Techable allow users to create their own videos, easy to create and share with the audience.

4. Social Media Agency

With the increased use of social media, social media marketing is trending these days. Social media marketing is marketing or promotion of products using social media. As everyone is aware of social media these days, this business to promote products on social platforms is a huge benefit.

So if you are someone with a background of marketing, and knowledge about various tools this is the correct profile for you. You can start your own social media agency, be your own boss! Lovely isn’t it.

5. Graphic Designing

Graphic designing has always been in high demand. If you have an existing knowledge in this area, you can build your own business to provide graphic designing services. Freelancing is the best option here.

People with startups, need logos, designs for their websites, prototypes etc. So this is an evergreen field which is always in demand.

Author Bio:

Mohit is an ECommerce Enthusiast and Owner of MohitECommerce. He is Working With Many Vendors in Different Categories of Products Across Various Marketplaces. He is Very Good at Amazon Seller Training, Amazon FBA, Amazon Seller Registration, Amazon Brand Registry, Amazon Account Suspended (Making Plan of Action). He Likes To Help All Type of Businesses Mainly Small and Medium Businesses Which are eager to Step in Online Business.

Simple Ways to Relieve Insomnia Without Prescription Medication

Our thanks to Gabriel Patel for this contribution to our blog. 

Sleep disorders are surprisingly common. In fact, Science Daily says about one in four Americans struggles with insomnia every year. It’s normal for things like work stress, major life transitions, and emotionally upsetting events to trigger brief episodes of insomnia. Even something as simple as an old mattress or a noisy new neighbor can cause sudden sleep problems.

Fortunately, 75% of people with acute insomnia will recover without developing persistent or chronic sleep issues. The best part? You don’t need to reach for addictive sleep medications to resolve your battle with sleeplessness. Here are some simple but effective ways to improve your sleep naturally.

Invest in a New Bed

Old mattresses are a common cause of sleeplessness and are sometimes the culprit behind health issues like sleep apnea and allergies. If you’re finding it hard to get comfortable at night or you’re waking up stiff in the morning, a new mattress can make a world of difference in your sleep quality.

Finding the right mattress is a must, so read some online reviews before purchasing a bed to ensure your new investment will be a good fit for your sleep style and body type. For example, mattresses made by Tuft & Needle tend to provide better support for petite and medium-sized sleepers but can cause too much sinkage for people over 250 pounds. Whether you sleep on your side, back, or stomach is also important to keep in mind during your mattress search.

Stick to a Consistent Sleep Schedule

If you go to bed at different times every night, you may be fighting against your body’s natural internal clock. Try to stick to a regular sleep schedule every single day—yes, even on weekends! This will help condition your body and brain to start winding down at the same time every night. You should also find it much easier to wake up on those early weekday mornings if you avoid sleeping in on the weekends.

If you need your weekend sleep-ins to catch up on missed sleep during the week, try to go to bed earlier. The CDC recommends that adults get at least 7 hours of sleep each night! While this might mean going to bed much earlier than you’re used to, it’s vital to happy and healthy daytime functioning. If you have trouble getting on track, you can use your phone to remind you.

Engage in a Relaxing Bedtime Routine

Going to bed right after writing emails to clients or dealing with family stress will leave your mind reeling for hours after your head hits the pillow. Separate your daytime stressors from your bedtime with a relaxing routine.

Start your routine at the same time each evening. Engage in activities that you find calming, such as gentle yoga, meditation, reading, or listening to a podcast. It can also help to begin your routine by writing a to-do list for the following day, so you can get any lingering obligations or responsibilities out of your head for the night. Recent research reported by CTV News found that people who wrote a thorough to-do list before bed fell asleep faster than those who did not!

Avoid Stimulation Before Bed

It’s important to keep stimulating activities far away from your relaxing bedtime routine. Electronic devices, for example, emit a stimulating light wavelength that can interfere with your sleep-triggering hormones, so staring at them can be counterproductive. High-intensity exercise and heavy meals right before bed can also keep you awake.

