Do you have aspirations of starting your own business but are worried that you might be too old for it? Think again! When it comes to business, age is nothing but a number.
There’s no doubt there exists this notion that entrepreneurs must be young, upcoming, tech-savvy types fresh out of school or university. It’s disappointing that this stereotype exists because it instantly discourages those over 60 from pursuing their dreams. The truth of the matter is, that there is no ‘right age’ for entrepreneurship.
This article is here to show you all the reasons why it’s never too late to start your own business, even if you are in your 60s.
You have more life experience
Life experience matters. And it’s something you can take advantage of when it comes to starting a business. At this age, you have a level of business acumen that you didn’t possess in your 20s. This means you’re likely to be more diplomatic and patient and willing to devote extra time to each step of the business process, ensuring all bases are well and truly covered. You’re also more likely to be relatable to a range of people and age groups, having had more experience dealing with people from all walks of life. It’s also very likely that despite what your field of work was prior to retirement, it equipped you with a myriad of important business skills and knowledge, including leadership skills and managerial competency, to then be able to carry into your own endeavors.
You have a larger network
At this stage of life, you have likely built up a good social and business network of both peers and colleagues. On top of this, these people that you know also know other people who know people who know people and so on. These connections are invaluable to getting your own business started. Think of all the experts and professionals you have met throughout your life, from real estate agents to accountants, attorneys, and salespeople. This network took years to build, and now you can finally take advantage of it and reach out to those who can provide you with assistance in moving forward.
You’ve figured out your goals
Many young entrepreneurs have a goal of owning a business but are a bit wishy-washy when it comes to knowing what they’re passionate about. That’s why you tend to see these 20-somethings bounce around from one project to another. Older entrepreneurs know exactly what it is their passionate about and have pretty clear goals in mind that can help them to hone in on their desired outcome and know the exact steps in getting there. Your life experience will also help you to remain objective as you move forward through every stage of the goal-setting and goal-getting process.
You have a desire to learn
There is a common misconception that older people aren’t tech-savvy or are able to “keep up with it”. As usual, this is a stereotype that isn’t true. According to The Australian Seniors Series: Ageing in the Workforce 2021, 9 in 10 people over the age of 50 believe that ageism is prevalent in the workplace. 1 in 2 of those interviewed feel that annoying assumptions are made about them at work because of their age. This is disheartening to see, as age plays no factor in a person’s ability to work, learn or upskill. As a person who is 60+ and wants to start a business, you obviously have a thirst for knowledge and are willing to learn new skills to help you to grow your company. Fortunately, there are many online courses available that can teach you handy business skills such as business management, coding and programming, and SEO for small businesses. These can be learned at your own pace and can be instantly applied to your own business model and operations – keeping you on top of the competition.
You have greater flexibility
As someone who is over 60, you’re likely to enjoy far greater flexibility than someone in their 20s. For example, you have already married, had children, bought a house, etc. You have all your ducks in a row. For this reason, you can enjoy the ability to work whenever, wherever, and to set your own business hours without any outside baggage or constraints. You also have more time to learn and pick up new skills and achieve better work/life balance by setting up your own boundaries between work, family, friends, hobbies, and rest.
You’re likely to be more financially secure
Young entrepreneurs often have to juggle their finances, including paying off mortgages on top of their business costs. As an older entrepreneur, you are likely to have paid off most of your debt and be in a better financial position to take greater business risks. You’re also more likely to have access to financial capital. This frees up more cash to invest in your business.
It doesn’t matter how old you are; it’s never too late to pursue your dreams. If your goal is to start your own business at 60, there are many reasons why you should pursue this dream without any hesitancy or regrets. Harness the life and working experience that you already have, including the network you have built over the years, and never stop learning. The reality is that learning is part of our lifelong journey and doesn’t just stop once you reach a certain age. Make the most of your passions and your desire to grow, and just have a go – you’ll be glad that you did!