Too old to start a business?

If you are over 50 and your job is at stake due to the COVID-19 pandemic then you are most probably very worried about the future. The prospect of having to search for a new job might feel paralyzing, knowing that this will be a very challenging task in the current state of the economy. Not to talk about age discrimination which is, unfortunately, an undeniable fact.

As hopeless and discouraging as this situation might look at first, it can also be a huge kick in the butt to finally set up your own business and start doing the things you always wanted to do.

Middle age is the Ideal age to start your own business

Here is why I think that your age is your biggest advantage in becoming a successful entrepreneur.

Silver startups are more successful

Did you know that the chances of startups run by older entrepreneurs are twice more likely to survive?
Or that the highest rate of entrepreneurship worldwide has shifted to the 55–64 age group? (Source: Global Entrepreneurship Monitor)

This does not strike me as a surprise.

Take a moment to think of all the valuable and diverse experiences and wisdom you have accumulated so far. Think of the extensive network you have garnered over the length of your career. These are the advantages that can set you up perfectly for starting a business.

Our desire to grow and explore does not decrease with age, neither do our productivity and mental capacity. We have all the resources we need to succeed.

Midlife brings you to your purpose

Midlife is the period when we naturally question the choices we’ve made, realize our limitations, and truly come to know who we are. At this age, we are closer to knowing what our purpose in life is and thus, creating a life that has more meaning. By now, you are probably asking yourself, how this relates to starting a business?
Knowing your purpose gives you the framework for defining the right products and services that will make your own business unique, competitive, and valuable.

If finding your purpose sounds like an impossible or vague task, I suggest you get some inspiration from the memoir of Viktor Frankl. He argues that we cannot avoid suffering but we can choose how to cope with it, find meaning in it, and move forward with renewed purpose.

Easier to get initial investment

Members of the 50+ club have bigger chances of being able to self-fund their business. This is due to accumulated savings or inherited wealth. For this age group, it is also easier to access their retirement funds, thanks to new, more flexible regulations.

Even if this is not your case, in today’s digital economy, you can start an online business with no initial financial investment. Check out, for example, the lucrative affiliate marketing opportunity, where you can choose to promote products and services that reflect your values and interests from the comfort of your home and get paid for performing a valuable business service.

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Conclusion

My intention was to outline some of the advantages of starting a business at an older age. Entrepreneurship is not only a source of income. It is also a very powerful gateway to personal growth, achieving social recognition, and a deep sense of meaning.

I hope your view of the future is a bit brighter and broader now.
In the highly unlikely case that you still think you are too old for embarking on an entrepreneurship adventure, please spend a few moments here for a reality check.

3 Changing Beliefs Since I Started An Online Business

Now that I am on this exciting journey of building my own online business, I am noticing that some of my hardened beliefs are starting to change. There are plenty of practical things to organize and new skills to learn in this phase.

From configuring my digital assets to mastering new marketing and communication tools. They all contribute to my progress however, I feel that the shift in my beliefs is the biggest accelerator towards the much-desired financial freedom and more meaningful life.

Selling is bed
Photo by Xiaolong Wong on Unsplash

So here are the 3 changing beliefs:

  1. Selling is bad
  2. Keep work and personal life separate
  3. Entrepreneurship is risky

Selling Is Bad

I am raised in a culture where modesty was one of the highest virtues one could have and selling was the exact opposite. Selling was seen as a dubious job of pushing people to buy something totally useless by applying manipulative tricks and lies.
I was convinced that I am not a good salesperson and that I should not even think of becoming one.

In the process of setting up my own business, I started thinking about my purpose and the value I am adding to the world. Pretty soon, I figured out, that the only reason my business will thrive is if I am adding value to my customers. If my products and services, genuinely help, inspire positive change, inform, educate, or solve people’s problems, then I should be proud of what I am selling, right?

I realized that selling is much more about listening to the customers and understanding the situation they are in and with that knowledge, focusing on the value you can create for them.

Selling is thus a good thing to do when you motivate people to challenge the status quo, take action, and achieve what they desire. As this business school professor told The Harvard Business Review, selling is not about putting undue pressure on and talking incessantly. Rather, selling is persuading, inspiring, and leading to drive change.

