Warren Buffet, Mark Zuckerburg, Bill Gates, Richard Branson are all names that are associated with entrepreneurial success. They all started at a young age and grew an empire from the ground up and who continue to pave the way for entrepreneurs today. While it may seem that today entrepreneurship is a young person’s arena the New York Times reports that, the fast growing group of entrepreneurs in this nation are baby boomers and beyond. Older entrepreneurs don’t always gain the spotlight as quickly as their junior counterparts because younger entrepreneurs tend to make advances in the fields of technology and media, such as with Facebook and Twitter. Older business starters tend to lean toward service related businesses such as restaurants or storefronts.
Despite the fact that younger entrepreneurs dominate the numbers of existing start-ups there are many well-known companies founded by men and women over the age of 60 including Kentucky Fried Chicken (KFC), PeopleSoft, and Coco-Cola just to name a few. Older entrepreneurs desire to own businesses because they have a passion for a certain industry of business, they want something to do after retirement, and/or their retirement fund doesn’t put them in the lifestyle that they want. No matter your age entrepreneurs have several things in common:
- They want to be their own boss
- They want financial stability
- They prefer flexible hours
Let’s take a look at the attributes that aid both older and younger entrepreneurs in their success.
- Have created a vast network and personal brand
- May be chasing lifelong dream to own a business rather than acquiring money
- Have life/industry experience
- Have better and more stable financial resources
- Can take bigger risk
- Have the same mentality of the largest consumer market
- Do not fear failure
- Have many years to learn and grow a business
- Are usually more technical savvy
Remember, it is never too late (or too early) to become an entrepreneur. Starting your own business is what many consider to be the American dream so if have the desire there is no age limit on success!