Several resources are available to help the 50+ generation explore entrepreneurship
Do you know someone who is 50 or older who has unattained goals and dreams of venturing into entrepreneurship? It's important to encourage them to get in the frame of mind that there is still time to accomplish those goals.
We all know time passes very swiftly — It feels like we just celebrated and welcomed 2023, yet we are only a few months away from saying hello to 2024.
However, Les Brown, a former American politician and motivational speaker, said, “You are never too old to set a new goal or dream a new dream.”
I completely agree with him. One of those dreams might be to start a new business and begin a life of entrepreneurship
Some might immediately balk at the idea of starting a new business after the age of 50 because society has led us to believe that only those in their 20s and 30s are blessed with the agility and vigor to pursue and establish business ventures. However, a remarkable excerpt from the article “Older Founders: 5 Reasons Why 50-Something Entrepreneurs Are More Successful,” reads, “Recent research debunks the myth of youth and reveals that entrepreneurs in their 50s succeed at approximately the same rate as those in their 20s. A 50-year-old entrepreneur is almost twice as likely to start an extremely successful company than a 30-year-old. In 2021, nearly 60% of entrepreneurs were over 50, of which almost one quarter above 60.”
The 50+ generation has proven to be some of the most loyal and reliable employees in their former professions. Now, these qualities facilitate the pursuit of their dreams of entrepreneurship because of the high tendency for trust and confidence in the 50+ generation's work ethic due to their long-term work history.Get started planning your new business
Setting aside any doubts about pursuing a dream of entrepreneurship, you can rely on several resources that are readily available to assist you on your way to success.
To begin, SCORE Oklahoma City is an option to assist you in getting started. SCORE guides individuals by offering local mentors, local workshops, and local resources for the development of business and job creation. The association knows that small businesses require money and mentoring to be successful, and SCORE is one of the most impactful organizations you can rely on to support your dream of starting and owning your own business.
Another local organization is OKCREIA. According to its website, “OKC REIA offers a variety of training and educational opportunities for investors at all levels looking to shorten the learning curve on taking their business to the next level.” The organization is composed of a local group of investors who have a strong desire to see local entrepreneurs and investors be successful for the betterment of the community. OKCREIA considers all its students' individual needs and guides them through the various stages and processes to cause growth in their business.
Additionally, another available resource is AARP Oklahoma, which says it offers expert advice and insights for senior entrepreneurs on starting a small business and running it successfully. With AARP Oklahoma, you can sign up for their small business newsletter, build skills by taking online classes at your own pace, or discover how you can fund a business venture.
Also, you can find information and make connections regarding entrepreneurship at the annual “Second Half Expo” at the National Cowboy and Western Heritage Museum, which will occur next year on Oct. 19, 2024. At this event, you can ask questions and pick up materials from Oklahoma senior entrepreneurs.
Finally, grants are available via Oklahoma.Grant Watch. There are over 195 small business grants in Oklahoma for small businesses that hire fewer than 500 employees and for individuals who want to start and develop small businesses, including grants for veterans.
Every year, there is a questionnaire conducted for the senior attendees of the “Second Half Expo” which asks, “What is your greatest concern(s) about the future?” The most frequent responses are always that seniors are concerned about their purpose and financial security.
I by no means believe that everyone should step into being an entrepreneur, but I do want to open your mind to the idea that it is not an impossibility for the 50+ generation.
If starting a business speaks to your soul, begin taking those first steps to accomplish your dream of entrepreneurship.