Are you too old to start small business?


When hearing the term entrepreneur most people think of a 20-something, smart looking kid who has just completed high-school or college and is eager to change the world. The images of Mark Zuckerberg or Google founders come to mind. While it is true that many of the famous companies were started by folks when they were in their prime, there is certainly an argument to be made for starting small business by people who are in their 40’s and 50’s.
Popular belief is that many of the people in that age group like to settle down and enjoy their steady lives. But there are number of “old” people who want to try their hands at entrepreneurship and small business ownership. We like to call them “experienced” as opposed to “old”.
So why do we think it is perfectly alright to start small business in 40’s and 50’s? There are number of reasons and they all have to do with what you have collected along the way.

Experience
This is probably the best reason that gives edge to those starting business at a later age. These people have amassed great deal of experience by the time they reach 40’s and 50’s. They have “been there, done that!” The wisdom they have collected from working with many types of people in variety of situations is very helpful in running small business. No wonder Home Depot employs so many experienced people in their stores. They know exactly what customer is looking for and are ready go out of their way to help them.
Contacts
People who have 25-30 years of experience under their belt have, no doubt, collected a large number of business cards in their Rolodex. This can come in very handy when starting small business. Small business owners do need large support network that includes different types of professionals such as lawyers, accountants, marketers and so on. This list of contact proves invaluable for counseling and customer leads.
Self Knowledge
People who have gone through variety of experiences, including both failures and successes, in their life know what works and what does not. They also had time to think about themselves and know their strengths and limitations. This is very important for anyone who wants to get into small business. It is only through self knowledge of yourself that you can hire or partner with smart people who can complement your limitations.
Time
Now that they have reached the age when kids are in college or about to, people have more time on their hands to focus on what they like. They don’t need to worry as much about family obligations. Running a small business does need significant time commitment and old age helps with that.
Money
Along with time, money is another factor that works in favor of old people. They have already taken care of majority of children’s education and house payments. They have also saved enough for retirement and have sufficient amount of personal savings. This leaves them with extra money they can invest in their business. It also affords them opportunity to take some risk.
As you can see it is not only perfectly alright to start a small business by “old” people; but it is even better do it at that age. What do you think? Are YOU too old to start a small business?

Comments

  1. Harry, superb points in support of finding the entrepreneur in you when middle aged. Thanks for inspiring others at a time when the job market isn’t the solution for enough people.

    • SmallBizViewpoints says

      Thank you AnnMarie. You have been true inspiration by actually jumping in when most others fear to go in the water.

  2. Aamir Khan has nailed it right in Todays HIndustan Time 16/7/2012. retired & Senior people today need money the most and some extra respect. ( A Solution is Given at the End) What if they had some Interesting work to do sitting at Home ? what if the work could fetch them good Money? what if the work was easy? what if the Work used their experience ? what if People around start Respecting them more because of the Work they do?
    and.. Most Important.. what if the work Helped one More segment ” THE SMALL BUSINESS Owners” to Grow their Business? would it make a difference?
    Will it reduce the stress and pressure at Home , caused by a OLD person at Home?
    Will it make the a Valuable Contribution of Money at home?
    Will it Improve the Relations with new generation, because Old people are not Sitting around?

    Micro-BPO, concept could greatly help these Old, Senior Citizen , the Educated Ones , The Physically challenged people.. I seriously feel, These Experienced OLD People can get Real Business Opportunity to EARN a Second Innings of their lives . and Make it COUNT.
    Let People respect them.
    Work at Home, any time. Make Money. AGE no bar.
    Aamir Khan has said it today. I will take it forward. Working on it for past 8-12 years.
    see complete details http://schoolofbusinesswisdom.com/micro-bpo/
    don’t forget to see the frequently asked questions.
    a problem can give rise to Solutions, and solve many more problems.. Thanks to Aamir.
    best regards
    Jayant Hudar
    http://www.schoolofbusinesswisdom/micro-bpo/