Starting your own business will make plenty of people think you’re crazy, even if they don’t say it directly. It might make them nervous and envious if you take a risk and seize an opportunity. How about starting a business in your seventies? George Schofield, who launched two businesses in his 70’s, faced a rude awakening when a retired corporate executive told him to wind down and give back rather than continue to grow.
Can you start up a new business if you are over 70 years old?
Yes, you can start a business at any age. There are numerous benefits of starting a business at an advanced age.
George Schofield explains that people have the same energy level and just as many dreams in their 70s as they did when they were 30 or 40. People with the drive and ambition to start a new business will not suddenly lose those qualities when they turn 70.
People in their seventies might have more wisdom, maturity, strength of character, and knowledge than people in their twenties or thirties. So the risk of failing at a new business is lower than for younger entrepreneurs.
George Schofield warns that it’s important not to be too hard on yourself, “no matter how many mistakes you make.” Keep an open mind and do your best; for example, if you find that the internet business you started isn’t working out, don’t hesitate to move into something else.
The experience and skills you’ve acquired over a lifetime can be very useful when starting a new business. For example, George Schofield explains that it’s important to understand the market you want to serve because older people have many life experiences and can provide valuable insight.
There are numerous benefits of starting a business at an advanced age. Suppose you feel like if you do not have the energy to start a new business from scratch. But there are plenty of other ways to get involved, form partnerships, and so on. There is no one set way to approach the problem. Each person needs to look into their circumstances and personality for an answer that works best for them.
There are three good reasons for starting a business in 70’s:
(1) You want a change from your current lifestyle.
(2) You have been so lucky in life that you now want to pay it forward and help those less fortunate than yourself. This may be done by employing people who have been unable to find employment, helping charities, etc.
(3) You’re bored with your current lifestyle; time seems to be dragging on.
