Starting a new business can be risky for the younger generation. Just coming out of college, young business people often have few skills and little experience or money. Sometimes, young people can also be impatient, often expecting immediate results for very little time and effort. This is why maturity is often an asset when starting a new business.
Start-ups are not solely created by young men and women fresh out of school. Self-employment is becoming more popular among retirees looking to make a little extra money. Statistics show that 25 percent of those 65 years of age and older are self-employed.
The key advantages older entrepreneurs have over younger ones are patience and maturity. Older entrepreneurs are more likely to be patient with the process. They don't expect to make the big bucks right away. Instead, they take their time and go with the flow. Maturity helps them put inevitable challenges into perspective.
Starting a business is often easier as one ages because one gains experience along the way. During retirement, seniors have more time to formulate an idea and a plan. Seniors often have also had the opportunity to save more money and by the time they are ready to start a business they are often free of college tuition, mortgages and other expenses.
Becoming an entrepreneur requires a solid business plan. This plan should discuss the reasons why a person wants to start a business, as well as the person's interests, skills, experience, resources and plans for financing. A well-thought-out business plan can help an entrepreneur create a business that best suits his or her interests and goals, and will provide a road map for growth.
Source: Daily Herald, " Senior entrepreneurs bring patience, experience to startups," Jim Kendall, May 13, 2013