If you need a snack, reach for sleep-promoting foods like yogurt or tart cherry juice. Most importantly, avoid stimulants like caffeine and nicotine before bed. And while alcohol is not a stimulant, it can also interfere with your sleep quality and lead to waking in the night.

Suffering through an episode of insomnia can be very frustrating. While it may be tempting to reach for a quick fix in the form of medication, adopting healthy sleep habits will serve you much better in the long run. If nothing you try is helping, consider making an appointment with your doctor to get to the root of the problem.

Age-Related Stressors and How They Affect Your Quality of Life

Our thanks to Kent Elliot for this contribution to our blog. 

Stress can affect us at any age, but seniors are often triggered by different types of stressors than kids, teens, and adults of other ages. For instance, the American Institute of Stress (AIS) explains that some of the most common stressors among seniors include the loss of a loved one, changes in personal relationships, and physical impairments affecting the five senses. For some older adults, the lack of structure in their daily lives can become problematic as well.

While some strategies for senior stress management may include a combination of meditation, yoga, exercise, healthy eating, and controlled breathing, other treatments include antidepressants and/or cognitive behavioral therapy. Since recommended treatments vary widely by situation, it’s important to speak with a doctor about your symptoms and the different types of solutions that may be available to you.

Read on to learn more about the stressors that most seniors face, as well as the steps you can take to get the emotional support you need when managing any ongoing worries and fears.

Common Stressors Affecting Seniors

For many seniors, difficult life situations can result in feeling stressed, fearful, or emotionally unwell—especially if they begin to notice changes in the ability to walk, talk, hear or see. Many seniors also experience stress after the development of an age-related health condition or mobility impairment, as this may lead to the fear of losing the ability to live independently, age in place, or drive a vehicle.

Changes to finances or socioeconomic status—especially after retirement—may also cause seniors to worry about their financial standing more than ever before. Depending on their financial situation and current state of health, seniors may even worry that they cannot afford to support themselves as they age. However, working with a financial advisor and setting a budget may help to ease some of those worries.

Moreover, the loss of loved ones or any change in their personal relationships is another common stressor among seniors. For many older adults, the fear of losing a child, spouse, pet, or another loved one is more worrisome than the thought of their own death. However, speaking with a trained mental health professional can help seniors to control their fears and develop a plan for the future.

How to Get the Emotional Support You Need

Anxiety disorders in seniors may occur as a result of extreme stress, trauma, bereavement, neurodegenerative disorders, or other medical conditions. As such, it’s important to identify your stressors and know when to seek professional help for chronic stress, anxiety and/or depression.

According to the American Psychological Association (APA), about 19 percent of adults age 60 and older take an antidepressant medication for relieving symptoms of stress, depression, and/or anxiety. While some seniors may be able to control their stress without the use of antidepressants, it’s important to meet with a doctor to discuss your symptoms as soon as you begin to worry about your emotional health and well-being.

If the cost of seeking professional help for your emotional health is holding you back, however, keep in mind that Medicare Part B includes coverage for counseling with specialists such as psychiatrists and clinical social workers, as well as other mental health services. Plus, Medicare Part B provides you with one free depression screening each year. To schedule your free screening, contact your primary caregiver.

Relief from Age-Related Stress is Possible

Stress affects us at all walks of life, but our ability to cope with stress becomes even more difficult as we age. As such, it’s important to seek immediate treatment for stress to reduce your risk of heart disease and other stress-related medical conditions such as high blood pressure. By seeking treatment for your stress, anxiety, and/or depression, you will improve your quality of life and prepare yourself for any other obstacles that may come your way.

Assisted Living or Aging in Place? How to Choose

Our thanks to Caroline James of elderaction.org, for this contribution to our blog.

