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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.

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 Un-Stuffing Of America: The #1 Business Opportunity Serving The Boomer Population

Reprinted from MediaPost Engage Boomers

It isn’t a technology solution. It is decidedly low-tech. It’s not a medical device, but it does ease suffering. And while we sometimes joke about hoarding, older adults are buried in stuff — the accumulation of a lifetime (or two). The resistance to letting go of it is an enormous issue for caregivers, senior living providers and aging in place experts. Of all of the issues of caregiving, this one is the gift that literally keeps on giving.

I profess my expertise. 

I come from a long line of near-hoarders. My grandmother, who passed away at 98 on our family farm, was a collector — antique furniture, dishes, books, family photographs, recipes … she had my grandfather’s college report cards squirreled away! And I had the task of helping to empty her home and prepare for her estate sale. (Read that as two truckloads of stuff making its way from Missouri to my very small Bay-area home — including her restored Victorian baby carriage — because who doesn’t need one of those?)

My mother, whose basement was nearly at intervention stage, had a fire and her house burned down. She lost everything, but continues to joke that she saved us from the work of going through that stuff. The positive outcome was that she and my stepfather moved to a very livable, beautiful home in an age-targeted community with plenty of features for aging in their home.

Caregivers & Professionals

In our research with family caregivers, it isn’t medication management or fall prevention that keeps them up at night, though they care deeply about those things. It is their worry over what to do with all of their parents’ stuff. The conversations with their parents can be as precarious as the “time to give up the car keys” talk. At a time in their life when seniors are losing friends, giving up hobbies and freedoms, their treasures are very important. The irony is that seniors believe staying in their homes as long as possible is easing a burden on their children. The reality is that it shifts the burden from the finances of long-term care to extended time and expense of wrapping up their affairs after death.

Senior housing professionals know that stuff keeps older adults from moving to homes that are better designed for their needs — both physical and social. Aging-in-place professionals and occupational therapists know the dangers all of the stuff creates in the home. Caregivers tell us that the aftermath of losing a loved one is so complicated by the dispensation of stuff that their mourning and grief is put on hold sometimes for several years.

The data is the stuff that companies are built on

Two-thirds of 18-34 year olds value experiences over possessions. They don’t value or want the stuff. And if HGTV is any indication, they are buying tiny houses with the storage capacity of a file drawer. That’s if they can afford to buy a home at all. Perhaps it’s growing up with the stuff that has created this desire for a simpler existence.

I work with smart entrepreneurs who have brilliant ideas for apps and devices that serve older consumers, some more scalable than others. You want scale, consider this:

  • There are 50,000 storage facilities in the U.S. — five times the number of Starbucks. That’s 2.3 billion square feet.
  • 50% of storage renters are simply storing what won’t fit in their homes even though the average home size has doubled in that last 50 years.
  • Currently there are 7.3 square feet of self-storage for every man, woman and child in the nation. One in 10 Americans rents offsite storage. It’s the fastest-growing segment of the commercial real estate industry over the past four decades (New York Times Magazine)
  • 25% of people with two-car garages don’t have room to park cars inside them; 32% have room for only one car (U.S. Department of Energy)
  • The home organization industry, valued at $8 billion, has more than doubled since 2000 at a rate of 10% each year (Uppercase)

Services like moving, packing, estate sales and auction sites are fragmented and require time, trust, and oversight. Rarely are there services of social workers, gerontologists or care managers to start the conversations, provide resources or support family caregivers. But everyday there are millions of families are trying to figure this out. This is a service worth figuring out. (After I figure out which key goes to which storage unit.)

*Data aggregated by becomingminimalist.com