Though younger generations are driving the American economic engine, that doesn’t mean the best days are behind older workers who are considering starting their own business. Research shows that first-time entrepreneurs in their 50s and 60s do as well and sometimes better than younger people who founded a startup. And one study found that a 50-year-old entrepreneur was almost twice as likely to be successful as a 30-year-old starting a business.
Mid- or late-career is a great time to be an entrepreneur, says Stephen E. Gerard, an entrepreneur and the ForbesBooks author of Stuck in the Middle Seat: The Five Phases to Becoming a Midcareer Entrepreneur.
“You learn in your 20s, lead in your 30s, then leverage both later in life to start a business,” Gerard says. “Entrepreneurs tend to get better with age.
“Don’t give up on that good business idea you’ve had, no matter how old you are. There’s a prevailing perception today that younger generations make better entrepreneurs because of their tech savvy, innovative ideas, and keen awareness of consumer trends. But people in their 50s and 60s have a considerable arsenal to draw from – knowledge and wisdom, work and life experience, connections, and often more capital.”
Gerard offers these five tips to help older entrepreneurs succeed:
- Do it for love. Gerard says founding and running a successful business stems from having a passion for it. He suggests thinking about three “finding-what-you-love filters”: When you’re doing it, you can’t wait to get started; you lose track of time; and when someone interrupts you when you’re doing it, you get angry. “Make sure you are doing something that is authentic to you,” he says. “Trying to run with an idea you have no knowledge about will have you ending in failure.”
- Prioritize technology in your business plan. “A website is essentially today’s storefront for any business serious about competing in the digital age,” Gerard says. “Social media is your brand’s connection to the audience. Post and engage with your audience, and learn how to use social media marketing and ad tools on different networks to amplify your brand’s message.”
- Consider a career coach. It’s one thing to be an expert or skilled in your field and start a business related to those strengths. But it’s another to know how to brand and run the business effectively. “A career coach can help you understand how your past experience feeds into your new business, show you the skills you will need to develop, see your blind spots, and help you develop confidence,” Gerard says.
- Double down on sales efforts, referrals. Gerard says he’s seen too many entrepreneurs celebrate early successes while losing sight of the need to bring in many more clients to have a sustainable business. “It’s imperative to ask for referrals and load up the sales pipeline,” he says. “See if these clients have any networks in industry associations or other contacts. Be aware of false metrics that could lead you to believe you are getting over the hump when, in fact, you are not.”
- Know when and how to pivot. “Listen closely to prospects, clients and outside advisors,” Gerard says. “Stay focused on clients’ business gaps and problems and ask a lot of questions for helpful feedback about your idea.” Some sample questions he suggests are: Would you invest in this if you were a judge on Shark Tank? Have you seen any other company try this? If you could change something about this idea, what would it be?
“The odds are still against being a long-term successful entrepreneur,” Gerard says. “But age has nothing to do with it. Older founders have a lot of plusses if applied properly, and if they’re still open to learning.”
Stephen E. Gerard, an entrepreneur and the ForbesBooks author of Stuck in the Middle Seat, worked in the corporate world for nearly 20 years before launching his first business, TGaS Advisors, in 2004. TGaS Advisors became an Inc 500/5000 winner for five years in a row and is still a thriving business. Since that time, Gerard has launched and invested in numerous other global businesses and remains active as an entrepreneur, investor and author.
