Senior Spotlight: Best Business Advice From Entrepreneurs Over Age 50 (Part One)

There are a few certainties in life beyond death and taxes (true words from Benjamin Franklin!), and one of them is that the first year of any new business is wildly unpredictable! In another ode to a timeless expression – what they say about age bringing wisdom may also be true; studies show that entrepreneurs aged 50 or above are twice as likely to build a successful business as a 30-year old! Just last month, AARP reported that founders aged 25-34 shut down their businesses at a rate that is 3x higher than those aged 55-64. 

All of this data on older adults and new ventures leads us to the topic of today’s blog – what makes older business owners successful and what tips can they pass on… here’s an overview...

Age Is More Than A Number

There are some lessons only time can teach, as time is where you grow your capacity for experience. Donna Kelley, professor of entrepreneurship at Babson College, explains that “In a way, experience, network, all those things seem to favor older people — or at least doesn’t exclude them.” She believes that older people have learned how to succeed over time, and her research has proven that new businesses that last 3.5+ years are most likely to be founded by those aged 55-64.

Similarly, James Pérez Foster, Co-Founder of Social Economy Ventures which invests in early-stage companies, has witnessed how “older startup founders are well equipped to develop a business idea and have the market knowledge to scale it." He even goes so far as to say that “If anything, I have more assurance in backing an older entrepreneur almost all the time.”

Other retirement research entities have also focused on the growing trend of “productive aging”, the desire of older adults to stay engaged after age 65 (often through self-employment) and the view of later years as a chance to innovate! 

If you think that is great news, wait until you hear the great advice directly from the sources. Check our next blog as we share actual quotes based on the actual experience of successful business founders growing their dreams and sharing what they learned from their next act. Get ready to get inspired!

Resources Used: How Entrepreneurs Over 50 Are Turning Age Into an Asset ; What I’d Do Differently: Entrepreneurs Over Age 50 Reflect on Their First Year in Business

Have a great week,



Bobbi

Bobbi Decker
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