I am glad I am honing my sales skills as we speak because they are actually very useful in all kinds of situations, not only in business.

Every leader needs to be good at sales. Whether you want to move your neighbors to invest in a certain good cause or guide your children to develop healthy habits, the sales skills come in handy. They will help you create strong relations with these people, grab their attention, and inspire them to make the desired change.

Keep Work and Personal Life Separate

The second thing I believed is that my work and private lives should be kept separate. I believed that I should strive to integrate well in my work environment by adopting the well-established norms while leaving all my unique traits, dreams, and exciting ideas at home.

You could easily observe this strong division in my wardrobe. The ironed, stiff and boring gray and blue clothes hanging on the one side, and the colorful, comfortable ones expressing my unique personality on the other side.

Me having a video conference with my colleagues while enjoying some fresh air at home

Working on my own business has helped me merge these two worlds and get the best out of them. Working for many years in corporate and consulting jobs has taught me how to blend in my customers’ culture, listen actively, and understand their pains and desires.
On the other hand, my own business is teaching me to cherish the unique experience I have and trust that it is the best source for creative and innovative ideas. I am not talking just about the things mentioned in my corporate cv, but especially about all the turns and the choices, places, events, and insights that influenced me becoming the person, I am today.

Becoming your own boss is the best way to accelerate personal growth.

I believe now that the better you get to know yourself and the more your share your perspective, the more connected you will become with likeminded people, and the sooner you will discover what is the unique value you can provide to the others. And if the others are happy with it, they will be more then willing to reward you.

Entrepreneurship is risky

The risk was my major reason to avoid considering entrepreneurship until I realized that the security I have by working for one company is fake. This is unfortunately confirmed today as we watch millions of people who have been impacted by the current COVID-19 crises.

Someone who works for a company has one source of income, their employer. An entrepreneur can create many different sources. If the employee gets laid off, they are out of a paycheck, but if an entrepreneur loses a customer, they have many more to fall back on.

Photo by My Life Journal on Unsplash

Once I understood these dynamics and realized that no one owes me anything, not my company nor my government, it became crystal clear that I should take full responsibility for my financial future.
This is what motivates me to invest in myself and my business, to figure out what is my unique contribution to this world, to imagine the ways to achieving it, to find the methods that increase my productivity, to persist, to be the creator of my life!

When managed properly, being an entrepreneur can actually be one of the safest and most fulfilling careers possible.

Conclusion

I am thankful to have discovered that entrepreneurship is the constant fire that energizes and challenges me to be a better version of myself every single day. Since I have started on this amazing leadership and personal growth journey, I have challenged many of my limiting beliefs and created new possibilities for me and the people around me.

If entrepreneurship and setting up your online business sounds interesting to you, check this excellent training below.

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Can I become financially independent?

Can I really become rich? Can I achieve financial independence?
I am not born in a rich country, nor in a rich family. I work for a salary and am already halfway through life. According to the businessman and committed financial educator Robert Kiyosaki, I am a bit late with starting to think about this subject.
However, he also says, it is better to start now than never which is why I dived into his #1 New York Times bestseller “Rich Dad, Poor Dad” and here is the wisdom I found.

He basically says that the two most important things you need in order to get rich are financial education and a mindset change. With these two in your pocket, you can develop a plan to thrive and avoid being a victim of these difficult COVID-19 times.

Financial Education

This is something we generally do not learn at school. These are subjects like Accounting, Marketing and Sales, Law, and Investing. Even if you happen to have specialized in one of these subjects, you most probably do not use this knowledge to become financially independent. Instead, you are filling the pockets of your boss or the government.

Learn Financial, Digital Marketing and Sales skills as soon as possible

The children of the rich people take in the knowledge of these subjects with the mother’s milk. They learn to make the money work for them on the dinner table. This doesn’t mean, that for them, it is not hard work to become or maintain their wealth, but they do have a huge start advantage with experienced mentors guiding them.

