Could you be a Boompreneur?

Studies in the United States have found that businesses founded by the over 50’s are twice as likely to succeed than those started by younger people. The story is similar in the UK where for example more than 50% of the self employed are over the age of 50 and a handful of years a go y Barclays Bank carried out a study which found the number of business owners aged of 65 in the UK had risen by 140% in a decade.

There are a range of reasons behind these data from those in need of supplementing retirement income to adventurers seeking a new purpose in life. Could you become part of this burgeoning group of entrepreneurs?

You might wonder why you should, for me a prime reason is to find renewed purpose. At one of our recent workshops all of the attendees had either set up their own business or were considering the idea. None has ambitions to create the next Apple of Microsoft, but all are seeking something that aligns with their values, their passion and which provides them with joy.

A step towards understanding what you might seek to do is to be very clear about your abilities and skills. Sometimes it is easy to be dismissive of our talents; taking time to stand back and think about what you like to do, what you have excelled at in the past and how these things might be put to an alternative use could provide you with the spark needed to start a new adventure.

Making money need not be the core aim of whatever you seek to do, rather pursuing something that gives you joy. In my experience doing things such as this can be a huge boon to your wellbeing and therefore your health.

A client of my former business became what I called an accidental entrepreneur at the age of 50 when he was made redundant, at first he was reluctant to set out on his ow preferring instead to seek a permanent job. As his search for a job ground on so the consulting work he did saw an uptick in work such that within a few years he had a built a team of people around him. Now in his late sixties he continues to work several days a week having taken the decision to hand over the reins to a colleague. When he first set out on this journey in 2007 he was determined to fully retire by the age of 60, now he is looking forward to continuing to work a few days a week into his mid 70’s. Maybe in eight years’ time I will be writing to tell you about his plan to work past the age of 80.!

One beauty of starting out in later life is that we often have time to experiment and can take small steady steps towards establishing a new venture, something that is unlikely to be true for a much younger person. Another advantage is a greater degree of wisdom and knowledge that can help you avoid some of the mistakes of younger founders.

Regardless of your ambition or the scale of any new business I would highly recommend you give the idea some thought.

Have a good weekend.