During the last years we have seen a rise in entrepreneurships at all ages. Probably we notice more the young’s entrepreneurship, but the truth is that those causing impact are senior citizens starting businesses. Age is not a limit to fulfill dreams. Entrepreneurship does not have an age limit, there are entrepreneurs that from a very young age became millionaires, others that being in the adult life achieved their dream to have a company and be independent, while there is also a growing interest on entrepreneurship in senior citizens.
Near 10% of entrepreneurships are from people over 65. This means there are thousands of adults that consider themselves as entrepreneurs. In some countries in South America, there are incentive programs for senior citizens to start a business and in some places in Europe they see them as the most important bulk of the economy.
Despite senior citizens, as entrepreneurs, show a lot of enthusiasm and energy, they also fear failure, since in many cases they invest their lifetime savings in projects that will probably not result as expected.
Something very important and worth to emphasize is that entrepreneurship in senior citizens may be an option for public policy to extend the work life of the population, keep obtaining resources through more workforce, and accelerate the economy with growing companies.
Information technologies are another tool that senior entrepreneurs should see as an instrument to facilitate the access and operation of their business from home, make transactions, establish relationships with customers and suppliers, and to manage the business in a simple way.
An international report on entrepreneurship reveals that the number of senior citizens working on their own exceeds those between eighteen and twenty-five years old, which indicates that people at 50 or more have a relevant role in all the world’s economy. With around 16% of the world population being 55 or more, all aspects related to entrepreneurial activity in higher ages impacts directly to more than 1,200 million people that could contribute with value promoting new initiatives, generating innovation as intra-entrepreneurs, or participating in projects as formal investors.
Experience and knowledge acquired with time, besides that “intuition” to identify and make the most out of business opportunities, are characteristic on senior entrepreneurs.
It is definitely a sector of the population that must incentive and integrate to the entrepreneurial ecosystem in any region. In a little time, they will become the main detonators of the economy and the creation of new jobs. It is never late to start a business, and the more the experience and knowledge provide a higher probability of success in entrepreneurship.