August 23, 2010

Think you're over the hill? Too old to start up a business, write a book, or travel the world? Do you think your accumulated years of life and living are working against you?

Think again.

The famous playwright George Bernard Shaw once said, “Youth is wasted on the young."  I wholeheartedly agree!

Are you someone who thinks that the young have it all? That, just because they have good health, sharp minds and a seemingly inexhaustible supply of energy, they have everything going for them?
 

Then consider this: How many young people do you know who recognize and utilize all the advantages that youth offer?

That's right. Very few.

Now, let me ask another question. How many "midlifers" realize what a valuable asset their life experience is when starting up a business?
 

Not many. Right?

This is something that both young people and "midlifers" have in common: neither group realizes the advantages of their age. So, before you throw in the towel thinking your age has stacked the odds against you and your new business possibilities, it’s time to review three of the benefits that age brings.

Three Reasons Why Age Is an Asset to Midlife Entrepreneurs

1. Midlife entrepreneurs know themselves better than young entrepreneurs.

By the time you've reached midlife, you have a pretty clear understanding of who you are and what you want out of life. You know what you need and what you don't, what your strengths and weaknesses are, and what you will and won't put up with.

Many young entrepreneurs do not know these things about themselves. If you start up a business before you first figure out who you are and what's important to you, you could possibly end up with a business that earns you a living. However, it may not be a business that is fulfilling on a personal level.

2. You have a full contact list and 20 to 30 years of experience to back you.

Whether you've been downsized, are ready to spread your wings now that your children are out of the house, or are retired and not ready to stop work completely, you have accumulated a lifetime of contacts that young entrepreneurs just don’t have.

Relationships take time to form and years to deepen. When it comes to forming long-term relationships, there are no shortcuts. It takes time to build trust. It takes time to build rapport. And it takes time to really know someone. This is a distinct advantage midlife entrepreneurs have over young entrepreneurs. By midlife, you've put in the time and built relationships that are both rich and deep. You know who you can trust, who you can rely upon, and have a contact list full of established professionals you can call up at any time. Young entrepreneurs don't.

3. Midlife entrepreneurs know what matters.

It's only when you're well into adulthood that you actually figure out what's important: It isn't what you own that matters, it's about how you live your life. And the "how-you-live” part becomes more important the older you get.

This is because most midlife entrepreneurs between the ages of 45 and 55 have experienced the loss of someone they loved. Whether it was due to illness, accident, or natural cause, they now know they’re not invincible. They now know that they don't have all the time in the world ahead of them, and most important, they know how they want to live their remaining years.

Young entrepreneurs just don't share this perspective.

If you think you're past your prime and too old to start up a business, get your book published, travel the world, and think again. Young entrepreneurs don't have as much going for them as you think. Do yourself a huge favor and tune out the negative self-talk about growing older and focus instead on the many advantages of becoming a midlife entrepreneur. Your years on earth have prepared you, in many positive ways, to start up a personally fulfilling and financially rewarding midlife business.

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Related Topics

• Innovation

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Susan L. Reid, Article, entrepreneurs, startups, Small Business Trends

Join the conversation ( 10 )

• Lisa Kanarek 1 year 9 months and 0 days ago

  

  There's definitely something to be said about experience. Someone who has been in the corporate world most of their life brings so much to the table when they start their own business. The first step is to think about what you love to do and find a way to make money doing it. Or if you know that you could provide a service or product that's not available or could be improved, go for it.

• Kris Appel 1 year 8 months and 29 days ago

  

  I started a business at age 45, after a 17-year career with the federal government. I have read that mid-life entrepreneurs won't want to take risks, won't want to make the necessary lifestyle changes, and have too many other commitments. That couldn't be farther from the truth. We have learned to seek out help when we need it, we have learned how to negotiate, we know how to scrimp and save to do more with less. Even better, we start companies that make a difference -- our "humanity" radar is better honed, and we want to help people and the planet, not necessary make a billion dollars. Mid- and late-life entrepreneurs should be the role models for the new millenium business.

  • Archet Infotech 9 months ago

    

    This article as well as you inspired me a lot as I am at 40 planning to start up a business.Thanks

• Sandor ( Sandy ) Lenner,CPA 1 year 8 months and 29 days ago

  

  With life expectancy going well into the 80's , baby boomers in corporate American should grab the opportunity to work on their own as they experience their mid life . The key is to do something related to your past profession or job to benefit from your contacts and experienceSandor Lenner

• Karen Emanuelson 1 year 8 months and 30 days ago

  

  Susan, the small business owners I meet -- even those in their 20s --agree with you that young entrepreneurs just don't share the same perspective as those who are more experienced. My clients appreciate my age. Since I formed my social media consulting firm, Reciprocate, at the age of 50, I have had no shortage of clients. Regardless of their age, small business owners who attend my social media presentations say they appreciate my perspective based on my decades of marketing experience. The key to successful older entrepreneurs is using their decades of experiences while keeping up with industry trends and changes, including new marketing tools such as social media networks.

• JULIA KIRK 1 year 9 months and 0 days ago

  

  We've seen success working with mid-career women to start and grow technology-based companies through our award-winning ACTiVATE program. Having likely been successful in their careers, we've learned that mid-career women have distinct needs and so we work to create that safe environment where they can learn and grow but also give them a 'boot in the ***' to think bigger and get out there and DO IT. http://www.pathforwardcenter.org/programs/activate

• JULIETTE WEILAND 1 year 9 months and 0 days ago

  

  My husband and I just started our Last Great Business Adventure together this year. He had been with IBM for over 40 years, with his most recent experience in China consulting for a large telecommunications company. I had my own public relations and marketing communications company, based in the U.S., for over 15 years and had just gotten my MBA. We've joined forces for "Best Practices in Business Transformation." He's contacted several of his ex-colleagues who are joining us as collaborators. We're learning as we go along and can't believe we are so lucky to start a new venture that combines our expertise.

• DAVID HOFFMAN 1 year 9 months and 0 days ago

  

  I started my business when I was 45 just before the economic world turned upside down (I've always had a knack for great timing). Still, after seeing the way things shaken out, I'm working harder than I even imagined but have no regrets. Two things that have helped immeasurably; 1.) taking an office in a suite with other furnished offices - in addition to being set with phones, Internet and admin support, it feels like the corporate office environment I've always worked in. 2.) Participate actively in networking and business groups - it leads to business and creates a peer group.

• TRUDY PHILLIPS 1 year 9 months and 0 days ago

  

  A friend and I were just talking about this earlier today. She is 40 and I started my business over 20 years ago when I was 45. I am seeing people starting businesses now at ages 50-60 as a result of so many layoffs. This group is more cautious because they do have more worldly knowledge. But the caution is not a stumbling block to their successes.

• GAIL ZABEL 1 year 9 months and 0 days ago

  

  In June of 2009, the Ewing Marion Kauffman Foundation of Kansas City, MO said that the highest rate of entrepreneurial activity for the last 10 years has been among the 55 to 64 age group. The lowest level of entrepreneurial activity was among 20 to 34 year-olds, defying the conventional image of the risk-prone Internet entrepreneur.Obviously this is not a new trend nor fueled by the economic downturn. However, we may even see an increase in this statistic as older employees who may have lost their jobs realize that few are hiring experienced employees.