Wednesday, July 23, 2014

You are Never Too Old to Chase Your Dreams

How to Cash In on Late-Life Entrepreneurship

They chased their dream and made it a reality!
A large number of people have the dream of opening their own business. While this may be an easy goal to achieve for younger individuals, those in their later years of life may be hesitant to begin the process believing that the business-ownership boat has already sailed for them. The truth is that there are some cons to starting a business after the age of 50, but there are also some great pros. Before making a decision whether now is the time to start your business, take a look at some of these suggestions.

You Have the Experience and the Network

One of the biggest pros of opening a business in the later years of life is that these entrepreneurs already possess the skills and experience needed to make the company a success. Individuals who have already worked for a number of years, whether in the same industry or many different industries, have gained the real-world, tangible knowledge and experience that can help them in starting their own business. On top of that experience, many older individuals also have a wider network of contacts to help begin and maintain the business from the start. This network includes not only close family and friends but also a slew of professional contacts in which to ask for advice and even do business with.

Old Habits Die Hard

Although the pros of opening a business after 50 may be enough to convince someone it is possible, there are also some cons that should be considered. One of these downfalls is that, as an older person, you may be set in your ways and not open to changing how things are done. Part of opening a business is learning how to grow and adapt with the market – if you are unwilling to embrace the change, opening your own business may not be the best choice for you. Additionally, technology is constantly growing and changing from the cell phones we use to the cash registers we see at different stores. Staying up to date with the latest and greatest can be tough – are you sure you’re up for the challenge?

You Have the Time and Finances Needed

Another important pro is that you will have the time that needs to be committed to the business! Many young entrepreneurs are juggling children, husbands or wives, sports, family, and friends while also trying to get their business off the ground. Older individuals are usually free from younger children who need care, meaning they have the time that is needed to make a business a true success. Additionally, older individuals usually have more or better access to the required financial resources for a business – stocks, bonds, collections and retirement accounts are all financial assets that younger individuals simply do not have to fund their business which can be a huge advantage to older business owners.

It is clear to see that the pros of opening a business later in life in outweigh the cons. While business ownership is not for everyone, it is important, regardless of age, to chase your dreams and make them a reality. By using the experiences that were gained throughout your working life and utilizing the professional and personal network you have created, opening a small business over 50 is almost a no brainer. It is important, however, to be open to change and harness the power of those changes. With determination, hard work, and a little luck, anyone, regardless of age, can become a business owner.

Are you ready to chase your dreams? Then give Stacy O'Quinn a call to find out how you can have your own legitimate home business with the possibilities of creating a six figure income! For more information about Stacy and his opportunities and training techniques, click here.

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