6 benefits of older entrepreneurship

Becoming an entrepreneur in later life is an attractive proposition for many people over 50. In fact terms such as greypreneur, silverpreneur, second-career entreprenuer, and third-age entrepreneur have emerged in response to this increasing trend.

According to this article, in 2014 people of retirement age started 7,400 businesses contributing to a total of 118,900 businesses owned by older people in that year.

Why do older people embark on what, for many, is deemed a risky venture? After all, isn’t retirement a time for cruises, caravans, or simply when we can enjoy not working?

 

Advantages of older entrepreneurs

According to one report, people over 55 are twice as likely to launch high growth companies compared with people between 24-34. Another advantage is that people entering entrepreneurship in later life enjoy a number of strengths. A study by Gary Kerr of the Odette School of Business in Canada reports that inherent advantages of older entrepreneurs include:

  1. Impressive mix of technical, industrial, and management experience;
  2. Strong personal networks; and,
  3. Good financial assets.

Women and entrepreneurship

Males remain dominant in the entrepreneurship sphere – whether starting young or later in life. However, there’s good news for female entrepreneurs. Australia is ranked second internationally for its environment for female entrepreneurship, according to the NSW Department of Industry. In fact, the number of female business owners increased by 46% between 1994 and 2014 (compared with only a 27% increase by men). However, although the number of women owning a business is going upwards, compared with other OECD countries, Australian women are still substantially under-represented as entrepreneurs. That is, there’s still a way to go before women comprise a substantial proportion of business owners in Australia. Yet, research shows that a female entrepreneur is very happy with her life and the choice she’s made.

Whilst being more mature may be beneficial for starting a business, it’s not necessarily the main motivation.

6 reasons for entrepreneurship

Why do people, men or women, choose entrepreneurship in later life?

When many may eschew such an idea as crazy or foolhardy, older people start a business because of:

  1. Workplace ageism, and the associated challenges with either retaining or gaining employment in later life. A report by the Age Discrimination Commission outlines the problems faced by people 55+ who would like to continue working.
  2. A need to boost retirement savings. For some older entrepreneurs starting a business is a necessity.  They simply because they haven’t saved enough for their retirement.
  3. A desire to remain mentally active and challenged. Doing something that one chooses and enjoys is a benefit of business ownership. Many older people at the end of a career are content with a varied life that may involve unpaid work in the form of volunteering. However, volunteering may not provide the satisfaction and stimulation that comes with building a business. Doing something that one loves and believes in. As this older entrepreneur said he’s enjoying doing something “meaningful and rewarding”.  In fact, he says that he, like many others are “checking in” not “checking out”. 🙂
  4. The ability to keep working in a way that provides ultimate flexibility as to when and where to work can be appealing.
  5. Business ownership provides independence.  It also enables the older entrepreneur greater autonomy and ability to make their own decisions.

Finally …

  1. When an older person starts a business later in life it often requires new opportunities for learning and development.

My reasons

I could be described as a seniorpreneur.  However, I prefer businesswoman, with age being irrelevant.

The reasons I chose to start my own business?

  1. The freedom and independence to do things my way.
  2. An ability to pursue something I’m passionate about.
  3. Doing something meaningful that I believe will make a positive difference to the world.
  4. The ability to build and grow something that’s founded on my values and principles which guide how I live my daily life.
  5. Flexibility.
  6. Personal growth, ongoing learning, and continuous professional development.

I genuinely love what I’m doing. It’s a fabulous time of life.  For me, I only see it become better.  As James Cromwell said, “age is just an abstraction, not a straight jacket”. I couldn’t agree more.

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Judy Dench Exotic Marigold Hotel

Judy Dench rejects ageing. Do you?

I admit it.  I’m a Judy Dench fan – particularly in her recent movies of The Best Exotic Marigold Hotel, the sequel The Second Best Exotic Marigold Hotel, and Victoria & Abdul.  My appreciation for Dench extends beyond her skill as an actor.  In this interview she suggests that ageing is “hideous”, and that the ‘ageing’ word isn’t allowed in her home.  What I particularly enjoy is that Dench re-frames ageing.

