Retirement

Starting Over at 55 – In Business

Entrepreneurship doesn’t rely on strength or youth. It requires skills, experience, persistent and perseverance. Starting a business at any age as long as you know the necessary things you must do to achieve success. It doesn’t matter the age you start your business. If the time you decide is when you are already 50 years old, believe me when I tell you that it wouldn’t affect the success of your company.

mature businessman

Starting A Business After 50: 8 Things You Need To Know

According to the study conducted by the National Endowment for Science, Technology and the Arts (Nesta), older entrepreneurs created 93,500 companies in Britain and created 400,000 new jobs for people in 2001 and 2005.

They were ready and willing to take risks just like the younger generation in business.

A very remarkable “olderpreneurs” worth mentioning is the owner of what we know today as McDonald’s. Ray Kroc was a 52 year old man suffering from diabetes when he started a hamburger outlet in San Bernadino, California. If he had minded his age and the disease, we wouldn’t have MacDonald’s today.

One thing you have to bear in mind is that many people who started their companies or small business at the age of 50 and above have a lower failure rate. This is because, before the age of 50, many have worked in different companies and different industries. Their many years of experience become useful when they want to start up their own company. So unless there is another reason apart from age, nothing should stop you from starting at your age.

All you need to do is to focus on the important things and achieve great success.

If you are 50 years and thinking about starting a business, don’t panic because you have all it takes to make the business a success. If you still doubting me let me give you a few good reasons why your age is perfect for any business.

• Self-discovery – if you are already 50 years and above, you have known who you are already. Your strengths and weaknesses are no longer foreign to you.

• Passion area – With many years of living and doing different things, you have already discovered what you are passionate about and this matters in the business you want to venture into. If you do something you are not passionate about, the drive to push forward will not be there.

• You have the skills – skills don’t just come at once. It takes years of responsibilities to develop different skill to match them. As you lived and worked for others, you may have been forced to improve on your skills to overcome a challenging situation or task.

• You have experience of over 20 years – you have been working for others all this while and you want to branch out. Maybe you think you didn’t learn anything because you were not often given opportunities to manifest. Don’t worry now that you are on your own, those years of experience will speak out through your actions and decisions.

• Socially skilled – haven’t you been interacting with other people? Going to company parties, events and ceremonies. You already know how to make new friends so you will do fine now.

• Commitment and drive – you had it in you and that’s why you lasted all this years as an employee. Now that you are pushing it towards your own venture, it will increase with a force that will surprise you.

• You have built a strong network – making contacts, winning contract, meeting other contractors and vendors. All these people or companies are already the network you need for your business.

• You know when to ask for support – at 50 years, you can easily identify important people who will impact your business and keep them closer to you for support.

Let me ask you again, do you still doubt the possibility of your success if you start a business now that you are 50 year? Well, if you ask me, charge on!

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