For some reason, there is an opinion that entrepreneurship is the lot of young people. Actually quite the opposite. According to statistics, more than fifty percent of startups are opened by just people who have crossed the fifty-year milestone. In addition, their projects are more cost-effective and promising. And all thanks to the accumulated experience, knowledge and confidence in which direction you need to move.
Kerry Hannon Book
Journalist and writer Kerry Hannon talked with several businessmen who ventured to open a business at the age of fifty. After the interview, she came to the conclusion that it was precisely this time that was the most successful for opening her own business. In adulthood, a person has inner wealth. Accordingly, it is much easier for him to achieve material wealth. This is a unique symbiosis that invariably leads to success.
Based on interviews and conversations, Kerry identified seven key ways to take advantage of age when starting a startup. She described her observations in the book "It is never too late to become rich." Consider the main points that she highlighted.
1. You can draw on extensive experience
Katie Christoph opened an independent online platform review site at fifty-eight. For many years she worked as a journalist. When I retired, I was faced with the fact that no one really knows how to write objective reviews. Inaccurate information is brought to people, and they even require money for it. Katie admits that at that moment she was very disappointed with the existing sites and considered it her duty to protect close and even strangers from such "scammers."
The woman independently drew up a business plan, developed the concept of the site alone. Since at work she often came across accounting, she was also able to resolve financial issues on her own. She did not need to turn to specialists or consultants for help - she coped with everything herself thanks to the experience accumulated over many years.
That is why you can also use the available experience, knowledge and skills. It is enough to choose the sphere in which you want to succeed and which is closest to you. It’s more difficult for young people, because they have to do business and study at the same time.
2. Do you have connections
When Brian Weissfeld’s daughter was eight years old, he watched how disappointed the girl was when she was unable to organize a charity event to sell cookies. Then it occurred to him to write a book for women to develop entrepreneurial thinking. He fulfilled his dream at fifty-one.
Brian admits that without connections he would never be able to publish a book. His colleagues, friends, and friends helped him in this - all with whom fate brought him to different years of his life. Thanks to the extensive network, the man did not even need advertising. They learned about the book thanks to word of mouth.
So any person in adulthood can take advantage of the connections that he created over his life, to turn to old friends. Young people have to create a circle of like-minded people in parallel with work and spend time searching for business partners.
3. Do you have financial skills
Richard Woods opened his business with his wife Judith at sixty-two. Before that, he sold flooring, and then wanted to find an effective way to process sawdust. Richard admits that he launched the project only thanks to financial literacy and experience.While other companies spend a lot of money on market analysis, research, the man already knew where to invest the money. It is because of this that he did not spend an extra penny and did not burn out.
Young people, as a rule, live in the grip of ambition. They want more to find a hobby, a calling, to do business that gives them pleasure. Youthful maximalism in this case plays a cruel joke: young people do not pay attention to numbers, but operate on abstract concepts.
4. Do you have financial stability
Sisters Kerry, Merrill and Wendy are already over sixty, and they just became a business woman. The idea to open their own business arose long ago, but they did not know in which direction to move. The case helped: Kerry got a finger pain, and it was difficult for her to hold the broom in her hands. When the sisters monitored the existing devices, they found out that there is nothing that would facilitate the fate of the patient. Then they created a silicone cuff. Due to the fact that relatives received a good pension plus had savings, they were able to patent the invention.
Young people do not have the opportunity to invest a lot in startup development. They need to think about getting an education, then about how to feed a family, then about paying a mortgage, etc. They have much more expenses than age people. If you are retired, then, most likely, you have already paid off loans and have the opportunity to save more savings.
5. You have more freedom of choice
At fifty, Brenda opened her own wedding organization business. She used to have her own art studio. Now, the adult daughter Audrey sometimes helps her in business. Brenda admits that only now she was able to find herself and her vocation. In her youth, she was dependent on the opinions of others. She did not have time to sit down and think about what she wants to do: either work, parenting, or other problems. Now the children have grown up and become helpers. Brenda has more time for creativity and self-realization in the profession.
Young people, in general, build a business based not on their interests, but on how to surprise others, improve their status, gain a prestigious profession, etc. Only with age do we understand that we need to live not for others, but for ourselves. That is why we have more opportunities.
6. Do you have your own point of view
Annie Cox opened her dating site at fifty-three. It all started with the fact that she was looking for a man for a guest marriage: that is, to spend a lot of time together, but to live separately. She could not find a suitable partner on any site, and therefore decided to open her own.
Annie considers confidence in her best outcome and inflexibility to be her secret weapon. The woman admits that with age she learned not to react so sharply to criticism and not to worry too much and panic about current problems. She gained confidence in herself. Whatever troubles Annie may face, she knows that in the end everything will be fine and that her business will not burn through. Confidence is also due to the fact that the entrepreneur has previously calculated the possible risks.
Young people, alas, constantly doubt about the adoption of certain decisions. These throwings lead to the collapse of the business.
7. You have more flexibility.
Denise is now fifty-eight years old, but she has been a businesswoman since she was twenty-two years old. That is why a woman has the opportunity to compare what it feels like to be an entrepreneur in her youth and adulthood. The main advantage that Denise exudes is flexibility, which is unacceptable in his youth. Previously, a woman spent invaluable hours on taking her children to school, kindergarten, then picking him up, doing homework with him, preparing lunch and dinner.
She adjusted her work to them, and now that the children have grown up, Denise has the opportunity to establish a more flexible schedule, to freely manage her time.At any time, she can take a vacation or, conversely, work all day long. Young people, on the other hand, have much more responsibilities, therefore, with all their desires, they cannot be flexible.