I am not so worried about learning new skills. If you are anything like me, having a career in the fast-paced corporate world, you are used to updating your skills on a regular basis. We also have a natural need and curiosity to grow our knowledge, so spending time learning new skills feels satisfying for most of us.
So, why not follow the advice of the rich dad of mister Kiyosaki and pick up on Investing to learn how to create assets that will bring us passive money?
Why not follow Digital Marketing training, or Sales and Online Business to learn how to inspire people. To understand how to add value in their lives, for which they will be grateful and willing to reward you.

Mindset change

This one is the tougher of the two things you need most to get rich, according to the book, and I fully agree with Kiyosaki, as I have tried it. Changing your mindset takes time and lots of discipline. It requires identifying your fears and learning how to embrace them without being distracted from your goal. In other words, learning to take controlled risks and building your courage and self-esteem.
You will need to get to know yourself much, much better. Discover your purpose, your strengths, passions, and beliefs. Change those ones who are not serving you anymore.

Financial independence requires a mindset change from employee to entrepreneur
M.C. Escher “Hand with Reflecting Sphere

You will need to start loving yourself including the things you do not like at the moment.

As you can imagine, these are not easy tasks. However, they are very fulfilling and will add enormous value to your life. Instead of being a vulnerable employee, you will be an entrepreneur who takes the lead, imagines, and creates the future he loves. You will become wealthy, an achiever, and will be able to impact the world in a profound and meaningful way.

The mindset changing is a journey of personal growth. If you want to progress quickly, the support of likeminded people and mentors, who are steps ahead of you, is crucial. Getting the right skills, that you can do on your own. There are plenty of books and online courses.
But you can not do the mindset shift alone, or at least not quick enough to live a substantial part of your life in abundance.

Having the support network, on the bad days, on the days you are doubting and feeling miserable is of uttermost value. Having people who will hold the space for you, who will listen deeply and guide you in every step of this incredible journey is the key to keeping persistence and not giving up halfway through.
You might be lucky and find this sort of support in your current circle of friends, yet the chances are high that their mindset is exactly the one you want to change. You know that you are a product of your environment, right?

The SFM platform has both

This is why I want to introduce you to the SFM mentoring and training platform I am part of.

Check the ALL-IN-PACKAGE of the SFM mentoring and training platform

Their biggest value is not the sophisticated tools and world-class training programs, events, and webinars, but the personal guidance and support they give to help you break through the ceilings in your life and business.
It is the people, the community, the unique culture of helping each other to grow and become the best version of yourself. Check what they offer by registering for this Free Webinar and let me know if I can be of any help to you in your personal journey to becoming rich and living life on your own terms.

Financial well-being

Do you dream of retiring earlier and being free to follow your adventurous plans?
Or has the global wreak destruction of the coronavirus already knocked on your door and made you worried about your financial future?
Or perhaps, you are just like me, living from day to day, thinking that everything is okay as long as you have a regular job and your monthly costs are covered.
Until one day, when suddenly something happens, that makes you see how shallow your wallet is and how vulnerable you actually are.

Wake up call

Me and my mother

In my case, it was when my mother got weak, broke her hip and could not take care of herself anymore. She suddenly needed special treatments and 24-hour service, which she could not afford.
You can imagine how much I would have loved to be able to help her. To be able to lift the difficulties she was going through by taking at least her financial worries away. But I couldn’t, and that hit me really hard. It made me feel useless and miserable.

I have been having a respectful corporate job for almost 30 years and yet, my salary was not sufficient enough to accumulate the financial means to help my parents. This situation felt unbearable and unjust, and yet I am thankful it happened sooner than later, to wake me up.

Do something about it

The situation with my mother pushed me to think further. I realized that it will not take long before my health care bills become significantly higher too.
This, combined with the global pension crises recently described in the Financial Times, meant that my financial stress will only increase and I could not keep shutting my eyes anymore.

And when you start looking around, the solutions will come your way. I was lucky to get the recommendation from a trusted and dear friend about the SFM online academy. This academy has a unique curriculum which is a combination of entrepreneurial and digital marketing skills. Thanks to the divers, vivid community I am on the fast track of learning to leverage the power of the digital economy and generate extra passive income to secure my future.

