Starting a Business – You are NOT Too Old
January 8, 2009 by Jean Murray
If you think you can or you think you can’t, you’re right. (Henry Ford)
I often talk with people in their mid-50s and older who want to start businesses. They invariably tell me, “I’m probably too old for this, but….” Then they proceed to explain why they want to start a business. It usually has something to do with having worked for a large company for many years, and the desire to find something fun to do that will bring them some independence…and, of course, some money. Sound familiar?
One man told me recently, “I am just going to do the traditional retirement thing, because I can’t possibly start a business at my age (he’s 58).” I guess he’s right – for him. You have probably heard that Harlen Sanders started Kentucky Fried Chicken after he was 60. Well, that’s kind of true. But he is a good example of someone who took the plunge later in life.
Mike Michalowicz writes The Toilet Paper Entrepreneur blog and he recently provided a list of people who started their businesses after age 70. Good for them!
Image source: StockExpert
You are never too old to start a business! Whether you will succeed depends on how much work you put into it. I have found that my older clients have a better perspective on how to deal with clients and life and can do just as well as those in their 20s that are super excited about their first business venture.
The one word of advice I would have for someone in older (or actually anyone to be honest) is talk to an attorney to make sure you protect yourself. You want to limit your liability (especially if you are closer to retirement than graduating from high school) to protect everything you have worked for prior to starting a business!
Baby Boomers and Seniors are changing the mindset regarding retirement. They are reinventing themselves, becoming entrepreneurs and creating financial opportunities. Staying productive in these years is gratifying and rewarding. Use your knowledge and experience .
Social networking seems to be working for all generations. Networking allows them to share ideas and strategies regarding retirement. Baby Boomers and Seniors are finding the Internet a great source for networking and personal-reinvention. These resources are gearing toward retirees and those facing retirement, offering avenues to create supplemental income as rising costs affect their savings. If you are interested in personal reinvention through social networking, please visit http://www.Over60exchange.com.
Elizabeth – I agree about protecting yourself. Now is not the time to be dealing with lawsuits that can drain our already-depleted savings.
Cathy – I checked out the Over60exchange website and found it interesting. I’m signing up!
Jean