The older you are, the better it is for going into business
Think you’ve missed the boat when it comes to starting a new business venture? Think again.
While the word “entrepreneur” might elicit visions of a 20-year-old making millions from their home computer, in fact the older generations are making their mark too
So how can being an older person result in a successful business?
Life experience
Sure we may not know all there is to know about how to write code for computer software, but older people do have a wealth of knowledge that is built on years of experience in the real world.
Think about what you are good at, and passionate about, and then you might just come up with a business idea that suits you perfectly.
If you have worked in a particular field for many years, there’s a good chance that you will know what works and what doesn’t. You’ll know what’s been tried and tested in the past. This will give you a great insight into what new product or service would potentially be suitable for your market.
People skills
You can’t help but be skilled in how to deal with people when you’ve already spent years working in an office, raised a family, changed careers, travelled the globe, or faced significant obstacles in your life.
Your ability to empathise with others, share ideas without judgement, and be a good listener all give you an edge over the young upstart who might still be living with mum and dad.
Financial security
Instead of having to find investors or hope to be ‘discovered’, older people are often in a stronger financial position to start a business.
There’s no time wasted trying to win over prospective investors. Instead, you can decide how to use your money as you see fit.
Strong relationships
A successful business needs the support of family and friends, as well as contacts, suppliers, and of course customers.
This is another area where the older entrepreneurs shine. Meeting people, making connections, and networking can often come naturally to older people. Not to mention the people you already know who could be potential business contacts too.
So what are you waiting for? If you’ve been using your age as a reason not to investigate starting a business of your own, now is the time to throw that excuse out the window.
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6 ways to make money online in retirement