Some people are born to be entrepreneurs and chose this career path because they feel very confident and brave. On the other hand, some people decide to become business owners because of the hard economic situation and somewhere along the way they have lost their job. It doesn’t matter what the reason is if you just past 40 and you are thinking about a new business, here are some things you need to reconsider. We are going to give you some tip on how to start your business, even though you have passed the 40.
Consider about our age and know your abilities
Your age might be a great advantage if you have a business experience regarding a field you are planning to enter. Your age and experience will provide you great credibility with your staff, clients, and suppliers, also you will have a bigger chance to borrow money from the banks. The only exception is a Silicon Valley, where entrepreneurs start early, under 25.
If you have worked in a very successful company, that is the leader in the specific field, then you will have a great startup point. Confidence is a great asset to have, especially when you are at the start. On the other hand, if you experience is limited on one or two positions you worked in a large corporation, then you will be surprised how many things you still need to learn. Ask a trusted friend or coworker to give you an honest advice and ask him to evaluate your entrepreneur’s possibilities.
Make sure to understand what your new business entails
There are a lot of good and bad jokes about being an entrepreneur. We can explain it simply like this: if you are in a corporate job, you will work 60 hours per week, you aren’t going to see your wife and children very much and you will be afraid to ask for vacation. On the other hand, if you are an entrepreneur, you will work 65 hours per week, you won’t see your children and wife and you can only dream about the vacation. But, the good news, you will get to decide which 65 hours you will be working. For some people that is more than enough and they can live with that. Despite the high risk of failure, more working hours and insecure income, they are willing to take a risk and aim towards the success.
Why do you want this business?
Based on some survey in 2013, more than 1000 small business owner declared that owning a business is in their DNA. 89% of them said they were born leaders and 37% said that it was their destiny. Most of the women nowadays start a business because of the flexible working hours. On the other hand, men start a business because they couldn’t find a suitable one where they can pursue an employment. There is a great risk of failure, but consider your age and experience as an advantage. The large number of people you know may give you a great head start unless you are drastically changing the career fields.