Best Business Advice From Entrepreneurs Over Age 50 (Part Two)

Welcome back! Last week we revealed the news that the most successful new business founders are those aged 55-64. This week, we are excited to share what they have learned and what they want others to know in the spirit of age, wisdom and passing it on!

Advice That Comes From Age 

In our previous Senior Spotlight, we discussed the rates of successful entrepreneurship in older adults, let’s hear some advice directly from those who have walked the walk. We have picked our favorite snippets below; read their full stories here: ‘What I’d Do Differently: Entrepreneurs Over Age 50 Reflect on Their First Year in Business.’

Jeff Freedman, Co-Founder Dozy Oats

“During our first year, it was really helpful for me to spend time meeting people in the industry and learning as much as I could.”

“Your first year is all about learning and making connections. “

“If you can afford to join a CEO group—they can be pretty expensive—I highly recommend it. The group I was in had top-notch speakers, and your CEO counterparts hold you accountable. They aren't afraid to be honest with you.”

“Never make assumptions and always very pay close attention to your cash flow.”

Jenny Zhan, Founder and CEO of Beyond Holding Co., LTD

“The lesson I learned from my first year was that you have to be ready to pivot quickly and adjust. You always have to have a Plan B and a Plan C, and you need to be prepared to switch things up and move in another direction. That's very important.”

“I did find that starting a business after age 50 definitely had some advantages. You've likely already established networks for yourself, and you've probably already learned from many mistakes over the years.”

“When you're in your 50s and older, at least for me, it also feels much easier to accept that the world is always changing, and you're going to have to adapt because you've likely done it many times before in one form or another.”

“As an entrepreneur, it's also critical to always be learning. You can't passively adapt to the business environment; you have to practice forward thinking. You always need to think about what business will be like in the next five years.”

“Appreciate and nurture your health.” 

Cathy Deano, Founder of Painting with a Twist

“One thing about starting a business later in life is that I came into it thinking more about how our business can help other families, and not solely about the return on investment.”

“Don't get ahead of yourself. You really need to be very strategic about expansion and consider your demographics.”

“For first-year advice, I'd also say surround yourself with people smarter than you and stay ethical.”

“Start giving back to your community. It's a good thing to do, and it's good for business.”

_ _ _

WOW! Do you feel a breath of fresh air reading that advice? Not only is it helpful for anyone who wants to move forward with an idea, it’s inspiring to see what values are driving the most undefeated business founders – who also happen to be the oldest! It’s more fuel that age really is just a number, and not one that limits you, but actually contributes to your success! 

All my best to you in all that you do next,

Bobbi

Bobbi Decker
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