Starting your own business is a dream for many. Yet is age a barrier? According to a positive thinking practitioner, this is not necessarily the case.
Mindset coach Mindy Paul has told Digital Journal that those eager to pursue their passions and be their own boss can take a leap of faith and follow Gen Z’s mindset.
Paul explains why it’s likely there has been an uptake in ‘olderpreneurs’ in the U.S. and she provides some advice on the benefits of starting a business post-60.
Gen-Z are inspiring the older generation
Paul looks across the generational divide: “It’s interesting that we’ve seen such an uptake in the number of people over the age of 60 starting their own businesses or going self-employed.”
To support this, Paul observes: “In fact, recent data shows that self-employment among individuals over the age of 60 has reached record levels, coinciding with a dramatic rise in millennial and Gen-Z millionaires, whose numbers have more than doubled in the UK over the past five years.”
In terms of the triggers, Paul finds: “It’s likely that we’ve seen this happen because the older generation are being influenced to embrace the entrepreneurial flexibility championed by Gen-Z and has contributed to one in five (22%) of households headed by someone over 65 having total wealth exceeding $1 million.”
Looping back to cross-generational trends, Paul uncovers: “This shift suggests that older generations are increasingly inspired by the entrepreneurial spirit and flexibility embraced by Gen-Z, leading to a growing number pursuing independent ventures later in life. As a result, one in five (22%) households led by someone over 65 now boasts a total wealth exceeding £1 million.”
Nothing stands still and Paul recounts: “As well as this, we’re also witnessing the younger generation changing the model of work, with retirement in the traditional sense being actively rejected and instead realising that business ownership and wealth can offer a stimulating, independent lifestyle no matter your age.”
Is it ever too late to start a business?
In terms of the age-factor, Paul advises: “A lot of people think that you should slow down after you retire, but people who adhere to this restrictive notion rather than making the most of their newfound freedom are less likely to realise their aspirations of becoming successful and affluent.”
In terms of taking a chance, Paul encourages: “Those that just go for it instead of thinking they cannot do it are the ones who achieve the most in life, as we are seeing with young entrepreneurs more and more. We deprive ourselves of opportunity when we dwell on all the “what ifs”. You never give yourself the chance to succeed; you play small, and you remain in your shell. While it is wise to plan for potential risks, it is much wiser to plan for potential outcomes.”
Furthermore, Paul states: “As well as this, just because you’re older doesn’t mean you’re any less capable. If 20-somethings with relatively little life experience can, why can’t you? In fact, starting a business later in life gives you the advantage that young entrepreneurs don’t have, which can help you be more successful: decades of professional and personal experience that will help you succeed. So no, it’s never too late to get going, make those dreams a reality and stop being held back by limiting beliefs.”
Note: Starting a business can be risky, so legal and financial aspects need to be carefully considered.
