Are you a baby boomer who has retired only to find you’re missing the rewards of working and interacting with colleagues and clients? Now is your chance to take your shot as a silver entrepreneur. Or perhaps you’re financially set and ready to leave the corporate world behind to launch a project or business that excites you.
Our culture may be somewhat obsessed with young entrepreneurs like Facebook’s Mark Zuckerberg or a 19-year old who got rich with cryptocurrency, but the truth is that these are anomalies. In fact, recent studies have shown that when it comes to starting a business you’ll have the edge, with 50-year-old entrepreneurs twice as likely to find success as their 30-year-old counterparts. So if you’ve been contemplating a new idea or passion project, this is the ideal time to move forward with your own business, startup or side hustle. Keep reading to understand why you have better odds of being successful with your business in your 50s.
You Have the Right Experience
As a person who has spent a considerable chunk of life in professional spaces, you know what to do in different situations and how to tactfully deal with people. Your greatest asset is your experience, with your professional and personal connections as an added bonus. This is the real difference between businesses that thrive and those that don’t survive.
You Have the Insight
As an entrepreneur with career experience, you get the “Shark Tank” ethos and you’ll be more apt to launch a new product or service for which the need exists but isn’t being fulfilled in the market. You know what consumers want, and baby boomers in particular. This is an opportunity to strike gold with folks like you. Your insights are the key to a $3.2 trillion market. Yes, that’s trillion with a ‘t’.
You Have the Respect
While the job market seems to have no place for seasoned professionals, you will find a lot of respect and success for older entrepreneurs. Astute potential investors understand that a proven track record in management, marketing, finance and other skillsets will only increase your chances for success.
You Have the Leadership
While younger workers may have digital and technology skills ingrained in their brains, you have the discipline and ingenuity needed for success. Rather than giving in to instant gratification, you know about the hard work and perseverance it takes to be successful. This makes it ideal for older entrepreneurs starting a business based on their own ideas, while employing younger professionals who understand the value of leadership and mentoring.
There’s Nothing to Hold You Back
When priorities have always been taking care of the family and building a career, many 50+ entrepreneurs brush off starting their own business because they think that they have too many responsibilities. Now that the kids are grown and moved on, there’s likely less to worry about. So, calculate how much risk you can take and start planning because now is the right time to turn your dream of entrepreneurship into reality. Like fine wine, success will have more value and taste better when you’re older.