Are you giving up on your dream of owning a business because you’ve been told you’re too old to be an entrepreneur?
Do you think it’s too late or that you’ve missed your window of opportunity?
Banish those thoughts at once!
You are not too old to be an entrepreneur.
No, I have absolutely no idea how old you are, but I do know that you are NOT too old.
Even though most of us have an idea in our heads that entrepreneurs are all very young (thank you, Hollywood) and younger people do make up the majority of entrepreneurs, people over 50 are one of the fastest growing groups of entrepreneurs.
According to Business Insider, “Those aged 55-64 in the US have actually had the highest rate of entrepreneurial activity in the last 10 years.”
Many of these older entrepreneurs are choosing to start their own businesses because they want the independence that comes with entrepreneurship and because they want to be able to pursue their own interests or passions. Some older entrepreneurs are starting their own businesses because they feel they still have much to contribute but don’t want to be locked into a traditional 40-hour work schedule. And others are starting businesses because they see needs in the marketplace that aren’t being filled by someone else.
In other words, older entrepreneurs are starting businesses that allow them to achieve their dreams and lead more fulfilling lives. And they aren’t letting someone else’s opinions hold them back.
Just because you’re at the mid-century mark (or even well past it) doesn’t mean you’re too old to start a business. There are actually some advantages to starting a business after you’ve had time to gain some experience in the business world.
Advantages of Being an Older Entrepreneur
You’ve had time to build a network. If you’re in your 50’s or older, you’ve likely spent much of your life in the professional world and you’ve met people, made connections and developed relationships along the way. Those connections can be critically important to your entrepreneurial success. In addition, your connections are much more likely to be well-connected, influential and affluent than those of the average 20-year-old.
You have experience, both life experience and experience in the business world. Certainly young entrepreneurs can learn a great deal in college (you may have too), but there is a lot to be said for the street smarts, wisdom and experience that come with age.
Your position in life gives you a degree of freedom that younger entrepreneurs may not have. You’ve raised your family, you’ve established yourself professionally, and you’re not likely to be worrying about student loans, childcare or other expenses of those just starting out in life.
This is not to say that it is necessarily better to be an older entrepreneur. Certainly, youth has certain advantages in the entrepreneurial world—time to recover from big mistakes, ability to pull those all-nighters (though as we get older, we find ways not to have to work all night), not having lifestyle expectations to maintain.
The bottom line is this: if you want to become an entrepreneur and start your own business, don’t be put off by your age. Don’t ever let anyone tell you that you’re too old (or too young) to pursue your dreams. There is no such thing as being too old to be an entrepreneur
Here’s an infographic from Irish insurer Easy Life Cover that highlights some of those late-life advantages.
So what are you waiting for?
Now is a great time to become an entrepreneur. Do you need some help getting started, figuring out what you need to know and do to start a business? Let’s talk. Share your ideas and concerns in the comment section below–or message me privately if you’d prefer.