What do Estée Lauder, Ferdinand Porsche, and Kawasaki Shozo have in common? They were each over 50 when they started the global business named for them. In fact, founders over 50 are the fastest growing segment of new company founders. And surveys have also shown that companies with founders over 50 enjoy a higher success rate. You can start your dream business too!
I make the case for being a Mature Entrepreneur in my new book, the Amazon #1 Best Seller Over 50? Start Your Business!: Build Wealth. Control Your Destiny. Leave A Legacy.
A combination of factors, including the Connected Economy and falling business development costs, make it possible for anyone to create their dream business.
This opportunity is especially important for those over 50. Increased longevity, retirement worries, and an uncertain future for older workers all combine to spur those over 50 to create their dream business.
The question is how to get started.
As a 57-year-old who has been in business for myself for over 20 years, I’ve become an expert on what it takes for those over 50 to start a business. My research has led me to a combination of 3 foundations and 5 steps to starting a business over 50.
The 3 Foundations for Success
Business success over 50 requires a new mindset. I present exciting new research that tips the odds for Mature Entrepreneurs. Most important is that a Success Mindset is a mindset of service.
You must make health a priority to have business success at any age, but especially when over 50. In my book I address physical, mental, and spiritual health.
New research has debunked the old saying that “you can’t teach an old dog new tricks”. Positive habits can be developed at any age. It just takes hard work and consistency. It just takes a commitment to the Slight Edge.
The 5 Steps to Starting Your Business
With mindset, health, and habits as a foundation, I’ve come up with 5 steps to starting a business over 50.
Step 1: Your Dream Business
It’s no longer either follow your dreams or pursue other opportunities. Your dreams can be your opportunity. Brainstorm first to cast a wide net of possibilities. Then narrow it down to the best few. Evaluate the best few to find the business that’s perfect for you. I provide a methodology to do just that.
Step 2: Meet Your Customer
A successful business is a business that best serves its customers. That process starts by identifying your ideal customer. Develop a customer avatar. Understand and articulate everything you can about your potential customer. Then you will be in a perfect position to serve that customer.
Step 3: How You Will Serve
Businesses in the past would create what they considered great products and services, and then hope customers would buy. Today things are different. Listen to customers. Interact with customers. Let them tell you what they want and need. Don’t guess. Give them what they want. I show you how to do just that.
Step 4: Critical Issues to Consider
There are only so many hours in the day. How do you decide where to focus? I make the case that you must keep your fingers on the pulse of every issue that faces the customer. The learnings are too valuable to outsource. Any issue that doesn’t face the customer is a candidate for outsourcing.
Step 5: Your 90-Day Action Plan
Bring your business to life by creating and implementing your first 90-day action plan. Failing to plan is planning to fail. Your plan needs to include a series of SMART goals – Specific, Measurable, Actionable, Relevant, and Timely. Make sure your goals also include building positive habits, especially in the areas of Mindset and Health.
Mature Entrepreneurs have many advantages like experience and relationships. There is no better time to start a business than right now. Follow your passion. Build wealth. Control your destiny. Leave a legacy.
Over 50? Start your business!
Brian D. Jones is on a Mission to inspire and support those over 50 who wish to start their own business. He is the author of the Amazon # 1 Best Seller, Over 50? Start Your Business!: Build Wealth. Control Your Destiny. Leave A Legacy. His website is TheMaturEntrepreneur.com.