Top 5 Reasons Older Adults Are More Productive Becoming Entrepreneurs
Our thanks to Mohit Sharma for this contribution to our blog.
Presenting the new age entrepreneurs, They are all above 65!
An unexpected generation of entrepreneurs is transpiring in the market. You may see new age people, young and full of notions and impulsive energy, passionate about business and working for more than 100 hours per week. Full time retirement has become underrated and so many seniors are preferring to work even after their retirements from their full time jobs!
Just for a sec, imagine you are 75! What picture pop ups in your mind? A retired old person, correct? We live in an ageist society, where your dreams are a threat to others. People try to threaten you. But so many older adults have proven this wrong. There are so many entrepreneurs over 50. We will discuss the benefits of being an entrepreneur for senior adults.
According to a study by Forbes “people over 55 are twice as likely as people under 35 to launch a high-growth startup.” This could be any business, be it traditional brick mortar business or any online business. So no matter what they – senior adults choose to start up with, they have a lifetime of experience which is enough to get started.
Starting a business is the best way where the old adults can use their experience to the fullest. Among older men, business is trending as they desire to be their own boss. Among older women, it’s a long time held passion that they want to fulfill.
Though there are challenges and opportunities such as getting funds, lack of support from society, ageism – it knocks down the confidence. But at the same time, being in this age is an interesting time, you can open up new surprises!
The online business has boomed among senior adults who are looking to start a business from home. Let’s see the reasons:
1. Freedom of Time
As you are retired from a full time job, you can give time to your own, for your business or for a new startup. So you have all the time with you now. With this precious time, so many tasks can be achieved. This is the beauty of time, it is like a freedom, once you are retired, you have it all, it is all yours.
So, adult entrepreneurs can focus more and be more productive as they can give it time and focus. You have all this time, you can work on multiple things simultaneously for example, you can be a Consultant for ecommerce and at the same time become a Shopclues seller. It is very good ecommerce marketplace to earn good profit online.
2. Rich Experience
It is beyond doubt that starting your business at an older age means you have ages of experience to use. You are seasoned and it is truly valuable. If you have been in huge organizations, you have gained valuable experience and skill set. Such organizations offer excellent skills to lead your own enterprise through all the growth stages.
The new startups need advice from a highly skilled person who has an excellent experience. Let’s say if you are someone who has knowledge about selling items on paytm as a paytm seller, you can become a consultant for people looking out to sell on paytm. This new e-commerce marketplace has very high number of users searching for new products everyday.
3. Age is an asset
I have seen senior adults becoming Snapdeal Seller’s and earning good income. They have worked very hard setting up their online store on the marketplace. According to various adults, they take their age as an asset. The Rich experience and network that they have gained their entire life is noteworthy and is worth more than hundreds of degrees.
So whichever niche senior adults choose to start business after retiring, they are surely like to excel. According to a study by Stanford Center, the senior adults are considered as the pillars of the company. ”They are better collaborators, and they are more loyal. They make excellent mentors!”
So considering their age as an asset, unleashing their true potential is the major concern.
4. Rich Network
As you have been around for a longer period of time, the contacts or network of people is relatively wider for you. This network can be a source of investors, partnerships, advisors who can help you out when in need. Perhaps, the many years spent in the corporate built in professional contacts will help you now!
5. Passion to start something new
Working the entire life sometimes leads to saturation. People want to try out different things. There is an unnerving passion which is seen in the older adults. As they are fully aware about their capabilities, skills and expertise, knowing what will work for them or not is not even a question for them anymore.
Young entrepreneurs are generally not sure about their success. But older adults are sure about their success as they have a passion and sense of self awareness.
Options to start:
1. Starting an Online Business
Ecommerce or online business are the latest trends in the business domain. Building an online store and selling products online is easier because of ecommerce marketplaces such as Amazon and it is a great option. You can sell on amazon very easily, just get started with the seller registration process and list your products. Your e-store is ready in a few simple steps!
Starting a business after years of experience in retail or sales, it can be a new area of expertise for you. E-Commerce is an elevation which does not even require a physical retail location. So this is an excellent option to start an ecommerce business.
So if you have decided to go for this option, you can either create your own website from scratch with a team of IT professionals else, start selling on the trending marketplaces which are already well built, you just need to set up your products.
The decision is yours of course. Based upon your ideas, goals, available resources and the target audience one must come to a conclusion.
If you are planning to sell on various marketplaces, I am here to help you!
2. Content Writing For Blogs and E-Commerce Products
If you are fond of writing and sharing your experience, blogging is the best way to share your skill and create an audience for your own firm or, you can work as a freelancer for other firms. Companies these days are hugely concerned about their online presence. Indexing plays an important role. To be on the top notch, content and blogs are the key.
So when any company wants to start with a serious blogging, they go to professionals with rich experience in the respective domain. If you are someone who wants to blog for other companies then there is Upwork and Elance which can get you started.
So, decide your area of expertise, what do you want to convey to the people with your blog, what do you want to accomplish, etc.
3. Business Coaching and Speaker
Senior adults are highly experienced and skilled retirees for whom business coaching or consulting is the best option to get started. The young people need someone to show direction. There is an extreme need of experienced people, who can guide and lead the way to visualise businesses.
I have met a senior adult who had a rich experience as a flipkart seller, so being in this area for so long, he has started consulting the young. He provides coaching to the young who are in dire need of a direction.
Every course in the world is available online. Most of the senior adults have valuable life learning lessons to teach. One can create online courses or webinars to share their expertise meticulously. So many portals such as Udemy, Unacademy and Techable allow users to create their own videos, easy to create and share with the audience.
4. Social Media Agency
With the increased use of social media, social media marketing is trending these days. Social media marketing is marketing or promotion of products using social media. As everyone is aware of social media these days, this business to promote products on social platforms is a huge benefit.
So if you are someone with a background of marketing, and knowledge about various tools this is the correct profile for you. You can start your own social media agency, be your own boss! Lovely isn’t it.
5. Graphic Designing
Graphic designing has always been in high demand. If you have an existing knowledge in this area, you can build your own business to provide graphic designing services. Freelancing is the best option here.
People with startups, need logos, designs for their websites, prototypes etc. So this is an evergreen field which is always in demand.
Mohit is an ECommerce Enthusiast and Owner of MohitECommerce. He is Working With Many Vendors in Different Categories of Products Across Various Marketplaces. He is Very Good at Amazon Seller Training, Amazon FBA, Amazon Seller Registration, Amazon Brand Registry, Amazon Account Suspended (Making Plan of Action). He Likes To Help All Type of Businesses Mainly Small and Medium Businesses Which are eager to Step in Online Business.