Do Older Entrepreneurs Have An Advantage? Are you at a disadvantage as older entrepreneur? There are thoughts on both sides of the equation. We are seeing more older entrepreneurs because people are retiring, don’t want to or can’t afford to, be retired and are jumping into business ownership in greater numbers than ever before.
Do Older Entrepreneurs Have An Advantage?
If you’re an older individual does opening your own business seem like a wise move for you financially, emotionally and physically? Here are a few more points to ponder when making the decision to become an entrepreneur:
- How will you pay for the start up costs? Will the endeavor you’re undertaking require an outlay of upfront cash? Can you work your new business on a shoestring until you have the funds to make a move to a bigger endeavor? Do you have investments or equity in a home that you’re willing to risk to fund the start up? Think long and hard before you make that decision.
- Will going into business fit with your retirement goals? Do you have an objective for your retirement? Will opening a business impact that negatively or positively? Do you have a dream or a passion you want to follow but never did because you were employed?
- Should you consider a side hustle before you retire to see if you really want to be an entrepreneur? The idea of owning a business may not be what the reality is and a side hustle might help you figure that out.
- Do you have an end game in mind for your business? Meaning do you want to start this business as a legacy to your children? Do you hope to build it up and sell it so you have more money to add to your retirement nest egg?
- Do you know all that you need to be a business owner? Do you have access to a business coach or a mentor from an organization like SCORE or your local Small Business Adminsitration? Get all of your ducks in a row before you hang out your “open for business” sign.
What are you hoping for when you want to open a busienss when you’re nearing, or at, retirement age? How can we help?