Better Late Than Never: The Success of Older Entrepreneurs

Wal-Mart Better Late Than Never THE SUCCESS OF Older Entrepreneurs 40: The average age of a successful entrepreneur in high-growth industries such as: Computers Health care Aerospace A study by the Founder Institute found that up to around age 40, businesses are more likely to succeed as their founder's ages increased 10 20 30 40 50 60 70 After 40, age had little impact The number of businesses created by entrepreneurs between the ages of 55 and 64 has risen drastically: In 1996, just 14.3% of new entrepreneurs were older than 55 In 2012, that number increased to 23.4% Compared to younger founders, older entrepreneurs are less likely to worry about: The 55 to 64 age group starts new businesses at a higher rate than people in their 20s and 30s Risks Experience Plus, they've had the highest rate of entrepreneurial activity in the last 10 years Family life Older entrepreneurs often possess more experience and expertise, better performance, and improved judgement than younger ones According to Erik Erikson's 8 stages of development: The 7th stage-between the ages of 40 and 64–centers around these aspects: In a Gallup poll, 8 out of 10 baby boomers described their entrepreneurship as a lifestyle choice they hoped would allow them to: Generativity (vs. stagnation) Work more independently Productivity Pursue their passions Creativity Increase their incomes AGE IS JUST A NUMBER: Successful Entrepreneurs Who Made It Big After 40 Wal-Mart Sam Walton 44) Walmart Founded Wal-Mart at Save money. Live better. Adi Dassler 49 adidas Founded Adidas at Leo Goodwin 50 GEICO Founded Geico at Gordon Bowker 51 Founded Starbucks at TM 52) Campbell. Joseph Campbell Founded Campbell's Soup at THE HUFFINGTON POST Arianna Huffington 54 Founded The Huffington Post at 61 EM IBM Charles Flint Founded IBM at Harland David Sanders 62 KFC Founded Kentucky Fried Chicken at Henry Kaiser 63 Founded Kaiser Permanente at KAISER PERMANENTE. Start a Business (at Any Age) WITH THESE TIPS Get support Be prepared for longer hours Set up a support team. Have friends and family hold you accountable for your vision. A new business venture requires time and commitment. Seek out industry mentors or inspiration. Embrace technology Tap into your experience If you're not adept at certain technologies, such as social media, take a webinar or ask for help. With age comes a larger network and more expertise in a given industry. Have an exit strategy Build startup funds If you start a business later in life, you may only want to run it for 10 years. Seek funding from a bank, family, friends, or other investment funds not connected to your retirement fund. Have a plan: Leave the business to your children, sell it, or shut it down. Genuinely love what you do Don't expect overnight success Consider your values at this stage in Just because you're older and wiser, starting a new business at any age isn't always a piece of cake. your career. Remember why you wanted to start this business. If you're ready for an encore career, don't forget the old moniker "Age is just a number." Success is dependent on drive, passion, and a sound value proposition-not how many birthdays you've had. SOURCES hbr.org bostonglobe.com 50plusachievers.club venturelab.org techcrunch.com entrepreneur.com seattletimes.com britannica.com inc.com goodreads.com pinterest.com money.usnews.com kauffman.org adidas-group.com makers.com huffingtonpost.com businessinsider.com blog.adidas-group.com fundersandfounders.com link.springer.com nsuworks.nova.edu sysrun.haifa.il.ibm.com BROUGHT TO YOU BY IN PARTNERSHIP WITH SUREPAYROLL A Paychex® Company GHERGICH&Co. |(O, (0