Older Founders 5 Reasons Why 50-Something Entrepreneurs Are More Successful

By Dominique Ben Dhaou (and Ellen Kocher)

We were over 50 when we caught the entrepreneurial bug. Me ditching the C-suite to start my company and Ellen quitting her job in finance to become her own boss. Increasingly, we are not the exception but the norm.

In contrast to popular belief that entrepreneurial prowess is dominated by 20-something wunderkinds, meta-analysis shows that age has a positive relationship with entrepreneurial success.?

Look no further than three-star Michelin chef, Helene Darroze, HuffPost founder Arianna Huffington, Coca-Cola inventor John Stith Pemberton and McDonald’s Ray Kroc. Each created a successful business after 50. COVID-19 destroyed jobs on a scale forcing an explosion of entrepreneurs out of need — and opportunity. According to?Small Biz Trends statistics?for?2021, people between 50 and 59 are at the top of the startup founders list?with?35%.

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.?

In addition, the age effect has been proven to be even more positive among female entrepreneurs. That’s certainly been the case for us, and we see it in our work with 50 somethings. This is one of the reasons we founded Wake-Up, Shake-Up, Thrive! — our unique global wake-up call designed to inspire the 50+ generation to grasp the modern aging paradigm before it’s too late.

The path to being a 50-something founder can be as unexpected as it is fulfilling.

We speak from experience.?

In Ellen’s case, this came after decades of working in Finance in Switzerland and globally. When she left at age 50, it was certainly not in her plan to become her own boss. Today, at 59, completing her master’s degree in Corporate Health and Wellness Coaching, paved her road to entrepreneurship. She has never been more successful.

For me, I was 52 when I made the decision to leave my exhausting career in global organizations. When I noticed that other entrepreneurs were balanced and successful, my mindset shifted to the potential. I started my own company. Today, at 56, the business has reached levels I could not have imagined. I lead a strong and passionate team and wake up every day with a grounded sense of purpose.?

As our population ages, entrepreneurship is not just an attractive career option — but can also benefit society at large.

Here’s why:

1.???FEEL GOOD FACTOR: Being our own boss gives us the opportunity to create the lifestyle that allows us to take care of ourselves. Top aging fears swirl around physical and financial wellbeing — both critical for any successful venture. Around 50, most people no longer take health for granted like they did when they were younger. With a current “health-span” of over 80 years, middle-aged people are waking-up to feeling well.?

2.???AFFORDABILITY: Over 50’s usually have more financial capital than younger generations. Median and average net worth figures are consistently highest for the 45–74 age bracket. This not only allows for older entrepreneurs to take more risks but to be confident in doing so. A financially well person creates the perfect environment for entrepreneurship.

3.???EMOTIONALLY STABLE: Research consistently shows that age is directly related to more professional efficacy and engagement, and less burnout. Each of these has been linked to older individuals being more positive and stable emotionally. Research shows that more stable emotions allow for the rapid adaptability and recovery from work demands required for successful entrepreneurship. Despite what many think about seniors being slower at adaptability, recent studies suggest that older workers responded more effectively to Covid-19 measures, for example.

4.???INTELLECTUALLY SAVVIER: Research by Ali Tamaseb, a partner at DCVC, shows the top entrepreneurs often draw on experience formed earlier in their careers. Thanks to decades of experience, older people have had more opportunities to grow their business connections, knowledge, wisdom, skills, and expertise. These all help facilitate the tactical decisions a successful entrepreneur needs for solid strategy and execution.

5.???SPIRITUALLY ALIGNED: By 50, life events often trigger an understanding of what really matters. With fewer years ahead, the present becomes the focus with no time to lose. Realigning with self and purpose creates a positive force that helps face life with more resilience and hope, improve relationships, and cope with stressors. The ideal framework for successful entrepreneurship!?

Global demographics and social factors are leading to a “graying” labor force. The above reasons provide some evidence against the general assumption that there is a decline in skills and abilities with age. Changing how we work and live, better health, increased life expectancy and lower birth rates have led to a need to keep older people professionally active, including entrepreneurship. There is work to be done and it might start with re-thinking entrepreneurship as the best option for our healthy, savvy, purposeful, and financially sound aging population.

Why grow old waiting?

Grab your seat NOW! Join us for a FREE 90-minute interactive to prove (or learn) that entrepreneurship begins at 50! Thursday, March 3rd, 18:00-19:30 CET, 12.00-1:30pm ET. Registration and details HERE.

Ellen Kocher and Dominique Ben Dhaou are the founders of Wake-Up, Shake-Up, Thrive!, a unique set of programs designed to inspire the 50+ generation to grasp the modern ageing paradigm before it’s too late, to shake-up mindsets to embrace the years ahead and to offer vision, tools, tips, and guidelines to thrive NOW.?

They are also the authors of the recent #1 New Release “Wake-Up, Shake-Up, Thrive! How to Lift Up Your Life in Your 50’s and beyond — Swiss Secrets to Not Growing Old”.

To learn more: https://www.wakeupshakeupthrive.com/