Transcending Anxiety and Insecurity: Establishing Entrepreneurship in Your Golden Years
The number of women venturing into entrepreneurship past their 50s has noticeably grown over time, with Generation X taking the lead over millennials and Gen Z. And there's a solid explanation for this trend. Women over 50 are bringing their wealth of experience to the business world. They're no longer content with the status quo and are now more driven than ever before to chase their dreams and ambitions.
When women reach their 50s, it's a new phase in life. Their kids are usually grown and they have more free time on their hands. It's about time they think about themselves.
Yet, the thought of starting a business can be intimidating, regardless of how confident you feel. Fears of failure and financial risk, as well as the work required to build a business, lurk in the back of one's mind. But the rewards are equally enticing.
Numerous women have ventured into entrepreneurship successfully even in their later years. Names like Vera Wang and Martha Stewart instantly come to mind when discussing women who excelled in business later in life. Entrepreneurship isn't exclusive to the young.
There are numerous compelling reasons to start a business late in life. Financial gain is a significant factor. In my opinion, the most effective way to accumulate wealth is through business ownership. Another common reason is the flexibility that comes with being a business owner. You bid farewell to the 9 to 5 routine and gain creative control over your career. If fear is preventing you from starting your business, let's delve into that.
Here are five strategies to help you conquer the fear of starting a business:
1. Embrace the fear and take action
The fear will never disappear until you take action. Don't wait until you feel ready, but prepare for the big leap. Preparation is crucial to success. Break your goals down into manageable tasks and surround yourself with positive influences. Make it your mission to learn everything you can about business ownership. Follow successful businesspeople, listen to podcasts, read books, and soak up all the knowledge you can.
2. Rework self-doubt
Self-doubt can be transformed into something positive. When you feel scared and question yourself, it's a sign that you're stepping out of your comfort zone. Growth happens beyond your comfort zone. Imposter syndrome can affect anyone in any stage of their business, so make sure to manage any that creeps in.
3. Establish a support system
Building a business requires a community. Focus on networking and forging relationships with those who want to see you succeed. Network with like-minded entrepreneurs, attend networking events, and join networking groups.
4. Start small, scale up
You don't have to dive in headfirst immediately. You can begin your business as a side hustle, test your idea to see if it works, and then grow your business from there. A high percentage of businesses fail, so it's smart to test the waters before committing fully.
5. Celebrate progress over perfection
Building a successful business is a journey that takes time. There will be victories and setbacks along the way. Celebrate your victories and use your setbacks as learning opportunities. When you take the lesson from setbacks, you get closer to your ultimate goal of a financially successful business.
In essence, it's never too late to chase your dreams, and if starting a business has been a dream of yours, consider this your invitation to take action. Take the first step today, no matter how small. You can start by brainstorming ideas, reaching out to a mentor, or simply researching business opportunities. Your future self will thank you.
After overcoming their fears and self-doubt, many women over 50 have successfully started a business, proving that entrepreneurship isn't exclusive to the young. As Vera Wang and Martha Stewart have shown, starting a business later in life can provide significant financial gain and creative control over one's career.
Embracing the fear and taking action is a crucial step for women who wish to start a business, even if they feel intimidated by the thought of failure or financial risk. Building a strong support system, reworking self-doubt, starting small and scaling up, and celebrating progress over perfection are all strategies that can help women overcome their fears and successfully start a business.
