By Julie E 
Photo Credit ( Freepik )
We both developed an entrepreneurial drive when we were over 50; Dominique quit her executive job to launch her own business, while I gave up my job in finance to pursue self-employment. Age can greatly increase entrepreneurial success, despite the common belief that entrepreneurship is just for young inventors.
Be inspired by well-known people who started successful businesses after the age of 50, such as Ray Kroc of McDonald’s, Huffington Post founder Arianna Huffington, Coca-Cola inventor John Stith Pemberton, and three-star Michelin chef Hélène Darroze. Due to both necessity and opportunity, the COVID-19 epidemic caused many people to reevaluate their job paths, which in turn caused a spike in entrepreneurship. In fact, 35 percent of startup founders are between the ages of 50 and 59, according to Small Business Trends.
The idea that being young is essential for success in entrepreneurship is contested by recent research. Actually, 50-year-old entrepreneurs have success rates that are on par with those of their younger peers—they have nearly double the chance of founding a profitable company than do those in their 30s. Nearly a quarter of entrepreneurs were over 60 by 2021, and nearly 60% were over 50.
Furthermore, there is a noticeable increase in this trend among female entrepreneurs. Our experience inspired us to develop Wake-Up, Shake-Up, Thrive!, a program that aims to encourage people over 50 to embrace aging from a contemporary viewpoint before it’s too late.
Our experiences suggest that becoming a 50-something founder can lead to an unexpected yet rewarding journey. I spent years working in global finance before starting my own business at the age of 50. I feel more accomplished than ever right now as I work for a master’s degree in corporate health and wellness coaching.
Dominique’s transition occurred after she left her rigorous corporate job at the age of 52. Her perspective was altered by seeing balanced, accomplished business owners, which inspired her to launch her own venture. She now manages a successful team and has a newfound feeling of purpose every morning at the age of 56.
increased confidence and willingness to take risks in their business ventures.In addition to being a good career choice, entrepreneurship benefits society as a whole as our population matures. This is why senior entrepreneurs do well:
Feel-Good Factor: Owning your own business permits a lifestyle where taking care of yourself comes first. As we become older, our health becomes more and more important, thus successful endeavors prioritize wellness.
Financial Security: People over 50 frequently have larger financial capital than younger people do, which permits
Emotional Stability: Professional effectiveness increases with age, and burnout decreases with age. The more stable emotions that older people typically display help them adjust to the pressures of entrepreneurship.
Intellectual Savvy: Years of experience build a wealth of connections and information that are essential for making wise judgments that lead to economic success.
Spiritual Alignment: Events that occur in life around the age of 50 frequently result in a greater awareness of what really matters, which builds resilience and purpose—qualities that are crucial for entrepreneurship.
Ageing and the narrative must change as populations change. The antiquated belief that talents decline with age is refuted by the previously mentioned arguments. A smart, purposeful, and financially comfortable aging population finds that entrepreneurship is the perfect career path due to changing work dynamics, improved health, and longer life expectancies.