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Money Management

Tips On Starting a Business After 50

Youth may have energy, but age brings knowledge.

Starting a business requires a huge commitment in time and money. For that reason, most people will tell you to pursue entrepreneurship from a young age. However, there are many good reasons to start a business after 50, starting with the fact that research suggests you’re more likely to be successful at that age.

When you pursue entrepreneurship in your 50s, you’re playing a different game than your younger counterparts are. This is a very good thing. The first thing you need to do when you’re getting ready to start a business is remember why you should be more confident. One of the main reasons that older entrepreneurs are so successful is that older people have already experienced the ups and downs of life. This makes them far less susceptible to many of the worst trappings of business.

Second, if you’re thinking of launching a business in your 50s, you likely have a better financial cushion established, compared to those in their 20s. Use this to your advantage as well. Just remember that business is risky and it often takes a long time to see serious returns, so make sure you’re financially prepared from the start.

One of the best things you can do as an entrepreneur in your 50s is taking advantage of all the resources available to you. There are many organizations that offer free mentorship and education from more experienced business owners. Shop around and see what you can find. Just remember not to think about business as a solitary pursuit. Take all the help and support you can find.

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