Third Age - Senior Entrepreneurs

By James Rickman 

Who says entrepreneurship is only for the young. After all you need energy, stamina, relentless focus, and the most important thing, time on your side. Maybe! But a key to successful entrepreneurship is simply doing it. Regardless of age or circumstance, make your own opportunities and go for it.

According to Department of U.S. Labor Statistics, the self-employed aged 55 - 65 rose 33% in 2008, double the number of self-employed 25 - 35 year-olds. Research shows that approximately 22% of all new startup businesses are registered by people between 47 and 65 years of age.  No matter how old you are, there is always that perceived often misleading label attached to your age.

Today’s “Third Age Entrepreneurs”, those seniors over 50-years old are healthy, energetic and competitive and determined to remain productive well into their 70s. They aren’t going anywhere near that rocking chair on the front porch if they can help it.

In fact, many suggest that older entrepreneurs are more capable of starting and running a business than their younger counterparts due to the financial, human and social capital accumulated over a lifetime career.  Typically, Third Age Entrepreneurs are individuals on the brink of retirement that may see small-scale community based entrepreneurial activity as a positive way of keeping themselves active. The National Association of Senior Employment, The Information Technology and Innovation Foundation, BlackExperts.com, The Kauffman Entrepreneur Foundation and the U.S. Office of Senior Citizen Services all offer valuable entrepreneur start-up information.

The majority of motivated senior entrepreneurs are driven to succeed based on their enthusiasm to deliver a valued product or service giving back to the community.  Despite the increasing trend of mature entrepreneurs, a few of the marketplace apprehensions about older workers can be obstacles such as:

Health concerns. Many worry that older folks may ultimately cost more as their health deteriorates. In fact data supports that people older than 50 tend to take fewer sick days than younger people.

Technologically inept. The concern about people at midlife being technically incompetent is an outdated belief that holds very little merit. Although they didn’t grow up with computers on their desks, they’ve been using them for over 20 years now. There is very little they don’t know about common usage.

Younger workers. Once they get over the initial adjustment, they often develop a relationship with seniors based solidly on mutual respect and each learns from the other. The key is a leadership philosophy based on collaboration rather than top-down authority.

If you’re an older worker who is looking for a job where people will have faith and trust in your wisdom, review below a few jobs where your experience and expertise are an advantage including:

Health Care Professional 

Older health-care professionals exude good judgment and breadth of experience; people believe they are less likely to be wrong or make a mistake.

Financial Advisor 

Older workers hold a lot of credibility with stakeholders. There’s a natural assumption that someone older knows what he is talking about, which is most important when talking about finances.

Career Counselor 

People want career advice from people who actually have depth in the work force. Older workers historically have a great work ethic. Such experience and commitment is valuable to others attempting to land a career.

Brand Manager 

Older workers usually have a clear commitment to company goals. Their knowledge and experience in the global marketplace creates a frame of reference to understand ‘why’ and to recognize the place of the organization compared to the competition.  

Consultant 

The good thing about being a consultant is that you can advise on almost anything. As someone older, you probably have more than one area of expertise; consult for them all! Your knowledge will make clients believe you will commit fewer errors, identify the best opportunities and find the clearest path to results.

With a large of senior entrepreneurs working to achieve the perfect balance between their domestic and business lives, the concept of third age entrepreneurs has come like a breath of fresh air enhancing person to person community networking and the convenience of internet home-based start-ups.

We are at a period of economic crisis requiring innovative practical solutions. Many senior, “Third Age Entrepreneurs” offer the ability to deliver unique ideas, products and services, wisdom based on experience with the results necessary to create the balanced financial growth of a start-up while giving back valuable resources to sustain future generations in a thriving community.  

For more information email  sustainablevirtualteams@yahoo.com  or call (503) 621-4953.

Women – The Innovative Entrepreneurs

More than one-third of entrepreneurs in the United States are women, and the growth in the number of woman-owned firms is more than double the rate of all U.S. firms. Stay-at-home moms are multi-tasking more than ever. In between childcare, cooking and cleaning, they are cranking out inventions that are making them millions. In America, women start 424 new enterprises every day that’s more than twice as many as men. These mothers of invention have nurtured their creative ideas outside the corporate box. Knowing how to stretch a dollar, these resourceful women started simple, by keeping costs down and production up!

Today, women entrepreneurs employ more people than the Fortune 500 combined. Throughout history there are many successful woman entrepreneur models such as Madame C. J. Walker (born Sarah Breedlove) listed in the Guinness Book of World Records as the First Female African-American to become a Millionaire by her own achievements. Orphaned at the age of seven, Walker built a thriving beauty products business in the early 20th century, employing over 3,000 people. She was noted for working hard, honest business dealings and quality products led her to success.

According to a recent U.S. national poll, try to guess who was the most admired entrepreneur? Was it Bill Gates? Donald Trump? Nope -- Oprah Winfrey stood out head and shoulders above the rest. The story of Oprah's life success is truly inspiring as she overcame many challenges. Today, Oprah is admired as the most influential woman in the world. 

Today, over 11-million creative woman entrepreneurs are using their ingenuity to fill niches on their own terms. The reasons women start their own company varies but research shows 46% want more control over their schedules, 23% were frustrated with the corporate environment, while 24% saw a niche and filled it. These successful woman entrepreneurs all share a common characteristic: they think outside the box.

The Small Business Administration’s also offers one-stop shop resources center for woman entrepreneurs; the fastest growing group of business owners. An explanation for why women have emerged as an important entrepreneurial group and why they have moved beyond traditional sectors can be found in examinations of changes in women's human capital-especially their educational access and occupational representation.

Several online social networks offer support for woman entrepreneurs of all backgrounds such as; MasterPlans.com, MillionaireMoms.com, MomInventors.com, BlackEnterprise.com, Woman’sWork.com, BlackBusinessWomanOnline.com, and HomeBasedWorkingMom.com . Today, woman entrepreneurs are the first generation from the cross platform, device agnostic, multimedia world in which we live in. Now, they take cues from both to put a personal stamp on business. They don't just tap the insight of other women entrepreneurs, but encourage networking and support their success. 

Here's some popular networking techniques used by woman entrepreneurs:

Keep It Small: Networking at the executive level is rarely done via big parties or industry mixers, regardless of gender. Woman entrepreneurs mainly connect through one-on-one meetings or small, exclusive dinners and get-togethers giving everybody a chance to relax. It fosters a great climate for brainstorming and meeting new executives.

Keep It Selective: One of the key elements to networking isn't just how but who. It's most advantageous to connect with like-minded individuals and coordinate dinners or drinks with an eye on synergy between attendees. It can also help guests feel more comfortable in sharing insight or contacts.

Keep It Consistent: They regularly make an effort to connect with fellow women in business to put heads together and conjure new ideas. It's done via a variety of ways, from email, to cell texting to instant messaging to in-person meetings, but most importantly, it's constant.

Keep It Focused: While gatherings are often in a social or relaxed environment, make no mistake - it's all about business. Networking can be fun, but keep it productive as well.

The success of women entrepreneurs is a dynamic trend. Perhaps a hybrid of Baby Boomer work ethic, 70s freedom, and the great women in business boom of the 80s and 90s, they're an inspiration of drive, ambition and an anything-is-possible mindset. What's interesting is that it goes beyond the business world into every corner of their lives. They have rich social lives and good friends, husbands, great families, and live comfortably. They love style, looking good, support social change, and most of all, are happy.

For more information email  sustainablevirtualteams@yahoo.com  or call (503) 621-4953.

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