Older entrepreneurs

    Older entrepreneurs

    By Marion Foreman. Published 2021-03-10

    BOLD-Living

    How old is too old to succeed?


    Have you got a dream? Have you always wanted to ………..Run your own business? Turn your hobby into a money-making scheme? Set up a company that does something that you feel passionate about? Take a risk that you hadn’t dared to take when you were younger?Now’s your time. Vivek Wadhwa, well-known technologist and academic and Fellow of Harvard Law School argues that ‘ideas come from need, understanding of need comes with experience and experience comes with age’ . We know that more and more start-up companies are headed up by people over 60. The DWP tells us that more people over 50 are still working and with the state pension age rising this is a trend that is likely to continue. In the USA 23% of new entrepreneurs are aged between 55 and 64. The Financial Times, here in the UK reported that the over 50’s accounted for 43% of all those starting an new business.senior at work 1.jpegSo, what do we need to get going in business in later life?
    • We need passion – life is too short to spend hours doing something that we are not totally committed to
    • We might need financial backing but also we might well have more disposable income than we had when we were younger and fewer draws on our money so the risk for investors and backers could be less.
    • We need confidence – if we are going to go in front of crowd funders, banks, sponsors then we need to speak with authority. We need to know our product inside out – no ‘Dragons’ Den’ stumblings for us. We can turn to banks and local ‘start up’ initiatives for help, its good to get all the advice and support we can. Check out www.greatbusiness.gov.uk for loads of useful information.
    • We need energy – we know that starting a business takes drive and determination - but we have learnt that over the years. We know how to pace ourselves and we know how to use our energy wisely; we know which battles to fight
    • We need a sense of humour – we know not to take ourselves too seriously – all too aware of the finite nature of life we have learnt to grab opportunity and fun as we go along.
    • And we need to Be Bold
    We are perfectly positioned to start that company, to do something that we really believe in and to have fun at work.

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