Re-framing ageing

In her interview, Dench feels 49 and says she likes to learn something new every day. Importantly, changes in her body and ability to do things have nothing to do with her, but rather with something else.  For example, if it takes her longer to get out of a chair it has nothing to do with her being old.  It’s all about the chair.  As my friend Eric said, “Think old and you become old“.

Unsurprisingly, Dench’s attitude towards ageing is one held by many.  Invariably, older people feel much younger than their chronological age.  Recently, I had the privilege of being at a dinner with a number of women ranging in age from their mid 70’s to 92 years old!  It was a lively discussion and fun evening with unanimous agreement that no one felt their age (with everyone feeling 10-20 years younger). All lived independently and were still active members of their community.

Age-appropriate. What is that, and according to whom?

Author of This Chair Rocks, Ashton Applewhite suggests that it’s up to us to figure out what’s us-appropriate at any point, not necessarily what biology predicts or an ageist culture ordains.  In fact, there’s no such thing as age-appropriate.

Whether fashion, leisure activities, holidays or work, it’s up to us to wear, do, be whatever is comfortable based on how we feel and what we believe is possible for ourselves. Not based on any idea that we’re “too old”.

Many younger people are disparaging about older people, but then older people aren’t generally positive about being older either! Hardly good role modelling. Yet as Applewhite says,

“Other groups that experience prejudice, like gays or people with autism, develop buffers that can reinforce group identity, and even pride, at belonging to what sociologists call an out-group.”

What are we older’s doing to ourselves?

5 questions to ask yourself.

Perhaps it’s time to turn a mirror on ourselves.  Whilst not everyone uses the older age card, it’s certainly a card that’s used more often than is healthy.

Try this quiz.

If you answer yes to one or all of these questions, then perhaps it’s time to stop embracing ageing and have a change in attitude.  Time to re-frame your idea of what it is to become older.

Do you say or think …

  1. “I don’t do that because I’m past it (i.e. too old).”
  2. “That’s simply what happens when you get old …”
  3. “Going to the doctors is just part of ageing.”
  4. “I’m way too old for that!”
  5. “My legs/eyes/body just aren’t what they used to be.” (Really? Compared to when – 18 months or 18 years old? And, who cares?)

For some final inspiration, watch this interview with 91 year old Sir David Attenborough.

Image source: Exotic Marigold Hotel – 2011

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5 things worse then dying

5 things more scary than dying 

It’s reasonably well-known that many people fear public speaking more than they fear dying.  However, as we age, a number of other fears enter our consciousness beyond the sense of foreboding, dread, or denial that can occur as we age.

A bonus of ageing is that we commonly celebrate another decade passing.  Whether that celebration involve a party, an adventure, or a quiet dinner at home with a loved one or friends. We’ve lived another 10 years!  However, the celebrations are usually for the life we’ve lived, not the life before us.

Who celebrates a 50th, 60th, 70th or 80th birthday because of what they’ve experienced and because of your enthusiasm for the next decade? Compare this feeling to the experience of celebrating an 18th or 21st.  Generally, these birthdays are celebrated as a milestone because they represent a turning point in our life.  A time when we can look forward to new and exciting experiences and adventures.  What can we possibly look forward to in our 50’s, 60’s, 70’s, 80’s and beyond?  Isn’t this a time when “it’s all downhill from here”?

No.

Well, it doesn’t have to be.

As this well known quote so succinctly states

“If it’s going to be.  It’s up to me.”   

With lifespans longer than at any other time in history, it’s time to re-think how we look forward to, think, and plan for our later years.

5 things scarier than dying

In a recent survey of baby boomers conducted by Three Sisters Group, we discovered that this age group found these 5 things more scary than dying:

1. Physical and/or cognitive decline

2. Nursing homes

3. Retirement villages

4. Loneliness

5. Being like our parents

The question is:  If we’re afraid of these things, what are we doing about it?

The reality is, physical exercise combined with good diet and a healthy lifestyle (not smoking, low alcohol intake) are the two things most likely to make the biggest difference to our lives.  Furthermore, just these two ideas could influence whether or not a nursing home becomes a reality or simply an unfounded fear.

