Modern business culture is filled with examples of top companies like McDonald’s, Home Depot and E*Trade which were founded by an owner past the age of fifty. The internet and globalization have increased opportunities for new business solutions, and millions of these new businesses are being started by more seasoned entrepreneurs.
According to the 2017 Kauffman Index of Startup Activity, “Older adults are a growing segment of the U.S. entrepreneurial population. Individuals ages fifty-five to sixty-four have gone from making up 14.8 percent of new entrepreneurs in 1996 to 25.5 percent of all new entrepreneurs in 2016.”
Top 3 Reasons Why Mid-Career Entrepreneurs Spring into Action
- Corporate downsizing and the rampant age-discrimination in the new hiring process. Ask anyone you know what’s it like to look for a job past age 50.
- More personal wealth and less family financial obligations – they’ve already paid for their house and their kids’ college.
- The WTF moment, when someone says “I’m tired of working for someone else. I’m gonna make it happen on my terms.”
Characteristics Helping the 50+ Year Old Business Owner Succeed
- A large business contacts network of former customers, co-workers and vendors
- Decades of success and knowledge about how to profitably deliver products/services
- Years of experienced collaborating and mentoring
- Likelihood of being perceived as more trustworthy
- Ability to withstand the financial risk of new business, especially if a working spouse has health insurance
- A focused time horizon of 10 – 15 years to grow a business before transitioning to retirement savings and Social Security benefits
If you’re fifty or older, there’s never been a better time to start a business. If you’re younger than 50, please support the businesses with older owners – and if you don’t feel like waiting until you’re 50, start your own business today!
