Older People And Entrepreneurship


When you hear about entrepreneurship, what you imagine most likely about young people with strong drive force to start their own business. You might also have an image of college dropouts who start their business from the scratch. Entrepreneurship is often linked into youth. However, it is a bit misleading if you think only the young people who can dive into entrepreneurship successfully. The reason why the majority of entrepreneurs are youngsters is probably because they have more drive force both mentally and physically. Entrepreneurship is a tough world after all. 

The idea of older people to involve in entrepreneurship

Entrepreneurship is a world where obstacles can come unexpectedly. There are no ways you can know what will happen next. You can predict things and take precautions to avoid or minimize the risks. However, things still can go wrong. It can mentally and physically drain you. If you don’t have enough energy or motivation, entrepreneurship will be a very tough field to venture. That’s why there are still lots of people who don’t really believe in older people having their hands in entrepreneurship. Older people are often expected to be in their stable career and income, not to deal with all headaches from entrepreneurship.

older people entrepreneur

Unexpected valuable source

The truth is, older people can be a valuable resource of entrepreneurial verve. Older people also have their own passion to drive them forward. Their passion are still able to help them create innovation and find some brilliant ideas. From various studies, the results showed that there were successful older entrepreneurs instead of the younger ones. The rate success of older people in entrepreneurship is higher than the younger people. Older people in their 40s above are most likely to achieve high growth than than young entrepreneurs under 30s. therefore, do not underestimate the power of older people when it comes to running a business. 

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Problem solving maturity

There are many factors why older people still have high opportunity to success in their business. For example, their maturity makes them a better problem solver and decision makers. They tend to think thoroughly and maturely instead of following their adrenaline. Older entrepreneurs have the quality of serene leaders as well which make them have more wisdom to use when running a business. Of course, maturity and age is not always related. However, older entrepreneurs are known to have more maturity in various aspects needed to run successful business. 

Life’s experience

Older people are most likely to have more experiences. It not only about professional experiences related to the business. It is also about human relation and interaction. They have live longer which means they have interacted with other people longer than younger people. They have also gone through various state in life. The experiences make them more wise in thinking. They tend to think rationally especially when they have faced similar things in the past. They can predict what possibly will happen from their experience. Therefore, older people still have their place in entrepreneurship. They have high chances to run successful business on their own.