It’s Never Late to Have a Second Career as an Entrepreneur. Here’s Why.
Many people believe in a common myth that startups are only for younger generations, and not for older and mature people. But as there is tons of evidence, most new entrepreneurs come out from the people aging between 45 and 64. Moreover, the success rate also moves up with age. That being said, the rate of being an Entrepreneur is massively increasing among elders, here are some reasons why.
Elders are more inclined towards changing lives, rather than their own lifestyle:
We get it — younger generations have the urge to be passionate and fearless about what they can do. But most of these motivations come from having to earn a reputable lifestyle for themselves.
However, as they grow and understand the meaning of changing the lives of others, improving one’s own lifestyle doesn’t feel as important as it once did. When an entrepreneur gets older, they’re more likely to understand the meaning of bringing change and innovation to the lives of people, and thus, they’re more likely to pay less attention to their personal self-interests. This ultimately enables them to think radically and it increases the success rate in the long-run.
Elders have the capability to find hidden opportunities in plain sight:
Many young entrepreneurs often develop solutions to problems that weren’t that important in the first place. Yes, it’s indeed very satisfying to see a shiny solution to a problem being developed by a young entrepreneur — but it’s important to understand if the problem actually needed fixing.
A mature entrepreneur can understand the criticality of opportunities, i.e., how important it is to grab and address an opportunity.
Elder entrepreneurs have had the time to develop a purpose:
Many successful businessmen don’t understand the purpose and aim of their lives until they’re halfway through their lifetime — and that’s completely normal.
Elders have spent a major portion of their lives shuffling through different jobs, businesses, opportunities, and others. They have had the experience to experiment with everything they could possibly do and ultimately come up with a purpose that fits themselves.
Elders have made “necessary” mistakes:
Failure is never the opposite of success, it’s a part of it. While making several mistakes along the line and failing multiple times, one gets to understand common mistakes and their potential fixes.
This makes elder entrepreneurs capable enough to detect any mistakes before they are even made, and develop solutions for these mistakes beforehand.
They know how to lead:
An entrepreneur is not answerable to a boss. He’s his own boss and is responsible for everything that comes and goes. Through the years that an entrepreneur learns to be the judge, critique his own work, and find fixes to make things better, he obtains all the right ingredients to be a logical leader.
Elder entrepreneurs are able to push and lead the people working with and for them — and that’s one of the key pieces of the puzzle of making a business successful.