Age plays a role in many aspects of life, and business is no different. Unfortunately, many have a perception of youth being something essential when it comes to succeeding in business. However, history has shown that this is hardly the case. In fact, in many examples, the older generation has an edge over younger workers, including those trying to tackle the world as entrepreneurs. So if you fancy yourself an ‘olderpreneur,’ below are a few ways you can use your age to your advantage in the always competitive business world.
Throughout your life, you have taken in information and skills from your employment and daily life. These years and years of experience translate into a much more significant skill set and knowledge base than those just starting in the workforce. You also have likely weathered the various ups and downs that the economy has experienced over the past few decades. On top of that, you have enough personal experience to know what it is you truly want and how your career choice will fit in with your goals and desired lifestyle.2
Building a solid network in business is a challenging task and one that may take several years to develop properly. If you are older in the workforce, you are likely to have a professional network that reaches across multiple industries. This network is a valuable asset in many ways. Your network will be able to provide you with business leads or leads on various employment opportunities. They may help you with word-of-mouth referrals and help you keep up-to-date on a variety of industry information.1
Throughout your life, you have likely seen the ups and downs of finance. By this point, you are more likely to understand how to build on and improve your financial situation and know what mistakes should be avoided. You have probably been through a loan process or two and understand what is needed to obtain one and keep your loan in good standing. You are also more likely to have a good credit score when you are older, providing you with better opportunities if you need to borrow for your business.1
When you are younger, you may have other responsibilities, such as family, that need to be worked into your career schedule. When you are older, you are more likely to be free of larger responsibilities, such as taking care of your children or elderly family members. With this increased flexibility, you will find more opportunities to expand your business, whether it includes working unusual hours or overseas travel.1
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.
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1 7 Ways To Use Age To Your Advantage When Starting A Business, Forbes, https://www.forbes.com/sites/allbusiness/2019/08/17/starting-business-older-entrepreneurs-advantage/
2 The age of the olderpreneur: Could the over 65s teach youngsters a thing or two about start-ups?, This is Money, https://www.thisismoney.co.uk/money/smallbusiness/article-2343930/The-age-olderpreneur-Could-65s-teach-youngsters-thing-start-ups.html