Recent I have read a couple of articles that talked about the highest rate of new businesses being created are from the age group of 54-64 years old. Who would have imagined that?
There were multiple reasons for the late blooming entrepreneurship—
- The recession caused many older workers to come up with other ideas to supplement their retirement funds.
- With people losing their jobs at higher rates than we have been accustomed to in the past, many decided it was time to launch their own enterprises.
- Older workers have more resources, larger networks and better credit histories.
- Lessons learned in past careers and jobs and from years of experience are a valuable benefit when starting a new business.
It was surprising for me to see that 22.9% of entrepreneurs that started new businesses in 2010 were in that 54-64 age group. It was also surprising that people over the age of 55 were twice as likely to launch a high-growth start-up as those in the 20-34 year old age group and older entrepreneurs tend to be more successful. We hear so much about the young 20 somethings or college dropouts who become millionaires and billionaires with an innovative, cool idea.
It got me thinking. Not everyone in older age groups is an entrepreneur or desires to start their own business. But this is certainly a wealth of talent that is available and wasn’t always available in the past. Why not consider hiring from older age groups for your small/medium sized business? Or if you are looking to partner with someone for your start-up, it makes sense to consider someone with life and business experience that can be beneficial in your venture.
It’s a new way of thinking because, in the past, the natural inclination was to move towards the bright new youth. But things have changed and time has changed. Having knowledge and experience in your corner and part of your business is a smart business decision.
Here are 3 articles worth reading:
Why Older Entrepreneurs Are a Better Bet
Older Entrepreneurs on the Rise
More Arizona Retirees Are Trying Entrepreneurship
Please contact Anna Brice at Pinnacle Peak Marketing, Scottsdale AZ about Marketing for Small/Medium Business.