Why You Should Launch A Startup Over 50
There are many good reasons to launch a startup. From personal enrichment, to becoming your own boss, the benefits of launching startups are many. While startups are the dreams of many young budding entrepreneurs, there are still more companies that have been launched by people over 50 years old. Starting your business isn’t only viable if you are 30 years of age or younger. What you may lack a bit in endless energy and flexibility in your 50s, you have actually gained tenfold in experience and wisdom.
In fact, being older and deciding to be your own boss can give you an edge in business. You are wise, have life experience, and can relate to a wider demographic of consumers or investors. Being an older entrepreneur can be advantageous for many reasons. Don't let anyone tell you otherwise. Being an entrepreneur or startup founder isn't just a young person's game.
If you have been toying with the idea but aren’t sure if it is right for you, here are 6 good reasons why you should launch a startup in your later years.
Maximize Your Financial Stability
Probably one the best reasons to work for yourself when you are older is financial stability. You have savings, investments, assets, and financial connections. Gen X and Boomer entrepreneurs typically have more access to traditional capital sources and loans aside from the stereotypical venture capital firms or angel investor sources of funding. Mature startup founders could even bootstrap their business if needed.
In addition to having a retirement plan, you might also have savings or a life insurance plan to fall back on. If you do have life insurance and want to sell it for extra cash, you can research life settlement companies. While most associate their policy with end-of-life preparation, there are other ways you can use your policy.
If necessary, you can sell your life insurance and receive a settlement. As with any type of financial decision, it’s always best to weigh the options to receive the most out of their policies.
Use Your Wisdom
With age comes wisdom, so being older gives you an edge. You may already have experience in business, marketing, or financial management. You definitely have valuable experience working with coworkers, employees, and customers. Alternatively, you may have refined your communication skills, so you can successfully pitch your ideas to investors.
You can use your life experiences to your advantage whereas younger entrepreneurs have to learn as they go. Many investors would be more comfortable investing in an industry veteran with decades of experience, versus an inexperienced college graduate or twenty-something.
Use Your Connections
As someone who’s been working for at least 25 years, you might already know the right people to get started launching a startup. You can use these connections to possibly find a partner, secure an investor, or simply spread the word of your business.
Elder entrepreneurs have been networking for decades and have valuable associates to show for it.
Define Your Value Proposition
When younger people start a company, they might struggle to define what value they can bring. In fact, some might try to launch just because it seems like everyone else is doing it.
However, when you’re older, you may already know the value of your idea. You don’t have redefine your value or try to create a mission statement that may or may feel valid.
Think Differently
Whether you’re starting as only a side hustle or are going all in, you need to have the right mindset. Becoming your own boss is not only for those under 35.
You need to think about your business as a life change, one that you want to create for both personal and professional enrichment.
Use What You Know
It is important to use what you know as an older entrepreneur and avoid ageism discrimination. You don’t need learn a ton of new skills to be a successful startup founder. While you may have to learn different things, you probably already have a lot of knowledge you can tap into. Real world experience is everything when it comes to running a business that's actually profitable and with long-term stability.
Take the time to pinpoint all of your strengths and weaknesses, so you know what you need to focus on with your new business venture. Try to shore up your weaknesses, bet on your strengths, and hire or outsource what you need to make your business even better all-around. Then you can truly build something as good as or better than the Millennial and Gen Z startup founders and their hoodies.
