Last week we posted an article on the senior entrepreneur and explored tips and advice for those who have decided to spend their golden years to embark on new and exciting changes. Instead of slowing down and taking things easy, these brave men and women use the wisdom that you can only gain with age to start new ventures and blaze new trails. Here are a few more tips for senior entrepreneurs.
Always Keep Track of Finances
The older entrepreneur can sometimes make the mistake of getting too comfortable in his or her financial situation. While young entrepreneurs are often trying to balance funds for starting a business, buying a home, getting married, going to school, having kids, and starting life, the older entrepreneur typically has already lived through most of that and acquired a home, car, and other life assets. Because of this, the more mature entrepreneur can sometimes forget that he or she still has to watch finances closely to keep from going under. It is still important that you track your finances and stop any bleeding that may be happening and could threaten the life of your venture.
Don’t Let Anyone Tell You That You’re Too Old
We have all heard the stories of entrepreneurs who got their start when they were just 14, 15, 16 years old. Although having a child in the workplace is frowned upon in most societies, childhood entrepreneurs are often encouraged, praised, and celebrated. The same is not always true of the senior entrepreneur. There are still people out there who may look at you as if you were insane when you tell them that you are going to start your own business. Your kids may joke about having you committed. Well-meaning friends may try to discourage you, saying that it is too stressful, that it will deplete your savings account, that it will send you to an early grave, that you will fail.
The truth is far from that. In fact, according to PBS, people over the ages of 55 to 64 have a higher rate of entrepreneurship than those who are ages 20-34. There is an entire Global Institute for Experienced Entrepreneurship. As its website shares, “GIEE works with businesses and governments to ignite the wisdom, skills, and entrepreneurship of experienced employees, and thereby build better startups, businesses, and entire societies. Our Intergenerational Experience Incubators™ are part collaborative community, tech incubator, training, and inspiration platform, and premised on integrating the technology/social media experience of the young with the life/work experience of older participants. All of our research and engagement programs are intended to harness the power of experience as a catalyst for profound social and economic change.”
The CEO and Co-Founder of GIEE, Elizabeth Isele became a serial entrepreneur only after spending over 30 years in a career as an author, editor, and philanthropist. In other words, a senior entrepreneur used her experience and wisdom to help form an institute to help other senior entrepreneurs to use their experience and wisdom. What better example of the success of senior entrepreneurship? GIEE’s partner for Australia and New Zealand is Joanna Maxwell, also joined the GIEE family after several years at a successful career. Her first career was in corporate law and she now uses the analytic skills and rigor that she learned as a lawyer to help coach other senior entrepreneurs to find their way.
As we have shared before, there are several reasons that so many men and women are choosing to leave the traditional workforce or retirement and work for themselves. Entrepreneurs who are looking to start their business in the Wellington, New Zealand area might choose Offix as a place for their business office. Unlike traditional office space, Offix has open office space to rent in Wellington which can be leased by the day, the week, the month, or by the year, depending on your needs and budget. With amenities such as cleaning services, and private desks, private offices, meeting rooms, 24/7 access, video conferencing rooms and more, these shared and coworking spaces might be the perfect office solution for you.