Advantages of Older Entrepreneurs
By James Pruitt, Senior Staff Writer
Age, Veteran Status, and Entrepreneurship
These days, veterans come in all shapes and sizes. From the oldest to the youngest, veterans bring necessary skills to their communities, including countless niche specialties necessary to keep our economy flourishing. Many such veterans are older, and age is a strong asset to entrepreneurship.
Network of Connections
Older people know more people. Successful entrepreneurs have expansive tendrils of connections at their disposal. These tendrils often reach deep into their life experience, and draw upon wide expanses of interests, hobbies, and life experiences. In this sense, older entrepreneurs can mine a far richer substrate of expertise, advice, and enthusiasm. Reconnecting with that old friend with shared interests may provide the spark, even after decades.
Financial Advantages
Often, a few more years allows that much time to strengthen your credit and savings. New businesses require capital. With a few decades under your belt, you may over have accumulated the capital to bring that great idea to life.
Obviously, do not lose your nest egg in the process. Especially in this new age of “working from home,” there are numerous strategies to carefully stream your capital into your life’s dream. If you have money on-hand and your idea is feasible, go for it. Loans may be another story. While friends and family may provide another resource, trouble may brew later. In short, consider your future, your company’s scope, and plans for your company.
Older entrepreneurs do tend to have more financial resources, whether savings or credit. These resources provide an advantage when used wisely.
Experience and Perspective
Inevitably, for all of us, the older you are, the more you have failed, and the more you have learned as a result. Your experience has taught what mistakes you can and cannot make.
Age brings perspective. Some problems are small, and some are big. Douglas Adams’ The Hitchhiker’s Guide to the Galaxy repeatedly uses the aphorism “don’t panic.” Never panic. However, you should know your priorities. Maturity often brings an understanding of when to calm down, and when a dangerous situation may loom ahead.
Trust of Clients and Creditors
Your past connections may help in the acquisition of loans and small business grants. Such connections may also conjure up more active clientele. Older people can often summon more expansive resources to back up claims of quality, ingenuity, and trustworthiness.
The same goes for marketing. Your connections may help bring clients. Satisfied clients write good online recommendations. They also bring new business. Older business-starters likely have more to draw upon and should use these resources extensively, within reason.
Resources for Older Entrepreneurs – below are some valuable resources for older entrepreneurs:
- Work for Yourself at 50+ (aarpfoundation.org)
- Tips for Older Entrepreneurs Starting Their First Business (uschamber.com)
- 10 Tips for ‘Senior’ Entrepreneurs | Next Avenue
- Can I Get An Encore? 7 Tips for Older Entrepreneurs (forbes.com)
- 5 top tips for entrepreneurs over 50 | Wise Living Magazine
- Here are seven tips for starting a business in your 50s — and beyond (cnbc.com)
Conclusion
“Older” workers are often the best-situated to earn money independently. Many have income streams to carry them too. A mid or late-career professional may think they find themselves “marooned,” without further paths in their desired trajectory. However, the skills they have developed and the talents they have discovered may be staring them in the face. Military veterans especially have gone through training and development that left them with invaluable skills. Long story short, go-for-it, but be cautious, and consider your resources and the context beforehand.
VAMBOA, the Veterans and Military Business Owners Association hopes that this article has not only been valuable but provided some unique perspective. We work hard to bring you important, positive, helpful, and timely information and are the “go to” online venue for Veteran and Military Business Owners. VAMBOA is a non-profit trade association. We do not charge members any dues or fees and members can also use our seal on their collateral and website. If you are not yet a member, you can register here:
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