Benefits of Being a 50+ Entrepreneur
“All great achievements require time.” ~Maya Angelou
This may come as a surprise, but when it comes to starting a business, youth is not necessarily an asset. Recent reports say that the most successful founders are middle-aged, and that there are benefits to being a 50+ entrepreneur.
Kauffman Foundation research confirms the fact that 50+ entrepreneurs have less of a struggle starting their businesses than younger ones. Why? Perhaps because 50+ entrepreneurs have the following things going for them.
Photo by Cottonbro from Pexels
50+ Entrepreneurs Have Resources
If they have have stashed cash away over the years, 50+ entrepreneurs retain an advantage. Of over 2,000 50+ entrepreneurs who were surveyed, half of these used cash savings to initiate a new business venture and one-fourth of those studied used a retirement account.
50+ entrepreneurs have also likely amassed a large professional network, consisting of colleagues, friends and acquaintances from many positions over decades of employment. These contacts, together with a solidly built reputation, can be a valuable asset when starting up a business.
50+ Entrepreneurs Have Work Experience
In order to build a successful venture, relevant work experience is crucial. If business founders have at least three years of work experience in the same niche as their new startup, they are 85% more likely to launch a strong new business. Entrepreneurs who are over 50 have typically gained years of expertise that helps them build a thriving business.
50+ Entrepreneurs Have Unique “Whys”
There are twice as many 50+ entrepreneurs as those who are under age 25. Most of these individuals over age 50 plan to be doing business for at least five years or more, and each one has a unique reason for starting a new business. A number of these entrepreneurs have been working in a particular niche for decades, and they have come up with a better way to get something done. Some want to increase their income by turning their lifelong hobby into a business. Recent startups from this age group may be emerging as a desire for a more comfortable working environment after officing at home in 2020. Finally, some individuals are simply ready to exit the corporate venue and start being their own boss.
50+entrepreneurs can shine in roles that depend on a wealth of experience, such as consulting. Other popular choices for 50+ entrepreneurs include: food and restaurant businesses (including bakeries and coffee shops), retail shops, health and fitness companies and automotive businesses.
If you are a 50+ entrepreneur, what inspired you to start a business? Do you think there is an age advantage to entrepreneurship?
Proof That The Most Successful Entrepreneurs Are Older Ones (forbes.com)
Entrepreneurs over 50: Starting The ‘Second Chapter’ | SCORE
Advice for Starting a Business After 50 (nextavenue.org)
How Entrepreneurs Over 50 Are Making Their Mark | SCORE
The U.S. Has Had a Surge in Entrepreneurs Age 50+ (aarp.org)