 

Where to live when you’re elderly is the type of decision you want to make before life forces you to do so. If you don’t, you may discover you have fewer options than you’d hoped. Seniors who have a disability are sometimes unable to return home, and without time to spare, they have no choice but to move into whichever care facility has space.

Unfortunately, it’s also exactly the type of decision you want to avoid. No one likes thinking about losing their independence or developing an age-related disability. However, you can’t ignore the fact that two in three seniors will need long-term care as they age.

So, how do you choose where to live and receive care when you’re older? These are the three most important factors to consider.

Location

Some communities are more suited to aging in place than others. For instance, seniors who live near medical facilities, caregiving agencies, public transit, and other important amenities have an easier time aging at home than rural seniors.

Care Needs

Seniors who need a lot of daily support benefits from assisted living, where they don’t have to worry about coordinating and budgeting for in-home care. On the other hand, seniors in good health can retain full independence by aging in place. So, consider your health today and how it may change in the future; if you have chronic health conditions or mobility problems now, you’re more likely to need full-time care later on.

Cost

Assisted living averages $48,000 a year — and that cost is steadily rising. While expensive, assisted living may cost less than you’d spend aging at home. At $22 an hour, the average cost of part-time care is lower than assisted living, but seniors who need round-the-clock care can save money by moving to assisted living.

How to Choose an Assisted Living Facility

Assisted living communities offer a supportive living environment where seniors can get help with day-to-day activities, such as taking medications, preparing meals, and managing personal care. Many assisted living facilities offer perks like fitness centers, gardens, and spas.

Since every assisted living community has its own personality, you’ll want to tour several in the San Francisco area before making a decision. Keep in mind that different communities offer different levels of independence. While some have communal facilities and cater specifically to seniors needing in-home care, others offer apartments and studios for seniors who are still self-sufficient but want some basic assistance with housekeeping and healthcare. Prices also range widely in San Francisco, with assisted living costs ranging from $1,695 to $11,270 a month. Factor your budget and your needs to narrow your search for the right assisted living facility.

How to Age in Place

If you’re in good health, you may be thinking of aging in place. However, are you sure your home is the right one to age in? While most seniors prefer to age in place, many don’t live in a home suited to senior living. They might not pose an obstacle now, but staircases, narrow doorways, and dimly lit spaces become a safety hazard in your 80s.

Some seniors opt to remodel their current home while others choose to buy a new house better suited to aging in place. When making your decision, consider not only the cost but also convenience. The cost savings offered by downsizing may be modest, but moving to a newer home means fewer repairs to worry about during retirement. You’ll also be able to settle in within weeks instead of waiting months for a remodel to finish.

Whatever you choose, don’t wait to think about where you’ll live when you’re older. If you decide to move to assisted living, you’ll need time to prepare your budget and find the perfect facility for your golden years. And if you decide that you want to age in place, starting now means you have many years to enjoy your ideal home.

 

How to Find the Best Shoes for Older Adults

Our thanks to Clarissa Rivera of Taos Footwear, for this contribution to our blog.

Finding the right shoes for older adults can be tricky, but doing so can help older adults maintain an active lifestyle which will contribute to better health and a better quality of life.

Whether you decide on a pair of supportive sneakers or comfortable sandals, your best bet is to find a pair that matches your needs and helps you stay active. The wrong shoes, on the other hand, can be uncomfortable, not to mention dangerous, so it’s crucial to find the right pair for the right activity.

Below are a few essential things to remember and look out for when shoe shopping.

 

Feet change

Feet change in shape and size as we get older, which means we can’t wear the same shoes that we wore in our twenties – no matter how much we spent on them, or how much wear they appear to have left in them.

It’s quite normal for your feet to get wider or more swollen as you age. However, we recommend talking to your doctor about any changes you notice, to make sure they are not related to an undiagnosed medical condition.

Get rid of your old shoes

Shoes lose their support and cushioning over time, so replace them when you see wear on the sole, upper, or inside. If your shoes are pinching your toes, then that is a sign of a poor fit, so you should get rid of them to avoid further problems.

