Older entrepreneurs. How do they approach work? While there are statistical evidence that proves older entrepreneurship and older entrepreneurs, especially those above 50, tend to be more successful than younger ones, it would be wrong to assume success is similar across board for all older entrepreneurs.
Success depend on a variety of factors.
In this article, we explore how older entrepreneurs approach work.
Specifically we explore the answers to questions about their motivations for starting a business after 40, their personal characteristics, number of hours worked, and their access to resources.
How older entrepreneurs approach work – Motivation:
What factors motivate older entrepreneurs approach to work?
The same factors that motivate older workers to stay longer in the workforce now more than in the past, motivate starting a new business and entrepreneurs over 40 approach to work. This is particularly common in developed countries.
For example, older workers tend to be motivated to stay longer in the workforce for reasons such as: financial security, social, and personal growth.
These same factors may motivate entrepreneurs over 40 and people starting a business after 40 and impact their approach to work and performance.
How older entrepreneurs approach work – Personal characteristics:
What personal characteristics influence older entrepreneurs approach to work?
Personal characteristics of entrepreneurs over 40 that contribute to their business success include: personal networks, knowledge, previous experience of the founder, age, and education.
These factors also aid in the shift from working in a prior employment to starting a business.
In addition, their ability to discover opportunities and work smarter is enhanced by their pre-existing knowledge.
How entrepreneurs over 40 approach work – Number of hours worked:
Do older entrepreneurs put in more or less hours of work?
The approach of entrepreneurs over 40 to work in terms of number of hours worked varies.
On one hand, we have some older self-employed workers who, regardless of their health, work longer past retirement age than other wage and salary workers.
On the other hand, some older entrepreneurs become self-employed late in life due to a desire for flexible hours and gradual retirement.
Although, these older entrepreneurs especially those over 50, tend to work fewer hours and are just as profitable as younger entrepreneurs.
The number of hours of work has bigger effect on their profit compared to younger entrepreneurs.
How entrepreneurs over 40 approach work – Access to resources
Are older entrepreneurs more likely to make more financial investments compared to younger entrepreneurs?
Many entrepreneurs above 40 especially those above 50 are more likely to have built financial assets over the years compared to younger entrepreneurs.
Some, especially the higher-income individuals, are likely to pursue self-employment because they have met the funding requirements for senior start-ups.
Although entrepreneurs over 40 may have more financial assets, they are not likely to invest more money than younger entrepreneurs.
There are indications that entrepreneurs over 40 have a higher tendency of starting and building successful businesses that thrive.
Their motivations include, financial security, social, and personal growth. These are similar to other older workers.
Although the number of hours worked by older entrepreneurs vary, for many mature entrepreneurs, self-employment is a choice due to a desire for flexible hours and gradual retirement.
Those that work fewer hours are just as profitable as younger entrepreneurs.
Although entrepreneurs over 40 may have more access to resources especially financial assets, they are not likely to invest more than younger entrepreneurs.
Although mature entrepreneurs may be more successful, it is not the age itself that affects their approach to work and performance; though, factors such as their knowledge, experience and connections may give them an edge.
The conclusion is that the approach of successful entrepreneurs over 40 to work is that they work smarter not harder.