Entrepreneurship has long been regarded as something for the younger generation. But as FoxBusiness‘ Lea Strickland writes, older entrepreneurs have many advantages over their young counterparts.
Strickland says that in addition to having more access to money through savings and other investments, older small business owners also come into the business formation process with a great deal of experience. An older entrepreneur may also have fewer ongoing expenses if his or her mortgage is already paid off.
He adds that all entrepreneurs – regardless of age – should understand that there likely won’t be one “ideal” moment when it is perfect to start a business, and that entrepreneurs shouldn’t wait for it to come around. They should simply find a “good time,” and make sure they have “realistic objectives and perspectives” before starting out.
A report earlier this year by the Ewing Marion Kauffman Foundation found that older entrepreneurs were a growing trend. According to the report, people between the ages of 55 and 64 were the responsible for the second-biggest jump in entrepreneurial activity between 2008 and 2009.