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."
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