Recent studies found that people who are in the age group 55 to 64 has the highest rate of small business entrepreneurs. The age of older female entrepreneurs is just right for innovation and entrepreneurship. They may not be that techy but they are clearly thriving.
For instance, women over 50 know what they want. They search, pick and recruit the right people in their team. Several studies found that older women seem to pursue products with less competition but have the ability to capture a greater share of the market.
Women over 50 accounts for over half of all consumer expenditures. This is a huge opportunity that over 50 women entrepreneurs can respond and take advantage. You may have noticed it, but women are starting businesses even after 50.
Most of them invest in relationships and networking. As they get older, they become stronger with an engaged audience. Some are even stepping out to become leaders of groups and nonprofit organizations.
They have wider reach with deep networks. If you don’t have a network, it would be difficult to survive the business. Most of these women owned investment firms are also seeking to help experienced women entrepreneurs.
The fast growing world of over 50 women entrepreneurs believe that age isn’t a big deal and their rules are a little different. In fact, their best conversations usually happen in the kitchen. Women get stronger with age because they hold each other along the way.
Yes, women over 50 hold the aces in entrepreneurship. In midlife, you have more time and energy to focus growing your business. They become more involved in their career or business and are ready to devote more time networking due to less family responsibilities.
Decades of workplace experience plus large contact base makes a big difference in the development of the business. They very well made it through with even male dominated industries.
These days when people over 50 are expected to think about retiring, women are eagerly starting their networking businesses online especially Facebook marketing. They tend to harness their financial assets and sizable professional networks to get started a side hustle and then turn it into a profitable business.
Let us take a closer look with the numbers. About 54% of America’s small businesses are started by women over 50. About 33% of small business owners are between the ages 50 and 59 years old. They most likely live in California, Florida, Texas, New York and North Carolina.
The most popular industries you find them are the food and restaurant, retail and the health and fitness. The opportunity presented themselves and they took it confidently. Over 50 women have a positive outlook and about 67% reported their businesses are making a profit.
These over 50 women will make you see retirement linked to entrepreneurship. Rather than thinking about dying and being sick due to old age, women are stepping into entrepreneurship armed with a large professional network and management experience.
50 can be the best age to start a business considering their broad and deep knowledge about almost anything. In fact, another study claimed that businesses are more likely to succeed as the age of the founders increased. They also found that 55 and 65 year olds have more innovation potential than a 25 year old.
You gain experience with age. The founders of Coca Cola and Kentucky Fried Chicken were over 50 when they established their brand and business worldwide. They were ordinary people who decided to ditch the typical retirement life, build a side hustle, turn it into a full time business and become entrepreneurs.
Some successful women started a blog and penetrated the online world. When they realized there isn’t enough for the pension pot, they decided to take a different and new direction. They took the risk even though they don’t understand technology much.
When women don’t enjoy their career life, they leave. For example, some women teach computer lessons to the elderly and charge about $35 to $45 an hour. These women have what we call as the wisdom or age advantage.
Older entrepreneurs can practically turn a small time side hustle into a successful business the moment they put their talent to use and also, leverage from their experience. Although they are not the typical app and online wizards, they still survived because they network face to face and with different social media platforms with long time friends.
Remember, the longer you are active in your career or social media, the more contacts you develop. Older entrepreneurs just have those kind of relationship assets online. This is what we call as the age advantage.
Age is highly valued. Patience is highly valued. Smile is highly valued. While older entrepreneurs are eager to go for the business, they still have the control and patience to take it slowly. They have the privilege to smile, after all, they have full control of their retirement and absolutely are not pressured with money matters.
The other good news about over 50 women entrepreneurs is that investors trust their age and decision making ability more. Older women are more likely to show better track record and not part with their funds aggressively. They definitely proved their know how and worth to potential investors.
With their accumulated experience and business sense expertise, they create more effective business models and demonstrate overall competency to investors. That is why older employees are considered as pillars and better collaborators not to mention being more loyal with their companies.
Their eagerness to remain productive are amazing and quite untapped resource. Pioneers get better with age and business for women is just like creating a new recipe in the kitchen with other women!
Embrace your age. Harness your connections. Remember experience is invaluable and age is just a number.
Right now, almost all in the social media covers billionaires like Mark Zuckerberg after the birth of Facebook. However, with age comes significant advantages. Don’t get me wrong. Over 50 women entrepreneurs are like wine, gets better as they age.
To recap. Older entrepreneurs have the right funds to start a side hustle, already have a large network of influential friends in their different social media platforms and the wisdom or experience to run any kind of business they like or are passionate about!