Thinking of starting a business in your 50s? Read this…
You’re standing in a supermarket queue when you overhear a group of mid-20s (generation Z’s) having an animated discussion about their new business idea. Eave’s dropping is not cool, but when it’s this loud and this interesting, you make an exception and listen in.
The idea being thrashed out within earshot is something you, as a sprightly 50-something, have a lot of experience in [ok, without the ultra hi-tech jargon]. Still, it starts you thinking. “If that’s the kind of idea that can generate new business, then why don’t I give it a try!?”
WHY NOT INDEED?
A new start-up would be the perfect way to blaze a path into your Next Act, which can convert into your Best Act yet!
It may put a twinkle in your eye to know that the esteemed Kaufman Foundation for Entrepreneurs, said in 2013 that the prime age of entrepreneurs was 55-64 year olds.
And hold the phone – that’s not all!
That demographic is continuing to age upwards.
The Financial Times ran a story on this same topic in 2017, in which they confirm this trend of Over-50s being the new business start-up generation. I’m noticing it myself as I visit business expos and conferences across the country. It’s a trend that has legs and I’m thinking those legs have plenty of life in them.
THE BABY BOOMER ENTREPRENEUR RENAISSANCE STARTS RIGHT HERE!
Trend leader Mark Anderson, Director of Nevada Industry Excellence, has some interesting thoughts on this topic. At a recent TEDx Talk, the thought-provoking Anderson gave the more “mature” people in the audience something to whoop about when he told them the US, and the rest of the world, have never needed older innovators and entrepreneurs more than right now! The reasons are many, but mainly we are needed to take up the slack left by talent gaps and also to mentor youth.
Are you excited yet?
According to research from the US Census Bureau, by 2030 there will be more people 65 and older than 18 or younger for the first time in US history.
Take a moment to let that sink in.
More healthy lifestyles are a major factor in this phenomenon – (wipe that grin off your face you hiking, yoga, detoxing bunch). And so, with increased lifespans, it means you and your contemporaries can continue to contribute meaningfully for many years to come. Yes, you can make a difference – for real!
Anderson says the necessity of older people to reinvent their changing careers many times, while keeping abreast of the latest tech innovations of the past 35 years, means over 50s accept change and actually seek and embrace it. Innovation knows no age limit.
That’s good news – but I guess many of you already know this. Am I right?
Recent studies by the Institute for CyberScience shows that people 50 and older are often leaders in innovation, connecting their knowledge and creativity to things like revitalizing communities, improving the environment, and passing on skills. John Carroll, professor of information sciences and technology and an associate of the Institute, hopes the findings can help to change the stereotypical narrative of aging.
Carroll says the idea behind the studies is to find ways to reframe old age as a time when people can contribute, have capacity and are valuable and creative. I like the sound of that.
This turns the traditional way of looking at aging on its head – and the outdated mantra of people as they age requiring custodial care and becoming things that we need to take care of is wasteful says Carroll. Let’s drink to that!
With old age now stretching over a longer period of time, and more people being in that phase of life, it’s just more sensible to explore how older adults can do more, says Carroll.
He’s got my vote on that! This is the time of life I like to call the great entrepreneur incubator where we harness our power.
So, are you ready to harness your power and live your dream? Are you ready to put those skills and experiences you’ve shed blood, sweat and tears over to good use?
THE ONLY RIGHT TIME IS RIGHT NOW.
Let me know in the comments below what start-up business ideas you are thinking about and more importantly how you’re going to turn that idea into reality.
If you want to discuss that process click here and I’ll get back to you.
Hold on to the fact that you’re in your innovative prime right now and don’t let anyone tell you different.
You’ve got this and I’ve got you!
Dena
DENA BURTON
I’ve been a model, a real estate agent, and I am a native Angeleno. (Surviving LA traffic not only shows my ability to stay level headed, it also shows my commitment and follow through.)