I never thought I will become an entrepreneur, but when you build a business centered around your interests and passions, it works like a magnet. The personal growth I have experienced ever since and the confidence I have gained in being able to cope with any financial drawback are some of the benefits of this investment in myself.

It all started with these series of free workshops which I am delighted to share with you. Meet Stuart Ross, one of the most inspiring visionaries and marketing gurus I have the honor to learn from. Walk around, get informed and decide if now is the right time to invest in your financial well-being.

I will be here to answer any questions and support you the best I can.

When we invest in ourselves, it multiplies back to us. Good luck and stay safe!

How to find a fulfilling job at 50

Are you a professional who has lost motivation? Are you unhappy in the corporate world?

You might be doing the same work for years now, without a significant increase in satisfaction or financial reward. What years ago has started as a respected job enabling you to provide for the family, has turned in to an unfulfilling routine, almost feeling like a waste of time. You might be fed up with the bureaucratic inefficiency, the endless meetings, and the daily commute.

You are dreaming of waking up inspired and eager to start the day. You want to change, but you don’t know exactly how. You might be afraid to lose the security your current job is providing. Perhaps you even fear of being too old for a career change. After all, you have reached the age of 50 and have an excuse to take it easy.

Well, let’s be honest. One thing is for sure true. If you do not start acting, nothing will ever change.

So let’s explore together what are the possibilities of creating a more fulfilling job financially, as well as in terms of meaning and lifestyle.

Option one: Climb the ladder

The easiest option might seem to be to stay in the corporate world and climb the ladder. Become a manager to increase your impact and the financial reward. You like developing your leadership skills however, the effect on your lifestyle will be very negative. More meetings, more corporate politics, and commuting. In addition, your company might not be one of the few, that has developed HR support for older employees. So you might be left on your own to invest in time and money to gain the management skills, such as an MBA or similar education, needed to produce the desired change.

Option Two: Find a new job

You can also consider searching for a new job outside of your company. Make a career switch into something more meaningful and interesting, more aligned with your current values and needs.
This is a great idea, but very tough to achieve, because of the bias of age. According to the Harvard Business Review, evaluating and discriminating people based on their age is becoming our major challenge in the workplace. The statistics show that two-thirds of individuals age 45 to 74 have experienced age-related discrimination.

No matter how good your track record is, employers see you as a more expensive, less capable and less flexible than the younger candidates. With each interview you have been declined, your confidence is deteriorating and your fear of being too old for a change is being fueled.

One way to avoid being affected by age discrimination is to become your own boss.

Option Three: Start your own online business

This is maybe the most daring, and also my favorite option because it enables you to live life on your own terms. Yes, if you have never been an entrepreneur, you will have a steep learning curve, yet this will give you the fulfillment and the meaning you were looking for. Becoming an entrepreneur is all about getting to know yourself better, finding your purpose and how you want to impact the others around you.

I am convinced that older people have the advantage when starting their own business, for the extensive network, rich life experience, and wisdom.

Don’t let the fear of old age paralyze you. Do not slow down and develop an inferiority complex at the age of mental maturity, because the truth is that man’s most useful years, mentally and spiritually, are those between 40 and 70.

Conclusion

All three options will require quite some time and money investment. Option one will bring you more impact and a higher salary, option two will give you a job that is more aligned with your values and current interests. Option three will give you all the above, and much more. It will give you independence, self-confidence, and freedom to do the things you are truly passionate about.

I recommend you to read Napoleon Hill’s book Think and grow rich for some wise thoughts on how to get to know and influence yourself better, as well as become a successful entrepreneur.

If option 3 sounds exciting, but you wouldn’t know where to begin, like it was the case with me, I suggest you take a look at the digital marketing possibilities, such as e-commerce or affiliate marketing. SFM school offers practical and affordable education. You can gain digital marketing and leadership skills at your own pace. They also have a vibrant, global community that can support you in this quest and take you by the hand in every step of this exciting journey. Check their free introduction workshops and let me know if this school fits your needs.

With option 3 you are not only getting a new job but a whole new lifestyle, tailored by your own terms and needs.