Gone are the days when you would come across entrepreneurs who are only a few years into their careers. Many people today step into the world of entrepreneurship close to the period of their retirement. And why not? The experience they accumulated over the years gives them an edge at managing the business better.
This article shows you why it is never too late to start your own business. Read on as we also share with you some inspirational examples of senior entrepreneurs.
Does age really matter?
A survey in the US found out that the average median age of tech founders in the US was 39. Many started their business at the age of 50+. The likelihood of a business becoming successful increases with the age of founders. It is mainly because of the experience they bring to the table.
If we look at the example of Netflix CEO Reed Hastings, he started the DVD rental business at age 37. However, it took him ten years to shift to the streaming business. Similarly, Jimmy Wales was 35 when he founded Wikipedia. Three years later, he launched Wikia.
Entrepreneurs who started their business late
Here is a full list of seven senior entrepreneurs who started late and their inspiring stories.
Chris and Susan Beesley
A real-life couple with five children and three grandchildren, they started their online blog in 2009. They are management consultants and accountants by profession. When they started their online business in the mid-50s, they hardly knew a thing or two about the online world. However, they remained dedicated to realizing their dreams.
Ernestine Shepherd
As a female bodybuilder, she is an inspiration for everyone who wants to get fit and healthy. She began working out at age 56 after getting inspired by her sister. Two decades later, she teaches senior men and women today. Having started with only ten people, she now manages much more than that. She is an excellent example of entrepreneurs over 70.
Colin King
He launched an online education business in his 50s after realizing that he doesn’t have enough pension to live on. He was aware that technology is something that he needs to be good at while launching his online business in 2012. However, he still took the risk and went ahead with it. Today, he successfully runs his business Education Quizzes.
Sune Larsson
He started his business of offering serviced offices at age 50. As an excellent example of entrepreneurs over 50, he began after doing several meaningless jobs. It is now more than a decade that he is running his business. He believes that starting a business later in life is easy as the family commitments are not much.
Charlie Bright
With no knowledge of baking skills, he started his bakery business in 2011. In his 60s today, he has the experience of working in multiple jobs and some failed businesses. His idea was born after he learned about the selling of a small bakery shop in his area. He has achieved goals like doubling his business investment in a year.
Angie Higa
She became a banker-turned-stay home grandmother in 2008 after having spent three decades in the industry. She decided to pursue her love for sewing and designing. Her retirement was primarily to care for her eldest granddaughter.
Once onboard a seven-hour-long flight, she caught a bad cold as there were no blankets. That incident led to her launching her business, Sky Dreams, which deals with travel blankets and matching pillows.
Olive Lynch
She became an entrepreneur at age 52 when she came across the idea of recycling food waste. Before starting her business, she worked as a business analyst and also performed as an opera singer. The idea of starting a business stuck her during a layoff in 2008. It was at this time she researched new composting technologies.
Summary
There are several examples of entrepreneurs who are comfortable with the idea of starting a business later in life. There is no fixed age to start anything new as long as you are passionate and remain dedicated. If you have a business idea, think of identifying possibilities by doing online research and meeting people who can support your idea. Taking the first step towards realizing your dreams is essential.
We regularly share insightful stories about senior life. Join our thriving community today to learn, grow, and engage with fellow seniors.