Being Over 50 Isn’t Too Old To Be An Entrepeneur
Is Age Just a Number When Starting a Business?
It is not only businesses themselves that change as quickly as the tides, but the way that business is conducted, and this pace can often leave older entrepreneurs of fifty plus, wondering if it is time to step back and hand over the reins to the younger generation. According to the experts, however, they could be missing out on some great opportunities.
Recent studies suggest that not only are over 55’s taking the plunge into new business, but they are actually funding many of their ventures using their retirement funds. As many as 500,000 over 55’s are currently calling themselves “new business owners” after taking the leap with their own funds. So many silver entrepreneurs are taking this leap, in fact, that they are now exceeding those within the 18 – 29 age group, and this number will continue to grow.
Beginning Again after 50
With such a large group of entrepreneurs being made up of over 55’s, many people are asking about what is feeding this desire to start a business this late in life. In the past, most believed it was due to the fact that once individuals got laid off, or retired, they needed another source of income, but this isn’t the case any longer.
According to research, it is their skills that are feeding into a desire to create business, and what is more, many professionals feel they are actually better at keeping their businesses alive. A recent poll by Age UK found that 70% of those businesses started by those over 50 are likely to be active in 5 years, while less than 30% of businesses belonging to younger generations will be alive.
Do Success Rates Increase with Age?
One of the reasons for their higher success rates, say some professionals, is the fact that their businesses aren’t modelled to grow at such high rates, such as those created by younger entrepreneurs. Others believe that it might actually be easier for some to start their businesses when they are older, especially when it comes to getting investors to say “yes”. Investors, according to some professionals, might feel that a 21 year old poses more of a risk, while someone with generations of experience is a safer bet.
This does not mean that it is smooth sailing for over 50’s. There are those that feel that their age puts them at a disadvantage, and it is to these individuals that experienced entrepreneurs are saying “go for it”, after all, if the idea is good, age is most certainly just a number.