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Are you too old to be an entrepreneur?

Nonsense. Recent reports state that us seniors are the fastest growing segment of freshly minted entrepreneurs.

22% of men and 14% of women over 65 are self-employed.

The study noted, “Self-employment workers increases with age, with the most dramatic jump occurring at age 65.”

Older entrepreneurs might find it easier to start a small business than our younger counterparts. We do have a bit more experience one should hope. Especially if you start something that relates to your work experience.

Another stat shows that only 27% of the older entrepreneurs run their business as the sole family income. Most supplement their pensions, either adding to a pension plan or spending it as extra money on top of their pension.

The downside is that pensioners might not be able to take a loss, or willing to take a risk. It is one thing to lose at 25 (I have lost several times) but as we get older we need to preserve our capital and income.

We might not be as bold as we were in the ‘old days. However, experience and skills can compensate for the risk.

There is risk in any entrepreneur project. That’s a fact. If all you want it a risk-free income – you will choose employment. Regular paycheck. Those are good things.

 

 

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