Did you know that according to the Harvard Business Review, older entrepreneurs have a significantly higher success rate than their youthful counterparts?
Ageism is sadly prevalent in the business world and there are many myths about the ‘unsuitability’ of older people to work or to run businesses: older people are too tired and burnt out; they get sick; they don’t have the skills to cope in the modern world; they’re too stuck in their ways. The data, however, says otherwise.
“In the U.S., the U.K., Ireland, and Australia, 50+-year-olds are launching more startups than any other cohort,” shares Kerry Hannon, author of Never Too Old to Get Rich: The Entrepreneur’s Guide to Starting a Business Mid-Life. The U.S. Bureau of Labour Statistics reported in 2018 that people aged 65 and over are the most likely to be self-employed. Inspiring and notable older entrepreneurs include Charles Flint who founded IBM at 61; Arianna Huffington started the Huffington Post at 54; Ray Kroc became the founder of McDonald’s at 52 and Mary Kay Ash began her cosmetic empire at 45.
Mandatory retirement ages are falling away in many countries, as people live longer, and most importantly, they are physically and mentally stronger due to improvements in health and fitness. In fact, the silver generation have acquired the wisdom of experience from years of professional know how, common sense, problem-solving, and critical thinking skills, that no MBA can replace. It is downright illogical not to value this contribution. Finland and Japan are leading the way in re-thinking experience as a profitable commodity. Moreover, the digital world has been around us for a long time. Older people may not be technical whiz kids, but they have adopted technology into their daily work and home lives, from laptops, to smartphones, to zoom conferencing. Who says you can’t teach an old dog new tricks?
The benefits of those silver hairs don’t end with business or professional know-how, they extend to financial savviness. Life has already taught the valuable lessons of money management and budgeting and older people are more likely to have some savings or a financial buffer, compared to those in their 20’s. They have a proven professional track record, they are more likely to exercise prudence in the financial management of the business, and they are likely to have a longer credit history, which makes them a sounder investment choice.
Moreover, 50 pluses have the distinct advantage of having access to a wide network. A personal case in point, was when my daughter needed to do obtain job shadowing experience. It took just one call to a business associate of mine and she was sorted. As a 20-year-old, she simply does not have those contacts. It’s not just what you know, but who you know, and the older generation have cultivated relationships over many years.
Ageism therefore has no logical place in the world of work, but especially not in our own mindsets as entrepreneurs or business owners who may be considering whether to ‘risk’ hiring an older person.
If you think you are ‘too old’ to start or carry on running a business… think again!
By Janet Askew