There is a general perception today that the typical
entrepreneur is a twenty-something technology-genius who builds a
million-dollar social application out of a college dorm room. But, there is no
such thing as a typical entrepreneur. An entrepreneur can be anyone who
mixes passion, innovation, and drive to turn a vision into a working business.
They are the business minded individuals who can see what others cannot. Though
entrepreneurship begins with an idea, not everyone can convert that idea into
reality. An entrepreneur needs to be a starter, not just a dreamer. They need
to have that passion, diligence and dedication to actually turn that idea into
something that both matters and earns money.
Taking action is what makes entrepreneurs different from non-entrepreneurs.
The success stories of young entrepreneurs like Mark Zuckerberg, Steve Jobs and Bill Gates are what drive people to think that you need to be young to be a successful entrepreneur. But age is just a number when it comes to becoming an entrepreneur. A recent study conducted by the Kauffman Foundation revealed that Americans aged 55-64 are now opening new businesses in greater numbers than ever before, and we are observing an increasing rate of new entrepreneurs among individuals aged 55-64. In fact, according to the 2015 Kauffman Index of Startup Activity, this age group comprises more than a quarter of all new entrepreneurs. Likewise, GEM (Global Entrepreneurship Monitor) report revealed global trends in entrepreneurship from 2009 through 2016, and identified entrepreneurs over the age of 50 as especially important to economies where the population is aging. GEM report found that people between ages of 50 and 64, as well as the ages of 65 and 80 are more likely to be self-employed than their younger counterparts.
Inspiration can be found in many famous success stories. The founder of McDonald’s, Ray Kroc, sold milkshake mixers until age 52 before he came into contact with the McDonald brothers who ran a popular food outlet in California. Initially, he acquired the franchise of the McDonald's corporation and later transformed it into one of the most successful businesses in the world. By the time of his death, the chain had 7,500 outlets across the world with gross sales of $8 billion. He brought revolution in the fast food industry, making McDonald the biggest fast food chain in the world.
In context of Nepal, we have Hajuri Bista, 60 year old who is at the peak of her career as an entrepreneur. It all started when she joined WEAN (Women Entrepreneurs Association of Nepal), a multipurpose co-operative that provided training for women regarding food processing and preserving. She faced a lot of hardships as a woman entrepreneur and as a late bloomer. But despite the hurdles and late start, Bista definitely came a long way. Today, Bista owns the two pickle brands- Navaras and Kitchen Recipe. Both the brands specialize in pickles made with Nepali spices. Bista is regarded as one of the exemplary figure in Nepalese commercial sector, breaking the stereotype of a typical entrepreneur.
We have the example of Laxmi Sharma, 68 years old, "The
button lady". She is Nepal first women tempo driver who attended school
for only three days. Today, she is a proud proprietor of Laxmi Wood Craft
Udhyog (LWCU), the first button factory in Nepal, which she started at the age
of 34.LWCU is not only a profit making industry; it has also been spending up
to 15 percent of its profit in social services. Likewise, we have the instance
of Sam Walton, who founded Wal-Mart at age 44; Charles Flint, who
founded IBM at 61 or Hoffman who founded the LinkedIn at 35 and many more. They
are the entrepreneurs who found their "Big ideas" later in life. They
made it clear that age is not a determining factor for entrepreneurial success
all the time. Good ideas, passion, commitment, energy and experience are
equally important for startups.
Old entrepreneurs pose certain characteristics that provide
them with an advantage over young entrepreneurs.
1. Personal
network.
Hard work is not the only success mantra for entrepreneur.
You need to have some personal connections. The longer a professional is active
in his industry, the more contacts he develops. Older entrepreneurs
tend to have a much broader and deeper
network of contacts than their younger counterparts. This makes old
entrepreneurs more capable of starting and running a business due to the
financial, human and social capital accumulated over a lifetime career.
2.
Experience
With age comes experience. Older folks have had all the taste
of bruises, bumps and hardships which makes them more efficient to handle
complex situations than their younger counterparts. Such previous
entrepreneurial experiences positively influence the likelihood of establishing
a business as they have the skill, perspective and connection to compete and
conquer.
3.
One last shot
Older people have that "One last shot" spirit which
emboldens them and provokes them to get it right the first time. They understand
that this is their final shot at making their business into not only a
financial win, but also a legacy. This brings commitment and confidence
naturally to the older entrepreneur. The young entrepreneurs on the other hand
have a tendency to take it slow as they know deep down inside that they will
still get a second shot.
Thus, Old people surely have some advantage over the young
ones. They are people with wisdom, experience and good judgment. However, they need to work extra
hard to make it as a late bloomer in entrepreneurship. Here are some tips for
old entrepreneurs:
1.
Leverage your networks
You have the advantage of personal networks and connections.
Such networks whether personal or professional can assist while starting a new
business. So, you need to fully leverage the contacts and connections that you
have built upon over the decades. Utilize such networks as assistance for both
launch and growth of the company. This will surely help you to start off as a
late bloomer.
2. Make
wise selection
Do not go overboard while choosing a business as you may not
have the same energy and physical ability as young ones. Select business
according to your capability and strength that you think you are willing and
able to commit. Only then you can make your passion meaningful and fruitful.
3.
Know your ability to take risks
No business comes without risk. Younger entrepreneurs
typically have less to lose so they are willing to take any type of risks for
their startups. Older entrepreneurs do not have time to take unplanned risks.
So, you need to analyze all the risk and uncertainties coming in your way. You
don't have the time to be carefree. You need to be cautious while using your
resources.
4.
Work extra hard
You need to work extra hard to cope with the new
technologies. You may be out-of-touch with the new technology while the young
ones are usually tech-wiz. Podcasts, seminars, books, YouTube videos can
be the new "teachers" assisting you to learn about the ongoing
technology trend.
Thus, just because you are older doesn't mean you have missed
your opportunity to try something new. Success does not correlate with age but
with how passionate you are about what you do. So, if you think it’s too late to start your own business,
think again.
References
Cooper,
R. (2015, March 26). Dispelling the
Myth that Entrepreneurship is a Young Man’s Game. Retrieved from U.S.
Chamber of Commerce Foundation: https://www.uschamberfoundation.org
Ewing
Marion Kauffman Foundation. (2015). Survey
of entrepreneurs.
Michalowicz,
M. (2012, may 3). 7 advantages of an
old entrepreneur. Retrieved from OPEN Forum: https://www.americanexpress.com
Writer : Poonam
Bhattarai
Editor: Kamal
Poudel
Note: This article
originally appeared in the print magazine, Management
Vision-an opinion based magazine of business and entrepreneurship
prepared by the BBA students of People’s Campus.
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