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Welcome to my new series dedicated to men and women in their 40s, 50s, and 60s who dream of stepping away from their 9-5 in order to follow a passion for self-employment and entrepreneurship.
So, lets jump in!
Introduction
Do you absolutely love your job? Like, you can’t wait for the alarm to go off in the morning kind of love? If you do, then here’s a huge high five! You my friend are living the dream to which about 20% of Americans share.
Even if you aren’t all whoo-hoo about your job, contrary to what the media spouts off about, there’s plenty of positive news having to do with job satisfaction. Chances are, you’re probably among the 65% of the US that’s at least “content” with the place you get your paycheck from every week. That’s great news but even with such a high satisfaction rate we’ve seen a huge increase in small business startups over the last decade and mid-lifers are leading the pack. According to NBCS, 35% of entrepreneurs and small business owners are in the 50-59 age bracket, followed by 40-49-year-olds. In fact, about 60% of people who start small businesses are between the ages of 40-60.
So, if there’s so much satisfaction, why are so many midlifers choosing to give up their 9 to 5s to live an entrepreneurial lifestyle?
Well, one obvious reason is the economy is struggling which is causing massive layoffs. That’s tough for anyone but if you’re 45 or older, finding a new career after being let go in the area you’ve worked for most of your life can be challenging to say the least. It may not be spoken out loud, but ageism is definitely a thing, and many employers unofficially hire younger.
Money matters. Many men and women approaching retirement age are doing the math and realizing that they just haven’t been able to put away as much money as they need in order to retire. We’re living longer lives and the financial need for retirement has increased with that longevity. They’re postponing retirement in order to create a bigger nest egg. In addition, employees are more likely to find their salary capped as an employee, whereas being self-employed removes all ceilings. The sky’s the limit!
Perhaps the biggest reason of all is work-life satisfaction. Of course, we all have to pay our bills but most of us as we get older realize there are other things that are as important. It’s not uncommon for people to reach the middle of their life and start yearning for something different. To start giving back or pursuing a passion or hobby that they weren’t able to when they had the responsibilities of family in their younger years. We’re looking for freedom, creative control, autonomy, and greater work security and self-employment ticks off all the boxes.
According to recent studies: the Census Bureau, the Bureau of Labor Statistics, and Score:
The number of entrepreneurs over the age of 50 is surging in the United States, having increased by 50 percent since 2007 (Paychex)
early 40 percent of Americans over 55 work for themselves. (Bureau of Labor Statistics)
While over-55s make up 21 percent of the U.S. population, they own more than half of all small businesses. (Score)
A 40-year-old startup founder is 2.1 times more likely to found a successful startup as a 25-year-old.(Census Bureau)
A 60-year-old startup founder is 1.7 times as likely to found a startup that winds up in the top 0.1 percent of all companies. (Census Bureau)
The average startup founder was 45 years old when he or she founded the most successful tech companies. (Census Bureau)
Pretty impressive right? Unlike the popular fairy tale of the 20-year-old college dropout turned business mogul, in the case of business startups, older is better! We Boomers and GenX’ers rock!
But why are over 40s so entrepreneurially successful? I’m glad you asked...
Experience: You’ve graduated from the school of hard knocks. You’ve kicked butts and taken names. You’ve survived everything that life has thrown at you so far. The life experience you’ve gained is invaluable and your best entrepreneurial tool. Every single success and failure you’ve ever experienced is going to help you navigate the path to entrepreneurial success.
Time: If you have kids, they’re almost graduated from high school, are in college or a trade or they’ve moved out and are busy creating their own lives. On one hand, you have more time to breathe and plan but let’s be honest, at the same time our time is limited. You may only be hitting your halfway+ mark but you no longer have the luxury of saying “someday”. It’s time to kick things into gear and make your 2nd half your best half!
People: If you sit down and make a list, you’ll probably be surprised at just how many connections you’ve made over the last 40+ years. Friends, family, coworkers, acquaintances, business associates, church contacts, water cooler buds, and associations, will make up the foundation on which you’ll build your new business.
Money: While not true for everyone, midlife is a time when you probably have a good-sized nest egg put away for retirement or emergencies. At the very least you probably have more money squirreled away today than you did when you were in your twenties. We’re better at managing money and have learned not to be distracted by every shiny thing we see. Control your finances and you’ll control your future. How does it feel to be so wise?
Skills: You can’t make it to where you are in life without acquiring skills that will be applied to starting your dream business. Your jobs, your hobbies, and your interests over the years have taught you valuable life and work skills. But even beyond the obvious skills you’ve acquired through work and play, I guarantee you that you’ve learned more than you’re even aware of. Were you a stay-at-home parent? You know how to organize, and time, and you’ve got some serious patience. Served in the Military, you have discipline and leadership skills. Lost a loved one? You’ve learned empathy and self-awareness, Been through a divorce, you’ve figured out how to reinvent. Gotten a diploma or certification, couldn’t have done it without study skills. Bought a car, You’ve got the gift of negotiation. The list is endless. You’re entrepreneur material and you probably didn’t even know it.
Emotions: This might surprise you, but at our age, we tend to be a lot more chill than our 30-something career and family-building counterparts. We tend to have better control over our emotions, and this translates into our being better communicators and thinkers. It’s not that we don’t use our emotions, just the opposite but we use them more wisely when making big decisions. We think before we act and balance our hearts and our thoughts before making important decisions. Hey, we're not perfect, but we're talking percentages here.
Purpose, Drive, and Focus: It’s only natural that as we get older we have more to lose or gain than we did when we were younger. We’ve been around the block a few times and we have stuff on the line to show for it. We have homes, families, responsibilities, and debts. That’s a huge incentive to succeed. With more to lose we’re more inclined to make better decisions.
Also, with age comes wisdom (we hope). We now see the big picture when we didn’t really know there was a picture in the first place in our 20s and 30s. Age and experience give us the knowledge that success is sometimes just a matter of taking one more step, getting up one more time, or trusting in our higher power that we’ve got this!
Don’t get me wrong, there is definitely a risk in starting a business, and without a doubt, if you’re a mid-lifer, deciding to create your own business can be pretty scary. Being a business owner is not for everyone. It’s a huge decision and to someone wanting to take the leap of entrepreneurship, the first steps may seem overwhelming especially if you’ve never done it before. But if you do have the heart to create your own business, please know that you have amazing hard-earned advantages that you were probably not even aware of.
Interested in learning how to create a business and a lifestyle like no other?
Look for Step 1 of the 10 Steps to Creating a Successful Business as a Mid-lifer
Coming soon!
Building your own business is only one of many paths but if that’s a path that intrigues you, reach out to me, and let's see what being your own boss would look like for you.
Message me HERE Let's Chat!
I’m a certified Small Business Consultant, Life Coach, and Entrepreneur and I want to help you create a business and life where fun, security and financial freedom are the norms, not the exceptions.
Dave
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