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.
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.
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.