or so, I did the stupidest thing I ever did in my life: I ignored them and went back to work.
What I had was a TIA, or transient ischemic attack. A TIA, which is a temporary decrease of blood flow to the brain, is a warning sign of an impending stroke. If more men and women knew about and recognized TIA, thousands of needless strokes could be prevented. Later, I had a full-blown stroke. I recovered, but I still suffer from a slight loss of balance.
RELUCTANCE TO EMBRACE CHANGE
When you’re older, you become set in your ways. Your flexibility may diminish, and you may be less willing to accommodate others. This can be a problem, since you have to accommodate your customers and serve them in the manner they prefer. In my case, I have never liked gadgets or new technology, and, consequently, I don’t own an iPhone, iPod, iPad, or wireless laptop.
This has disadvantaged me in some business meetings where clients take it as a matter of course that I should own these things and know how to use them. I had one meeting where everyone in the room was sending files back and forth between their various wireless devices, and I was embarrassed because I could not do so. My wife says I need to get with the times; no doubt she is right, but I am just set in my ways, and scoffing at what I consider newfangled toys is one of them.
I marvel at how young corporate men and women carry all these devices all the time and stay connected to business 24/7. Yes, it can be convenient, but surely it adds stress, too. At their age, they are able and willing to handle it. At 54, I am not. To always be connected electronically to work seems to be a burdensome thing.
ADVANTAGES
It’s only smart to consider the possible disadvantages that come with advancing years and to make plans for how those issues will affect the way you do business. But don’t let those issues scare you away! Entrepreneurs over 50 enjoy certain powerful advantages over the younger set.
MORE EDUCATION
Many of us with gray hair have much more education, both academic and on the job, than people decades younger. As a result, we know more. We have taken more courses and studied more subjects. And, although our degree may be old and our knowledge not always state of the art, our education includes not just college, but all the continuing education courses and at-work training seminars we have taken over the years.
MORE LIFE EXPERIENCES
The main advantages we over-50s have over our younger brethren are far more extensive experiences in life and in work. This greater experience, especially when combined with more schooling and training than the youngsters have, means that we simply know more, largely because we have faced and dealt with far more situations and problems than they have. Problems that are new and seemingly unsolvable to young people have already been faced and solved by their gray-haired counterparts.
In my day, younger people were more respectful of their elders; in the corporate world, we deferred to their more extensive knowledge and experience. Today, it is the opposite. We live in a culture that worships youth. Once you hit 50, it’s extremely difficult to get hired, which is one reason why starting your own business is such an attractive option. In your own business, you can confidently put your knowledge and experience to work without having to prove anything to a boss who can’t conceive of life without the Internet.
MORE WISDOM
All of your life experience makes you a wiser person. You know more because you have done more and seen more. Problems that seem insurmountable to the kiddies have already been faced and solved by their elders. We possess more common sense and can draw upon a much larger storehouse of experience. We are less impetuous and more deliberate and thoughtful. Ironically, although we have fewer years left to us, we act more slowly than young folks, who always seem in a terrible hurry. At least, that has been my experience.
“Wisdom is usually learned and earned through major experiences in life, both good and bad,” writes Lauraine Snell in her book, Start Your Own Business After 50 or 60 or 70 (Bristol Publishing, 1990).
INCREASED ABILITY TO SEE THE BIG PICTURE
Snell lists additional reasons why the over-50 crowd has the advantage in starting a business.
•Older people were raised in an age where a strong work ethic was ingrained.
•Most people over 50 have been through multiple recessions, so they have learned how to survive tough times.
•Older people understand the principle of delayed gratification. They don’t expect to make a million dollars or have dozens of customers their first year in business.
•Usually by sometime in our 50s, the children have gone off and we live in an empty nest, which means we can concentrate on our business without the distraction of raising kids.
•“Many beginning older business owners have already been successful in their lives as business owners, managers, or employees,” writes Snell, “so they have greater business knowledge and a proven track record compared with younger entrepreneurs.”
FINANCIAL CONSIDERATIONS
If you’re over 50, you have more money issues to consider when starting a business than a younger person does. Many people in their 50s and older have considerable retirement savings, which could be a financial advantage to starting a business. They can afford to take some of this capital and invest it in a business, whereas 20- and 30-somethings are just starting out in life and have little or no savings.
If I wanted to launch a business with $100,000 start-up costs, I could do it without venture capital or loans. Yet, on the TV show The Shark Tank, you see people giving away 10 to 50 percent of their entrepreneurial ventures to investors who in exchange pay them relatively modest five-figure investments.
Of course, the flip side to that advantage is that those of us 50 and older also have to be more careful with our money. People in their 20s and 30s, many of whom are single and without children, can simply afford to take more risk than middle-aged folks, whether it’s making investments or starting a business—even though they typically have less money. They can be more fearless, as they know that if their business tanks, there are still decades ahead to make up the loss and try again. Their peak earning years are either at hand or still ahead of them, and when you are 20 or 30, you think you are immortal.
For those of us in our fifties or older, we are approaching retirement age, even if it’s not in the immediate future. We are past our peak earning years, yet with retirement approaching, our need for cash may be great. Therefore, we must be conservative with our money and investments. We cannot afford to risk it all on an uncertain business venture, and some of us may not be willing to give up the security of a 9-to-5 salary for the uncertainty of self-employment.
In March 2009, the financial crisis sent U.S. stocks to a 13-year low. Investors gave back $7 trillion in wealth and lost 22 percent of their retirement savings—adding to the degree of financial uncertainty for those at or near retirement age—forcing some folks to delay their retirement for years. A recent survey by the Employee Benefit Research Institute found that only 23 percent of workers plan to retire before age 65, down from 50 percent in 1991.
You’re probably going to live longer than your parents
