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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.

 

 

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.