Are you curious as to why I decided to set up a second business and expect to crush it as an olderpreneur? It isn’t just me. A growing number of people are starting their own business later in life. Find out why.

Topics discussed:

• The Over-50s as the new business start-up generation
• Age and High-Growth Entrepreneurship (a study by Jones, Javier Miranda of the U.S. Census Bureau and MIT's Pierre Azoulay and J. Daniel Kim)
• The reasons why older people start new businesses
• The effects of ageism
• Examples of individuals who have achieved success at an older age
• What olderpreneurs can contribute

Key Takeaways:

• According to the Financial Times, statistics show that businesses set up by the over-50s are more likely to still be trading five years later than those established by younger age groups.
• Older entrepreneurs have a greater chance of success in their projects than younger ones and the most successful entrepreneurs are middle-aged.
• The greater management, marketing, and finance experience that older entrepreneurs tend to bring to the table, as well as a richer, deeper knowledge of an industry are some of the reasons for their success.
• Older entrepreneurs are also likely to have larger financial resources to tap and more social networks to mine for support in leveraging their idea.
• A report from a couple of years ago showed that Individuals between the ages of 50 and 70 were healthier if they kept on working.
• It’s especially important if you’re a millennial to do work that you really enjoy because you may have to be doing it well into your 70s or at least for a very long time.

Action Steps:

• Get rid of your limiting beliefs. It’s never too late to start anything and be successful at it.
• Find work that you really enjoy doing.
• Upskill your knowledge and understanding of intellectual property.

 

Shireen said:

“People don’t change just because their age advances by a few years. Retiring into the sunset to put your feet up and while away the rest of your years is rarely an appealing prospect for anyone.”

“What we do can touch other people’s lives in ways that we never know, so it’s not necessarily your own visible achievements that will ultimately matter the most… The important thing is to continue contributing to the world.”

 

Thank you for listening!

 

If you liked this podcast or have enjoyed any of the previous episodes, please consider giving me a review. Let me know what you think about today’s episode and feel free to ask me questions. You can reach me on social media via the links below.

 

Links to my books and online courses:

• Books:

• Legally Branded
• Intellectual Property Revolution

• Legally Branded Academy Course
• Legally Branded Monthly

 

More from Shireen Smith:

Shireen’s Facebook Page

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Shireen’s LinkedIn

Shireen’s YouTube

Shireen’s Website

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