The average entrepreneur is 40 years old when they start their business. People over 55 are twice as likely as people under 35 to begin a high-growth business.
Older entrepreneurs usually have more business experience and are more willing to take risks. Many people choose entrepreneurship after honing our skills in a particular profession first, and based on their expertise.
The majority of entrepreneurs we see now have already worked all their lives or been part of a hugely successful company. They’ve retired, tried the travelling and leisure for a few years only to find out it wasn’t for them. They needed to be doing something. They’re bored and miss being involved in a business.
To most “gray” entrepreneurs, age is not a factor or a detriment to their working. They are active, both physically and mentally, tend to look younger than their years and have no problem taking on new challenges. Actually, they welcome it and will be the first to tell you that challenges are part of a well led life. They know that they might not necessarily succeed and don’t expect everything to go right because after a certain age, you learn that mistakes are made and failures happen.
With the present economy, we look more to small business and entrepreneurs to help with available jobs and though we tend to think they are younger and focus on programmes for younger entrepreneurs, the majority are actually older and more experienced workers. They are more efficient for they have learned how they do their best work and the risks they take also differ from those who are younger.
Many older entrepreneurs are turning a hobby into a business. If they have a retirement fund, they’ll apply what they have saved into their start up and use the business to carry them through their retirement. Sound risky? Maybe, but to them it’s worth it to be doing something they love, rather than passing the time in boredom and feeling useless.
Entrepreneurial ability does not change as you get older. If you are the type to start a business and have the business knowledge and ability at 30, you will still have those abilities at 60, only you’ll have more experience to go along with it. You’ll have an increased understanding of people, demographics, products and services and most of all, what you want to do with your business.
© Chris Draper, DemGen Inc. 2015