Older adults who have less feeling in their feet are in a much more vulnerable position, as they might not feel the pain associated with a poor fit. So, we would suggest changing your shoes every year or 18 months – depending on how much wear they get – just to be on the safe side.

What to wear indoors…

Yes, staying in counts as an activity, so it’s important to prepare your feet for staying indoors too. Walking around barefoot or in just a pair of socks isn’t ideal. Shoes or sturdy slippers should always be worn around the house, as they will not only protect your feet, but they will also help with mobility.

However, slip-on slipper styles and flip flops should be avoided in older age, as it’s extremely easy to step out of them and trip. Flip flops can also cause damage to the toes and toenails, so they should be left to the younger generation.

Choosing the right shoes for the right activity  

The first step to choosing new shoes as an older adult is to be clear about what you want them for. Walking shoes are very different to running shoes, and running shoes are very different to dress shoes, so make sure you tell the salesperson and whoever is helping you what they will be used for.

The second step is to ensure that they are comfortable before you leave the store. If you are looking for walking shoes, go for a walk around the store. The same goes for running shoes. They can be worn in gradually once you get home, but they should fit somewhat comfortably when you first try them on. Here are just a few more things to look out for when shopping…

 

Make sure you are happy with the length, width, and capacity of the shoe, as well as its shape. The salesperson should be able to trace the outline of both of your feet while you are standing; the outline can then be used against the shoes in the store to find the right pair.

 

One foot could be bigger than the other, so always choose a size that fits the larger foot. The smaller foot can then have an insole placed inside the shoe for the perfect fit.

 

The fabric of the shoe is extremely important, too. We recommend choosing a shoe with an upper section made of either soft leather or heavy fabric.

 

The back of the shoe shouldn’t be neglected in your search either, as it should stabilize the ankle and the heel. If possible, the heel should be compressible, low, and broad.

 

The sole is also one of the most important things to consider, as a thick, solid sole is crucial to mobility. Those with Parkinson’s often find that smooth soles help them move more easily. Non-skid soles, found in most sneakers and sports shoes, provide good traction. Silvert’s sells a range of adaptive footwear that could greatly benefit older adults. Shoes with extra depth to help with orthotics, shoes that are adjustable for older adults who suffer with foot swelling, and shoes with anti-slip soles are just a few examples.

 

Pay attention to how the shoe fastens.

Someone who cannot tie their laces may be more comfortable using VELCRO, or a buckle that can be adjusted by hand, foot, or cane. New Balance makes shoes with hook-and-loop closure, as a helpful alternative to laces. Some models are Medicare-approved as diabetic shoes too.

 

Socks are just as important.

Be sure to team your new shoes with a good pair of socks. Choose sweat-wicking socks that are anatomically-shaped, as they can reduce your risk of developing blisters. Your local sports or running store should have a good selection of appropriate socks.

 

As you can see, choosing shoes for older adults might require a little bit of extra thought, but the results of finding the best shoe are more than worth it.

 

Finding Success as an Older Entrepreneur

Our thanks to Rae Steinbach, from fueledcollective.com, for this contribution to our blog.

Whether it’s Mark Zuckerberg or Elon Musk, much of the 2000s has been dominated by younger entrepreneurs who have changed our personal and business lives in a number of ways. From the rise of social media to the increasing popularity of remote work and coworking spaces, entrepreneurs have had a marked impact on society.  But contrary to how our current youth-oriented culture may seem, one can begin to build a great company at any age.

Unsurprisingly, one of the most common causes of new business failure is a lack of relevant skills and experience. Older entrepreneurs, as you’ll see, are often in a better position than ever to take a chance on the idea they’ve been dreaming about and watch it grow into a successful business.

 

Why Older People Make Successful Entrepreneurs

Seemingly everyone has a million-dollar idea that could change the world, but very few of us are able to navigate the business world and make it a reality. People who have spent more time working and gaining experience are generally able to hold a more realistic view of their goals, expectations, and needs.

