Fortune Favors the Old. Or is it the Bold?

My enthusiasm and commitment got the best of me recently. It wasn't intentional, but stereotypes and outright misleading references perpetuate the worst of our social norms. Worse still, it's death by attrition for those who buy into it.

What happened exactly?

Well, I am convinced that business ownership is a primary or secondary vehicle to support us in our later years. I sincerely believe this and am a business owner myself. In my effort to prove the point, I fell into an all-too-familiar trap: an unhealthy focus on celebrity and exceptionalism. I wrote the post below to confirm that starting a business later in life is possible.

The post may not appear problematic initially, but these examples, while recognizable, are not representative of the 33 million small businesses started by experienced workers over age 50 in the US. Unfortunately, I reinforced the message that one needs to build a huge and recognizable brand to be successful.

Success is deeply personal, and no one, including me, should attempt to define it on your behalf. Or influence you, for that matter. Touchy word these days, to be sure.

Ok, what is representative of entrepreneurship for experienced workers?

Experienced workers over 50 have started 87% of all small businesses in the US.

• 47% are Gen X

• 40% are Baby Boomers

Only one age group grew significantly as new entrepreneurs created new businesses since 1996. Guess who?

Ages 55-64

1996: 14.8%

2019: 25.1%

No other group increased significantly, and more than one group decreased.

All good news. What are some of the challenges:

• 29% need websites to help market their businesses.

• Only 20% of small businesses invest north of $10,000 annually in social media.

• A large proportion of small companies shutter within five years.

  • 20% in Year 1

  • 30% in Year 2

  • 50% in Year 5

A skill gap in marketing technology contributes to many businesses closing their doors within the first five years. One of the most common causes of business closure is connecting businesses with customers. 

I didn't say failed businesses. You may have previously started a business, but it didn't succeed. That doesn't make it a failure. That means you have yet to succeed. 

The good news is that this is a solvable problem with the skills gap in training, education, and community. 

Doing so will help eliminate the idea that experienced workers are not technologically savvy.

The statistics already fly in the face of another familiar trap—our collective obsession with the young upstart, the wiz kid, the prodigy, and the wunderkind.

Look, exceptional youth are outstanding, and I want all young people to succeed, but again, an unhealthy focus comes at a cost. We seldom hear about the millions of people like you and me who take a chance to do something new.

What's the point? The point is building a support system.

Be bold and start a small business. Don't be discouraged by those who have built a global fried chicken chain. I haven't done that either, and I definitely can't pull off the white suit.

Don't be afraid to return to school and rub shoulders with Doogie Howser. He isn't real anyway, and the actor is pushing 50. Who knows, maybe he’s a reader 😉 🤞.

Feel free to ask for help and discuss what's on your mind and holding you back. I am inspired daily by old and new friends who provide an ear and advice simply because I ask.

Remember that fortune favors the old.

Your Story

I talk to people like you daily and walk through this process. The product of these discussions becomes what I call Your Story.

Meet Lori Weir

Lori enjoyed a two-decade career as a public servant but has recently decided to pursue her passion for yoga full-time. Why the change, and why now?

Lori mentioned that she wants more movement and joy in her professional life at this point, and that single sentiment sums up what most of us want out of this part of our lives.

It sounds like a giant leap, but it makes total sense.

A career civil servant in education cares deeply about people, and that foundation serves her well as a yoga instructor.

Here is where it gets impressive. Lori took on this new challenge with the same discipline that carried her to leadership positions in higher education. She recently completed her CYT-500 certification, which requires 500 hours of training.

I love this quote she shares often, "Yoga is not about touching your toes. It is what you learn on the way down". -Jigar Gor

Amen to that.

One of the coolest parts of her new business is what she calls corporate armchair yoga and personalized virtual yoga. This practice works for just about anyone, anywhere.

Details

Connect with Lori on Linkedin.

Schedule time to talk to Lori about yoga.

I would love to hear your story. If interested, then please click here to book some time to chat.

Until next time,

Todd

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