The Late (but not TOO Late) Bloomer Entrepreneur

The perception of age and its relationship to work is changing in real time. Not too long ago, virtually every successful career had a similar trajectory: a promising path beginning fresh out of college, steady upward growth in the same or an adjacent field for decades, then finally the career’s eventual end in retirement. Currently, however, there is a surge of mid-to-late-stage career professionals deciding to step off the train and embark on a new direction: entrepreneurship. In fact, according to the Ewing Marion Kauffman Foundation, between the years 1996 and 2013, the percentage of entrepreneurs ages 55 to 64 grew from 14% to 23%. Not only are the numbers surging, they’re succeeding. An article published in Silver Startups says that 70% of businesses started by people in their fifties are likely to survive at least five years, compared to only 28% of businesses started by those aged under 50.

A number of reasons fuel these late-bloomer entrepreneurs. Many have reached "retirement age" but are unwilling (they still have drive and passion to give) or are unable to exit the workforce (due to finances). Others seize the opportunity to leverage a lifetime of experience, skill and wisdom into a new business. Some see it as an opportunity to, finally, do work that is deeply and personally fulfilling. Still others consider it a chance to give back or make a difference. These seasoned professionals bring a lot to the entrepreneurial party including experience, maturity, wisdom, a big picture mentality, resilience and self-knowledge.

Regardless of the reason, rest assured that there is no shortage of support for those taking the entrepreneurial plunge later rather than earlier in their lives. Reaching out to SCORE for information, resources and mentorship is a smart move.

Some good advice for late-bloomer entrepreneurs includes:

• Be clear on your why - Entrepreneurship is challenging at any age. Make sure you understand the desire(s) upon which your business is founded and will operate.
• Carefully consider your goals - An older entrepreneur’s goals may be markedly different from those of someone younger. Yours may have more to do with life goals than financial ones.
• Keep your expectations realistic - Your expectations should reflect your pace, energy and ability. Make sure your business fits gracefully into your life.
• Dip your toe in the water before jumping into your new business - It could be prudent to spend some time engaging in that which you want to do before you invest in your actual business to ensure that it’s feasible for you.
• Recognize that your business affects everyone in your household - A business can keep you away from your loved ones. Make certain everyone concerned is on board and make adjustments and allowances accordingly.
• Approach finances with care - Older entrepreneurs have fewer years to recover from financial setbacks.
• Exercise patience and agility - These two are key to a successful business you’ll love. Things simply don’t always go as planned so go with the flow so as not to be knocked off your game.
• Keep up with your education and technology - Business moves fast; stay up to date on your industry and on the technology you need to run things. Falling behind on either could spell disaster - or at least more stress and less joy running what you want to be the business of your dreams.

A mid-to-late career jump into entrepreneurship can be the perfect solution to reviving a professional spirit, filling days that would otherwise be unrewarding, supplementing income or living out a long-held passion. It’s never too late to start a business that can check some or all of a person’s boxes. Resources and wisdom abound to help "late bloomers" keep the faith that they can build the business of their dreams.

What would be your reason for jumping on the late-bloomer entrepreneur bandwagon?