Younger entrepreneurs also face difficulties in attempting to build a business while dealing with the financial and personal responsibilities that come with being in your 20s or 30s. Starting later in life means having more time, money, and resources to devote to your business.

 

Creating a Business

No matter how old you are, leaving an existing job for the unknown is a major risk that requires serious consideration. Half of all businesses fail within five years, so it’s crucial to be realistic and impartial when thinking about the costs and benefits of starting your own company.

When you do decide to branch out, you’ll also have to judge how much of your personal money to spend on the project. Unlike those in their 20s and 30s, older entrepreneurs generally don’t have as much time to replenish savings and retirement funds if the venture doesn’t turn out the way they hoped.

If your startup targets millennials or younger demographics, you may benefit from hiring some employees who can provide valuable insight into that market. Understanding how to capitalize on your strengths and find people to support your weakness is crucial to managing any business.

Starting a company is a massive undertaking for anyone, and that’s especially true for older entrepreneurs. That said, the experience and knowledge that come from decades in a business environment often prove even more valuable in a startup context. These strategies will help you build your company from the ground up and put you in a position to reach your goals.

 

 

The Business of Aging reports on how older adults are “Hacking Longevity”

Hacking Longevity is the first study to examine how three generations of adults over the age of 50 – Generation X, Baby Boomers, and Silent Generation – are thinking about and planning for longer lives. Until now, the idea of increased longevity has been mostly conceptual and aspirational. Through a rigorous research process, Hacking Longevity examination, provides insights on how brands and organizations can better serve consumers of the longevity economy. The study was conducted in the Fall of 2017 and Winter of 2018 and led by Lori Bitter at The Business of Aging.

The study debuted at AARP’s Living 100 event in Washington DC in April. This timeline illustrates key inflection points in people’s lives as they age, as revealed in the data. To learn more about Hacking Longevity, join us in June at The Silicon Valley Boomer Venture Summit where we will provide a briefing for attendees.

Hacking Longevity was conducted in partnership with Collaborata, and underwritten by AARP, Wells Fargo Advisors, GreatCall, and Proctor and Gamble Ventures.

Excited to talk about The Business of Aging’s new research at AARP on April 12th!

The Business of Aging’s new research, Hacking Longevity, will premier at AARP’s Living 100 event in Washington D.C. on April 12th. The event will feature an “experience” of key data points of attitudes and changes displayed along a timeline at the Newseum in Washington DC.

The research is sponsored by AARP, GreatCall, Wells Fargo Advisors and Proctor & Gamble on the new Collaborata research platform.

The agenda for the AARP’s Living 100 Event can be found here.

Watch our social media – Facebook/TheBusinessofAging and Twitter – @LoriBitter and @TheBusinessofAging for live updates!

Transition & Transformation: Navigating Your Third Act

Join us for interviews with thought leaders on aging and business. Join us on Tuesday March 27, 2018 at the Nikko Hotel in San Francisco California for a full morning dedicated to your life and career, featuring a team of expert guides, authors, and coaches to help you find what’s next. Think of it as a three and a half hour investment in you. Over the next 4 episodes, we’ll talk with Keynote speaker, author of the new book, “Jolt,” Mark Miller, we’ll discuss reinventing your career at midlife with John Tarnoff, of Boomer Reinvention. We’ll be speaking with Sandra Hughes, Sandra Hughes Consulting, about shifting from the BIG job to Your Own Business, and finally, we’ll hear from Rich Eisenberg, managing editor of Next Avenue about The Art of Making it in the Gig Economy. Join me today in welcoming to the What’s Next Boomer Business Summit Podcast, produced by the Business of Aging for What’s Next, Managing Editor of Next Avenue, Where Grown Ups Keep Growing, and host of the Your Next Avenue Podcast, Richard Eisenberg.