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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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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Wonder Woman

I am woman: Hear me roar!

For many women turning 50 is a time of discovery. There’s a sense of freedom. Children are usually older or have left home. As a result, women have more time, feel more confident, and are often keen to reinvent their lives – particularly if they haven’t been working. It all adds up to women feeling powerful.

But what about the hot flushes I hear you say? The mood swings? The wrinkles? The grey hair? The sagging body bits? It’s true.  It happens. Responses to these natural processes varies. Some are unconcerned. Others hold onto youthful beauty – whether through the use of hair dye, botox, or plastic surgery. In the discussions I’ve had with women over 50, they are unperturbed about what other women choose to do. If one person chooses botox or plastic surgery and another doesn’t – both are considered fair choices.

I’m over 50. My work is focused on the over 50’s.  Consequently, I have a theory.

Women & menopause

My theory is that menopause and hot flushes are simply a reminder to us – women and men – that change is occurring. For women it’s the time to harness this energy. For men … a woman in her 50’s is a person to employ, date, or befriend. She’s powerful and interesting, seeking new challenges with a purpose that utilises her strengths and acknowledges her intelligence and ability.

I’ve spoken with many women over 50, and without exception, they all express a sense of confidence that they didn’t have in their younger years. Hence, they are either less concerned or unconcerned by what others think. They’re willing to be their own woman. At 50, women are less likely to be defined by stereotypical views about what they should be doing, how they should look, or how they should be. They’re adventurous, interesting, and interested.

What does this mean? What do they do?

Like so much of what happens over 50, regardless of gender, it varies. From changing careers, starting a business, working part time, or simply being more confident in their existing day-to-day lives, it’s a time of reinvention. Some of this re-creation is internal and some of it is obvious to all (such as career changes).

BUT … it’s not all a bed of roses.

Women as carers

Women over 50, whilst free of their children, often become carers for older parents. The journey can be long, emotionally challenging, and a difficult road to navigate – a path filled with tricky decisions because our parents are adults too. They’ve been independent, competent, and capable. Balancing a desire to care and love our parents whilst knowing that they are safe can become a delicate and complicated tightrope walk – a juggle between supporting not smothering, enabling not disabling, empowering not disempowering. Whilst this is a path most of us ultimately tread, it comes at a time when most women feel strong.

So, if you see a woman wearing a t-shirt and fanning herself with a fan or a magazine at a bus stop in winter … That is a powerful woman on her way to work or in the process of reinventing herself to be even greater than perhaps she imagines.

Wonder Woman …

If you’re seeking to develop products and services that appeal to these women through marketing and advertising campaigns, acknowledge their confidence and independence. Women in their 50’s are like Wonder Woman – feet hip-width apart with hands firmly placed on their hips ready to take on the world.

And of course, this isn’t what happens for all women.

If you’d like to know more, contact us:  livinginsights@threesistersgroup.com.au

In the meantime, we’d be interested to hear your experience.

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three sisters group who is the 50 plus market

Who are the over 50’s in Australia?

The over 50’s are a third of Australia’s population.

In this 4 part series, we provide insights on baby boomers (born between 1946 and 1964) encompassing a range of topics from work and health to attitudes and technology. As a burgeoning market, it’s worthwhile investing time to gaining understanding as knowledge is necessary for new markets. This first part provides a brief introduction and then talks about work.

Abolish assumptions about the over 50’s

What do baby boomers need and want?

It varies.

In the first instance, it’s important to recognise the diversity within this age group. In fact as we age, we become more different rather than similar. Assuming a 50-year-old is the same as a 70-year-old is like assuming that a 20-year-old is the same as a 40-year-old. There’s as much variability amongst baby boomers or those 50+ as there is with any age group (in fact more so).

Overall baby boomers seek to be recognised and not ignored.

What about work?

One of the challenges for people as they age, particularly for the over 50’s, is that either retaining a job or getting a job becomes more difficult. However, even in employment, there’s diversity.

Often younger baby boomers don’t want to give up work. They’d like to continue to contribute in a workplace. Some seek to work full-time. Others would prefer to work part-time with a level of flexibility that accommodates volunteering, mentorship, or caring responsibilities (baby boomers are also part of the ‘sandwich generation’ – a topic I’ll explore in the future).

It’s also possible a baby boomer would like to remain working part-time in a role that carries less responsibility. The movie ‘The Intern’ is a great example of employing an older person.

Reverse mentoring” is also an emerging trend that some organisations are embracing and something that can go both ways. There’s also an opportunity for intergenerational job-sharing.

Simultaneously, older baby boomers are ready to finish work and seek other ways of being involved with community and remaining engaged and mentally stimulated.

Confused?

Don’t be. Given the increasing move to flexible workplaces, baby boomers could conceivably be the perfect fit for organisations willing to think laterally. The first step is to gain insights for understanding. Understanding potentially reveals opportunity, and ultimately, with imagination and desire, leads to innovation.

 

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Forget Generation X, Y, Z, and Baby Boomers

Generational labels that divide.

Population divisions based on the year we are born.

What if we removed the labels and simply met each other as people, with a variety of wants, needs and challenges that span age?

What would happen to the smashed avocado debate then?

Read more

Shades of white

White is white.

Until you try to choose white paint.

If you’ve ever tried to choose white paint you’ll know just how tricky it is to choose the shade of white you’d like to paint a room or a house.

Ageing is the same.  Here’s why.

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Innovating ageing. Together.

5 hours.

That’s how much our life expectancy increases every day.

Thus, our lifespans are longer today than at any other time in history. So what does this mean for us?

Innovating ageing. Together.

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2 reminders about ageing

“Age is just an abstraction not a straight-jacket.”

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What’s your Plan B?

In a perfect world I’d like to remain at home until the end of my life. Wanting this is one thing. Creating the environment in which this is possible is another. Can I really stay at home to the end? Planning is crucial.

Read more