Starting small firms at a mature age

Entrepreneurs are not only millennials who are ready to use their college degree to launch a successful company or current firm owners who have an enterprising idea. There are plenty of aspiring small-business owners who are seeking start-up funding that are in their 50s and 60s. Getting a company off the ground later in life can be a greater challenge because there is less time to turn a revenue, but these older firm owners often have a leg up their on younger competition: experience.

"When you're 30, you have another 35 years to make your money back," Michael Cummings, faculty director of the fast-track MBA program at Babson College, told The Wall Street Journal. "At 65, that time is significantly less."

Can older entrepreneurs keep up?
Starting a small business requires a lot of time and energy, and some entrepreneurs who are in their 50s, 60s and 70s might not have enough in the tank to put in the legwork necessary to build a company from the ground up. Aspiring small-business owners must be sure they are ready for the life-change that it takes to properly construct an enterprise.

Another potential roadblock for professionals in older generations is technology. When it comes to cloud computing, smartphones, tablets, as well as a number of other new innovations, it may be hard for baby boomers to learn how to use these technologies. Neglecting some of these new advancements could leave them swept up in the dust, but it may be too late to figure out how to effective leverage some of the most recent innovations.

Don't let anything stand in the way
Despite some of these potential barriers to success, there have been plenty of older entrepreneurs who have built up and manned strong companies well into their senior years. Sometimes a hobby or favorite past time could turn into a great business model. CNNMoney described how Richard Pawlowski, owners of BikeBilloards.com, was able to do just that. 

After retirement, he was looking for a way to keep himself entertained and he liked staying in shape by riding his bike. The idea clicked and he began attaching a mobile billboard to his bike and people would pay him depending on how long he rode around with their ad.

"I love being a business owner and I'd love to take my business to the next level," Pawlowski told the news source. "This company is my labor of love."

Content presented by Bridge Bank, offering flexible, customized solutions for entrepreneurs.

Getting Started

Find your ideal banker:

Select any filter and click on Apply to see results

Featured Insights

Debt can be a useful tool in building a business, as long as you don’t spread yourself too thin trying to repay the...

New York City has a thriving startup...

2015 was an interesting year for the...

What is it about one startup that...

Two hot topics California businesses will be thinking about as 2016 gets going are a minimum wage increase and a...

Small Business Administration (SBA) loans can be a great resource for businesses that are struggling to obtain...

Startup valuations can sometimes...

Recent News

01/29/16
San Diego, CA – January 28, 2016 – Bridge Bank’s Life Sciences Group (LSG) today...
11/20/15
MINNETONKA, Minn., November 17, 2015 - Zyga Technology, Inc., a medical device...
10/29/15
Reston, VA – October 29, 2015 – Bridge Bank today announced the recent hiring of...
Heatspring Magazine, Gabrielle Rossetti
10/28/15
Heatspring Magazine, October 19, 2015 - Christopher Lord, Managing Director of...
10/21/15
Atlanta – October 21, 2015 – Bridge Bank today announced the recent hiring of two...
09/23/15
Robert Lake Joins Bridge Bank to Lead Life Sciences Growth Initiative SAN JOSE, CA...
09/14/15
The dollar gave back last week's gains vs. the Euro and then some as the focus...
09/09/15
Leading Technology Lender Focuses New Practice on Services for Venture Capital and...
08/21/15
Last week’s devaluation of the Chinese Renminbi has continued to keep the foreign...
07/28/15
The Euro opened the week stronger within an overall risk-off context climbing from...

Twitter

Featured Insights

Featured Insight

Debt can be a useful tool in building a business, as long as you don’t spread yourself too thin trying to repay the...

Featured Insight

Two hot topics California businesses will be thinking about as 2016 gets going are a minimum wage increase and a...

Featured Insight

Small Business Administration (SBA) loans can be a great resource for businesses that are struggling to obtain...

Recent News

New York City has a thriving startup...

2015 was an interesting year for the...

Twitter