Why over 50s make great entrepreneurs

Yes, we all know that there are plenty young whizzkids out there with radical business ideas, but less credit is given to those who are a little bit older.

The likes of Alan Sugar and Richard Branson are not household names for nothing, and their business expertise has certainly not waned as the years have passed by. So what is it about the over 50s that can give them the edge when it comes to starting a successful business?

An invaluable contacts list

After decades of work, people in their 50s and older have forged useful relationships with people who may well able to help them launch and grow a new business. These useful contacts might be potential customers or suppliers, investors or board members. Young people starting out can’t possibly have such a broad network to call upon. But above all, do make sure that you surround yourself with positive people who can make a big difference to your enterprise.

They know what works and what doesn’t

When you’re looking to make a start-up successful, crucial mistakes have to be avoided. The more knowledge you possess about your market and its customer base, then the less chance that you’ll make awful errors. A solid background in that chosen field (as a past employee or even simply as a customer) can be of enormous benefit.

Ultimately, they know themselves 

Once you’re past the age of 50, you’re more than aware of your own strengths and weaknesses. Someone half that age will still be finding their way. Such a self-awareness will help you determine what kind of people you need to hire in order to compensate for any areas where you may be lacking in expertise: few people are likely to be both an innovative electrician and blindingly good accountant.

This might well be their calling 

A stigma is sometimes attached to older candidates or workers by some employers who might feel that such people perhaps lack a sense of engagement or even the stamina to see a project through. But entrepreneurs in the over 50s bracket are more likely to be exactly the opposite. They want to start companies because they’re passionate about them, they most certainly are not looking to take the plunge into such a venture for a cushy later life. In some cases, these start-ups might just be what they need to recharge their batteries for the years ahead.

If you have thought about starting a business, what field would you move into?

The following two tabs change content below.

Rachel - Silversurfers Assistant Editor

Hello there! I’m Rachel and I’m the Assistant Editor for Silversurfers. I work behind the scenes to bring interesting, informative and entertaining subject matter to the Silversurfers community. I hope you enjoy the features we have shared with you. Please feel free to comment below and share your thoughts with us, we love to hear from you!

Latest posts by Rachel - Silversurfers Assistant Editor (see all)

Leave a Comment!

Not a member?

You need to be a member to interact with Silversurfers. Joining is free and simple to do. Click the button below to join today!

Click here if you have forgotten your password
5th Mar 2015
Thanks for voting!
Most people in their 50s are at the height of knowledge and intelligence!
8th Mar 2015
Thanks for voting!
Totally agree, however I wish I had this knowledge and experience 30 years ago 🙁

Community Terms & Conditions

Content standards

These content standards apply to any and all material which you contribute to our site (contributions), and to any interactive services associated with it.

You must comply with the spirit of the following standards as well as the letter. The standards apply to each part of any contribution as well as to its whole.

Contributions must:

be accurate (where they state facts); be genuinely held (where they state opinions); and comply with applicable law in the UK and in any country from which they are posted.

Contributions must not:

contain any material which is defamatory of any person; or contain any material which is obscene, offensive, hateful or inflammatory; or promote sexually explicit material; or promote violence; promote discrimination based on race, sex, religion, nationality, disability, sexual orientation or age; or infringe any copyright, database right or trade mark of any other person; or be likely to deceive any person; or be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence; or promote any illegal activity; or be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety; or be likely to harass, upset, embarrass, alarm or annoy any other person; or be used to impersonate any person, or to misrepresent your identity or affiliation with any person; or give the impression that they emanate from us, if this is not the case; or advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.

Nurturing a safe environment

Our Silversurfers community is designed to foster friendships, based on trust, honesty, integrity and loyalty and is underpinned by these values.

We don't tolerate swearing, and reserve the right to remove any posts which we feel may offend others... let's keep it friendly!