Entrepreneurs over 55 years old get no respect for their business start up skill.
Retirement entrepreneurship start ups are more likely to succeed compared to younger entrepreneurs.
You, the older generation born between 1945 and 1964, couldn’t possibly get it. No way you can grasp the latest social-media culture or modern technology and you don’t have the willpower to beat your younger competitors in the market.
Yet reliable studies on current trends reveal just the opposite.
According to the most recent report from the Kauffman Foundation, Millennials Can’t Keep up With Boomer Entrepreneurs:
The highest rate of successful entrepreneurship in America shifted a few years ago to the Boomer age group when compared to Gen-X (1965 to 1980) and Gen-Y (1981 to 1995).
Adults over 55 are almost two times as likely to build successful startups as those ages 20 to 34.
1. Work Experience by the Tons
Let last half of a a retiree’s career positioned them right in the middle of the period where job security became up for grabs.
The ones who had one year of experience multiplied by 10 years on the job haven’t done well.
The ones whose 10 years experience is made up of making every year a new experience are out there in high demand. Those are the ones who will never retire and make great entrepreneurial partners.
2. Increased Emotional Intelligence
The speedy growth and change environment is inherent in a start-up business and as a result needs consistent and steady leadership.
Boomer entrepreneurs have worked through several change management initiatives through the years. They are able to provide their coworkers with the assistance, motivation and inspiration needed to get people focused on the visions and goals of the business.
They have the experience to do this while also juggling the reality that the path to get there will certainly be filled with fear, anxiety and excitement.
3. Supportive co-founder and Executive
Every young entrepreneur can use an experienced partner for credibility with investors, and as a reliable cohort for growth and strategy planning. Often the retiree is more willing to work for equity, and simply convinced to step aside when earnings get to that next threshold.
4. Dependable Talent Management
The long term outcomes of a startup depend strongly on the recruitment of the best talent. Retiree entrepreneurs have discovered through painful experience the artful method of choosing the best people. Having made a couple of bad hires in their time, they know who to bring on and who to pass on – and exactly why. They have as well learned how to get the very best work out of existing talent.
5. Financial Experience and Extra Capital
Most start-ups crash simply because they run out of funds. Retiree entrepreneurs already know the relevance of cash flow and the best way to protect and manage it. They have a more precise picture of what things costs and the length of time required to turn a profit.
Also, many retirees have more savings. It allows them to safely commit capital in their business to provide it with the best fighting chance.
Retirees at times get a reputation for being trapped in their ways. But sometimes, it’s just because those ways work. Let’s continue to make entrepreneurship the most fun thing around.