Working for Yourself When You're Over 50 Kendal

Why would someone over 50 want to work for themselves rather than being employed?

Statistics show that most 'small' start up businesses are neither particularly profitable nor particularly successful (there are high initial failure rates), so why would someone who is sane, solvent and over 50 want to embark upon such a high risk endeavour?

Experience shows that most people start out with one or more of the following factors as motivation:

• a good idea which they believe they can develop and exploit (personal satisfaction)
• a desire for more flexibility and control (freedom)
• a need/want for new challenge (excitement)
• a burning desire to make a difference in some field (passion)

The idea of making serious money is usually always a 'would be nice' rather than a true goal or motivator. If it happens, it is usually a side-product of the passion, commitment and motivation which goes into the business, rather than an expected output.

Risk reduces with age

Certainly it is easier and less risky to remain employed - the pay slip, holidays and benefits are guaranteed, and there are the added comfort of backup, support and motivation from workmates. For both men and women this is hard to give up particularly if mortgage, marriage and children are still hungry cash consumers.

The good news however is that as you age, your likelihood of establishing a successful business increases considerably. It is truly a case of “wisdom wins”.

And the additional piece of good news for females is that many women make great entrepreneurs; they tend to be creative, good at multi-tasking, can be hugely passionate and committed about their business, and sometimes have a working partner to supply some financial security.

Balancing work and family

However, it cannot be overlooked or underestimated that for those over 50s – male or female - who have partners and children and generally are still the mainstays of keeping the financial show on the road, being self-employed does represent a risk.

Furthermore, home commitments such as family life and holidays do not always sit at all easily with the workload of a self-employed entrepreneur - unless they are making so much money that they can afford to hire employees (usually not an immediate option).

In respect of entrepreneurial 'glass ceilings' – the issue of how successful it is possible to be - one of the biggest factors influencing the progress of 'entrepreneurs' of all types and at all stages is lack of confidence.

This is even more marked for those in later life (particularly males) who may have had a successful employed career and are now wary of failing in business.

There are many challenges to be faced in starting a business over 50. But certainly age is no barrier and there are many rewards. Amongst all else the magic for many “olderpreneurs” lies in achieving their life’s ambition and proving what they can accomplish at a time in life when others might be thinking of slowing down.


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