With so much talk of young entrepreneurs and start-ups these days, it’s easy to get the perception that this world is only intended for the young.
When people speak of entrepreneurship, they often talk of tech firms such as Facebook, Airbnb, Uber, and WeWork – global giants all started by relatively young individuals.
However, the reality is that these ventures represent just a small fraction of the business world and do not necessarily paint the whole picture.
Forget the young – figures from the Prince’s Initiative for Mature Enterprise, set up by Prince Charles to support those over the age of 50 exploring the possibility of becoming self-employed, suggested there were 1.75million over-50s classified as self-employed. Of those, some 1.4million were aged between 50 and 64, with approximately 375,000 in the 65-plus bracket.
Such statistics underline that it is truly never too late to start a business, and such ventures are far from the preserve of the young. In fact those with 20-30 plus years of experience in a particular sector are often in a better place to offer new and innovative ways in which to service it. Who else has a better insight into your area of expertise than you? Remember, even in retirement, your knowledge and skills still have a value.
Not only that, but anyone remotely familiar with new businesses will know a significant proportion of them fail within the first few years. Often owners attempt to bite off far more than they can chew. With years of experience, and maybe a few disappointments thrown into the mix, those in the over-50 bracket are likely to be more realistic with their projections.
Meanwhile, although you may worry about backing for your business when potentially solely reliant on a pension income, you could be surprised at how many avenues there are today to raise business funding (more on that in another post to follow).
Those nearing retirement, those already in retirement, or even those contemplating leaving the 9-5 and starting out on their own, should take heart from the vast array of business success stories out there.
If you are determined enough, there is always a way. When it comes to business, it’s never too late to get started on a start-up!