When last did you find yourself on the proverbial kitchen floor thinking ‘What the hell am I doing here.’ When it seems as if everyone else is thriving in their businesses and that it is only you who seem to battle to get things going. The big question that I want to put out into the universe is: Is 50 too old to change direction as an entrepreneur?
The Realities of Age & Entrepreneurship
82% of people under 25 say they want to start their own business. The sad reality is that only a small portion of these people do start a business and even fewer continue to have a successful business. Some fail because the idea is just not good enough. Some fail because they did not expect to work as hard and the rest fail because they started to spend way over their budget with no plan of value to push them forward.
Kids, Responsibilities & Mortgages
A large percentage of people never start the business that they have been dreaming of due to the simple realities of life kicking in. If you have ever been the proud parent of a baby girl or a dashing baby boy, you would understand that these little bundles of joy do not come cheap. And if you have a clever investment advisor, they would keep on drilling into your head that you have to take out more policies for whatever fears you might be having. And don’t even get me started on the joys of having a mortgage to pay off. The reality is that life can seem to be very tough and if you do not take a bold step out of your comfort zone, you will be dreaming of that business till death do us part.
The Advantage of Being Older and Wiser
Let’s just stop the bus right here. The phrase older and wiser normally goes hand in hand, but let’s not kid ourselves. The wiser you are, the less likely you are to take a massive risk of starting a business somewhere in your 50’s or 60’s. So maybe we should keep wiser out of this equation for now. It is a topic for an entirely different day.
But you are getting older. That is a fact that nobody can deny. And no, it is not necessarily a bad thing! Chances are however that you have probably paid off your mortgage by now, the kids have left home and you are hopefully free from any university fees that still need to be paid. If you still have your original wife or husband (which is highly unlikely nowadays), you need a good excuse to keep yourself out of house chores, and spending all your time at the gym or the Bowling Club is also not the best of ideas.
In the end, whether you start a business from scratch or buy a franchise, chances are that now is the very best time you can think of to invest in that business that you have been dreaming of all your life.
Mitigating the Risk
The number one question that you have to ask yourself when you contemplate whether over 50 is too old to become an entrepreneur, is what is your propensity to handle risk. Not everyone copes equally well with risk. And that’s OK. We are all unique. Not everyone has the resources to afford a one-on-one business coach to help them through all the possible hurdles that they will face. All the above-mentioned factors will have a massive influence on whether or not you should consider buying a franchise as opposed to starting a business from scratch.
History CAN be Repeated
I understand all your trepidations and I have sympathy for your concerns. In my opinion, it is very helpful to keep on reminding oneself of successful entrepreneurs in history who have only found their way as entrepreneurs after they turned 50 or even 60!
- Harland Sanders: Founded Kentucky Fried Chicken at the age of 62, which grew to become a global fast-food chain.
- Ray Kroc: Launched McDonald’s at 52, transforming it into one of the world’s most recognized brands.
- Arianna Huffington: Started The Huffington Post at 55, which became a leading news and commentary platform.
- Bobbi Brown: Launched her cosmetics brand at 50, later selling it to Estee Lauder for $74.5 million. She started a second beauty brand at 63.
If they could do it, what keeps you from really finding your true potential?
Want to go even bigger?
Everyone has different ideas of what success is. Some want to retire at 55 and others only find their true potential in their 60’s and beyond. Warren Buffet is a very good example. The facts show that if Warren Buffet had retired at 65, no one would have known about him. You might be happy owning a big stake in your industry, in your hometown right now. You might even contemplate retiring to your holiday home. Cleaning the pool every day till it sparkles in a new tinge of blue that you can brag about. Is this the dream?
Is 50 too old to become an entrepreneur or to change direction as an entrepreneur?
Hell no. Fifty is definitely not too old to become an entrepreneur or to change direction as an entrepreneur. You could even hold out till you are 60! How much fun would that be? Instead of settling to spend your last days next to your blue pool, you could get your act together and start making an impact in your own life and those of others.
We are after all placed on earth to make a difference in the lives of those around us.
Need a coach to help you through all your business questions?
Remember that I am here to assist you through all the business questions that you have on the way forward. Give me a call today to set up an appointment.
PS: Have you watched my “Over 50 Shades of the Otter Sun” presentation at PechaKucha? Download the presentation here. I would LOVE to get your feedback on the content.
