Entrepreneurship among mature-aged people is the fastest growing form of entrepreneurship in Australia (approximately 34% of new businesses). People in older age groups have a great chance of success when they start a new business. Research indicates that the average age of successful start-ups is 45.
If this is something you have always thought about doing, here are eight good reasons to bite the bullet and take the plunge.
- It gives you freedom
As a sole operator you are free to follow your passions. You can do the most rewarding and satisfying work of your life and be the master of your own destiny, working as much, or as little, as you like.
- You have a competitive advantage
Small businesses are more flexible and responsive, so they have a competitive advantage in rapidly changing marketplaces. In addition, mature-age people 45 + have more developed networks, substantial industry/business experience, superior technical and managerial skills and are often in a stronger financial position than their younger counterparts.
- You can choose who you work with
In your own business you have complete control over who you partner with and who your customers and suppliers are. This means that perhaps for the first time in your life, you can surround yourself with people you like, trust and respect.
- The mobile internet makes it possible, without huge investment
It is now possible to set a business up and operate it out of a laptop. Virtually every possible resource needed: from ABN registration, logo design, accounting software, office assistance, customer support services, banking, legal — can be accessed on online, often for free. So, you don’t necessarily need to take out a loan, rent office space or invest in capital equipment and services.
- The risks are lower than you think
Once you hit your 50’s age discrimination is a common problem in the workforce (some research suggests it begins in even earlier in some industries like the tech sector) and it is harder and takes longer to get a new job. Starting your own business might be a better solution.
A modular approach to your business (including possibly continuing to work part-time while you build your business (known as hybrid entrepreneurship), will allow you to bootstrap your way toward a bigger enterprise. This significantly reduces the risks, allowing you to pull back or exit from unrewarding pathways and avoid locking into long-term arrangements.
- You can’t afford not to
Most people find that their superannuation savings are not adequate to support them in retirement. Staying connected and involved in the workforce is also better for your mental health.
- You are entering a greenfield of opportunities
A global landscape is opening up in all fields of human endeavour. Now an individual can contribute to these just as effectively as a group or a large organization. Through the internet, you can make contributions to global efforts, often only limited by your imagination.
- It is a great legacy
Many of us would like to leave a legacy, or at least feel we have given it our best shot. There may never be a better time to use your knowledge and invest it in your own enterprise.
If you would really love to start your own enterprise but still feel that this is a ‘bridge too far’ — join us at War on Wasted Talent and hear from your peers. We run, Meetups, collaboration opportunities and a safe environment to test the water
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