Thinking of joining the ranks of boomer entrepreneurs? You’re in good company. Some of the world’s best-known products and companies had creators who were late bloomers.
Sam Walton opened his first Walmart when he was 44 years old. Ray Kroc started McDonald’s in his 50s. Colonel Harland Sanders was in his 60s when Kentucky Fried Chicken got off the ground.
Then there’s Mary Kay Ash, Henry Ford and Margaret Rudkin. All were at least 40 years old when they launched Mary Kay cosmetics, Ford Motor Company and Pepperidge Farm respectively.
Whether your goal is an international software company or a small yoga studio,the second half of life can be an ideal time to start a business. Age brings wisdom, resilience, patience and maturity, along with a higher likelihood of financial assets, an established credit history and an expansive network. All of these are advantages in business ownership.
At the same time, a later start in entrepreneurship doesn’t negate the need to work smart, work hard and make sacrifices. Nor does it mean you’ll avoid setbacks, unexpected obstacles or bad days, which are inevitable parts of first-time entrepreneurship. But you can increase your odds for success by learning from others who have been down this road.
I had the opportunity to interview dozens of people who became business owners later in life for my book. Among these late bloomers were a fashion designer, a baker, a debit card security specialist, an organic mattress distributor, a candy importer and a construction cleanup expert. Here are seven of their recommendations:
Today, people who retire may have a third of their lives ahead of them. That leaves a lot of time to be productive and make meaningful contributions, whether it’s by starting a business or another second act.
As Colombian novelist Gabriel Garcia Marquez once said, “It is not true that people stop pursuing dreams because they grow old, they grow old because they stop pursuing dreams.”
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