Starting a business after the age of sixty can be a rewarding experience, leveraging life experience and networks. Many successful businesses are built on passions and skills developed over decades, making them ideal for retirees. Equally, businesses can fail and hence a careful approach and well-reviewed plan are required.
In a previous article, Digital Journal heard from mindset coach Mindy Paul who explained that people eager to pursue their passions and be their own boss, aged over-60, can take a leap of faith and follow Gen Z’s mindset.
This is not least because experience and network are valuable assets. For those who have worked for many years, there is an opportunity to leverage accumulated knowledge and relationships as an advantage.
Paul returns with some advice for those wishing to adopt an entrepreneurial mindset and business idea at an age when others are collecting their pensions.
Start with leveraging your passions
Paul recommends: “One of the most important things you need to do when starting your own business is leverage your passions, experience, and skills. Starting with familiarity helps you build confidence and strive for what you want to achieve.”
Lean on the advice of younger generations
Paul advises looking to the younger, budding entrepreneurs: “If you’ve been inspired by the younger generation to start your own business, make sure that you lean on younger mentors who have built success where you get the opportunity. Every generation has something to offer, and Gen-z and millennials may even offer you fresh insights or perspectives you might not have thought of as they have had the advantage of growing up on the Internet.”
Don’t be afraid to make that move!
Paul advises against procrastination: “Feeling scared about your next move? Don’t bury your head in the sand. Instead, reframe your fear as fuel. Remember that the fact it scares you means it matters. Let those nerves propel you forward, not hold you back.”
Don’t wait until you ‘feel’ ready
Further on the theme of hesitancy, Paul cautions: “If you do this, you’ll put things off forever. Get used to doing small things that move you forward, keeping in mind that you’re doing the best thing for your future self, not just your present comfort.”
You’ll make mistakes and that’s okay!
The mechanism of trial and error apply, notes Paul: “It’s not about never slipping up or making mistakes. It’s about what you do after. No one is perfect, and you’re bound to make mistakes, but you can’t let it hold you back – move forward and learn from those mistakes instead of giving up altogether. Very few people do that, and that’s what gives you the edge and will make you successful.”
Note: Starting a business can be risky, so legal and financial aspects need to be carefully considered.
