While tech icons like Mark Zuckerberg and Elon Musk get much of the news coverage, it isn’t just young or middle-aged people that are finding success in the business world. In fact, a 2016 report by the Kauffman Index of Entrepreneurship found that 24% of new entrepreneurs are between the ages of 55 and 64 and that number is expected to rise.
Even if you’ve recently retired or are preparing to do so, owning your own business comes with dozens of benefits. And at your age, you also have some unique advantages including:
Career experience. As a Baby Boomer, you’ve been in the workforce since the late 60s or early 70s. You have over four decades of work experience that you can bring to the table. Whether you’ve stayed in one industry your entire career or have jumped around from profession to profession, you’re an expert. Use that past experience build something great.
A wealth of knowledge. Wisdom comes with age. You’ve witnessed hundreds of social, professional and personal interactions in your life and you know what communication techniques work. You’ve also seen the rise of new technologies and industries, and have managed to adapt and succeed all the while. Your resilience puts you in a unique position to thrive as an entrepreneur.
You’ve been through the good and the bad. Young people are often willing to throw in the towel after one or two minor setbacks. Not you. You’ve witnessed it all. As a Baby Boomer, you’ve experienced rejection, acceptance, business deals, and business faux pas. You know that change is a part of life, but you embrace that fact and use it to your advantage.