Young entrepreneurs are often given a lot of media attention. However, the truth is that there are twice as many entrepreneurs who are over 50 as those who are under 25. A 50- or 60-year old entrepreneur is not only more experienced than a young entrepreneur but also has some other advantages, even if they are just starting their first venture. Below are some reasons that 50+ is an ideal age to be an entrepreneur.
Richer Network Connections
You’re likely to have at least a few professional connections by the time you turn 50, 60, or 70. Some of these relationships may even be strengthened by strong friendships. This is especially true for those who have worked in corporate America. It can be very beneficial to know other people from the industry you are interested in.
Stability and endurance
Entrepreneurship is rewarding but can be stressful, especially when it comes to your time and finances. Many aspiring entrepreneurs are now financially secure by the time they reach 50. Many of them will become grandparents. Entrepreneurs in their 50s or 60s can have the financial and personal stability they need to lead a successful business.
Clarity and Focus
Over 50-year-old entrepreneurs are more likely than others to invest their time and resources in projects that will have a positive impact on the future. You’ll be 50 by the time that you realize you have learned to filter your passions so you can focus on the ones that are most important. This understanding gives you the ability to focus your efforts and energy on creating something that is important, not only for yourself but also for others.
In the business world, patience is a virtue. It’s a virtue that many young entrepreneurs possess, but it is something that can be refined over time. In his 60s or 50s, an entrepreneur has experienced enough to see that being impulsive, rushing decisions, and acting on impulse is bad for business.
You will have more experience than 50-60 years in your life. This will make it less likely that you quit too soon, stop working when things get tough or force your company to grow. You are patient because you have experience.
As we age, we become more aware of the challenges and problems that those around us face. Entrepreneurs are no different. Entrepreneurs tend to feel more empathy for others after they reach the age of 50-60. This can lead to a more compassionate approach to managing people, which creates a positive work environment that naturally attracts employees.
Greater Fear Management Skills
Entrepreneurs must manage a fear of failure, fear about stagnation, and fear of competition. These are often background fears that can arise at any time during difficult times. The entrepreneur, whether he or she is 50- or 60-years old knows the fear of failure and has probably experienced it in his own life. The entrepreneur has developed a natural fear management system and response mechanism that reduces fear’s impact on their decisions.