Mature-aged entrepreneurs find success
Ready to leave your job but not ready to retire? You might want to consider joining the growing number of mature-aged entrepreneurs starting their own business.
Though the field is perceived as a young people’s game, studies show older age is linked to more entrepreneurial success.
Why?
According to Alex Maritz, professor of entrepreneurship at Latrobe University, older entrepreneurs succeed due to the many advantages they have over their younger counterparts.
“People at this age group have better or higher levels of human capital - that’s knowledge and skills,” he told ABC Radio Sydney.
“They have better social capital, which could be networking, and financial capital, which could account for bootstrapping, or self-financing.”
Senior entrepreneurs are also less likely to have a fear of failure.
“They’ve experienced things in life, they’ve had ups and downs … they’ve usually learned from these experiences,” Professor Maritz said.
“That’s what entrepreneurship is about - it’s about learning from experiences, bouncing back, being proactive, innovative and having a capacity to take risks.”
An underrated choice
Professor Maritz also said it was important to promote self-employment as a viable career path for older Australians who may be less interested in starting a business.
“The older age group has lower levels of entrepreneurial intentions,” he said.
“There are certain things we have to provide these more mature people - like developing ecosystems for them, targeted education, and access to entrepreneurial resources.”