There’s so much to look forward to as we become older.  In fact, one study (1) has shown that our life satisfaction in our 60’s and beyond is equivalent to when we were teenagers!  As a friend shared with me, being physically active and not playing the age card are essential to enjoying our later life.  And Jane Goodall simply doesn’t think about ageing.

Of course planning everything in our life isn’t necessary either.  It’s really about our level of enthusiasm for what we’re doing and what might happen in the future.  I’ll never forget my grandmother telling me that she always carried her passport with her wherever she was in Australia just in case a friend called asking her if she’d like to go overseas with them.

And if you’re wondering … there was a time she spontaneously went on a cruise and asked her friend in Perth to pack her bag for her and she’d meet her in Sydney at the cruise ship (she was in Darwin) .  Unfortunately she did end up in a nursing home – despite her best efforts to live a very full life. At least she maximised her able years to the best of her ability.

 

Source:

(1) Qu, L., & de Vsus, D. (2015). Life satisfaction across life course transitions (Australian Family Trends No.8). Melbourne: Australian Insitute of Family Studies.

 

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Over 50 paradox

The 5 paradoxes of ageing & stereotypes

Ageing is the opposite of the term WYSIWYG: ‘what you see is what you get’. What you see is not what you get. Often there’s a chasm between outdated stereotypes of the over 50’s and their actual lived reality.

Invariably, when we think of an older person we see grey hair, wrinkles, and a stack of stereotypes often associated with ageing. For example, people over 50 are often considered less capable with their technology use, less fit or able, or someone with a poor memory, or simply “past it” when it comes to working or being employable. In fact, being over 50 is often associated with loss: loss of hearing; loss of eyesight; and, loss of memory.

The reality of the over 50’s

People over 50 are fit, healthy, technology literate, and keen to maintain some type of either full-time or part-time employment. In a study we recently conducted comprising in-depth interviews, small group discussions, and a survey of 500 baby boomers technology was generally not an issue – particularly for the younger baby boomers (between 50-65 years).  In fact this generation use technology for news, movies, staying in touch with friends (they’re big Facebook users), emails, games, and messaging. However, there are paradoxes.

5 paradoxes of ageing

Our study,  revealed these paradoxes:

  1. Whilst we might see a person with grey hair and wrinkles, according to our survey, baby boomers consider themselves at least 3 years younger than their actual age. In conversations with this age group they often say that they feel 10-25 years younger!
  2. On working … the paradox is that baby boomers often want to work, however, they want greater flexibility (potentially part time), and potentially less responsibility.
  3. The greatest paradoxes exist in the area of health. For example, over two-thirds of respondents rated their health as good/excellent. Yet, the majority also suggested that they were slowing down and experiencing poorer eyesight.
  4. Over half of our sample reported arthritis and aching knees. Similarly about half of this sample stated that they experienced forgetfulness and were concerned about dementia/Alzheimer’s.

“The only thing I hate about getting older is that your health starts to deteriorate, and that to me is the most important thing – having good health.” (Female, 50-64)

  1. Nearly everyone in considers diet and exercise as essential for healthy ageing, yet:
  • Only 20% of respondents had a fitness monitor (representing a huge opportunity for                                       the fitness monitor market);
  • None indicated that they undertook resistance training or did weight-bearing exercise                                  (crucial to healthy ageing, particularly for bone density and strength).

Forget the age stereotypes

The lived experience of a baby boomer is generally quite different to perceptions. The opportunity lies in delivering products and services that meet the needs of the over 50’s. However, when it comes to marketing don’t sell to ‘old people’.  Outdated stereotypical views of the over 50’s limits thinking and stifles creativity (e.g. Cliched images of silver-haired couples on a yacht or a couple strolling hand-in-hand on a white sandy beach are over-used, corny and misleading).

This age-group is varied and interesting. Don’t miss the opportunity.

If you’d like to know or understand more, please drop us a note at livinginsights@threesistersgroup.com.au with your details.  We’ll get in touch to arrange a time for a discussion about your challenges in reaching this significant market segment. We’re committed to changing ageing. We look forward to speaking with you.

 

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