Starting a Business After 50
Baby Boomers and GenX’ers, ignore the naysayers, forget the stats, and follow your dreams. You can start a business by monetizing your hobby or create a side “hustle” so you can live your best years to their fullest. Your time to create your own startup business may be now!
Baby Boomers are reaching retirement age at the rate of 10,000 per day. Most boomers are not prepared financially to live the life they dreamed of.
I am not encouraging recklessness. You know how to make good decisions. You should consider creating something to be passionate about that can provide the lifestyle you desire. Entrepreneurship is becoming commonplace with the “grey hairs”.
There are two dominant reasons why Baby Boomers and GenX’ers start a business. First, their desire to start a business has been around for some time, and they may already have some plans in place. Second, they may have lost their job or have needs that drive the desire to continue to work and find entrepreneurship the best option.
Whichever your reason, you have an advantage over younger generations because you have capital. I am not just talking about money and financial strength. There are three types of capital; human capital, social capital, and financial capital.
Human capital is your years of experience in the business world where you have accumulated skills, education, and knowledge as a leader, worker, facilitator, and industry expert. You know how to work in a tangible way, the old ways of doing things that required manual and labor-intensive methods to get things done. You are self-reliant and resourceful.
Social capital is your skills in communication, interpersonal strengths, and an accumulation of long-time relationships. In contrast to the younger generations, their social media “relationships” are typically shallow, short term or virtual at their very best. You know how to create relationships that are tangible and meaningful.
Financial capital is your savings, retirement funds, and accumulated wealth.
The great news about these forms of capital, they all increase with age. Age is not only wisdom from life experience, it is a competitive advantage as you pursue your entrepreneur journey.
Starting a business begins with an idea and customers with a problem you can solve.
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