Downsized? You’re Not Too Old to Launch a Business
- Frank Manfre
- Feb 28
- 2 min read
Ageism is real and many older Americans have been "right sized" out of a job or offered buy outs to reduce headcount and face an uphill battle being in their 50s or 60s. Many of them have little desire to seek another corporate position anyway - "Been there done that, didn't like it" - but either need the income, just want to work, or both. As a result, I have had clients that decided to launch their own business. Not with illusions of grandeur seeking to be the next Bill Gates, but wanting to pursue something they've always loved and doing it without a boss. Unfortunately too many others tell them, "You're too old to start a business", which is patently false.
For sure, when most people think about successful entrepreneurs they envision young wunderkinds like Steve Jobs or Mark Zuckerberg. But there’s a body of evidence that suggests older folks are more successful as entrepreneurs. Ben Cohen, a columnist for The Wall Street Journal, has written extensively about older entrepreneurs, highlighting that many successful business founders are in their 50s and 60s. He published the book “The Hot Hand” in which points out that older business people tend to have more experience and knowledge of what works and what doesn’t with a start -up.
Cohen details how the success rate of these "seasoned" workers is actually much higher than that of the 30-something crowd. In his article The Investor Betting on People In Their 50s and 60s Because Older Is Better, Cohen he recounts how investors are increasingly recognizing the value of experience and maturity in entrepreneurship. Cohen also profiles individuals like Morris Chang, who founded Taiwan Semiconductor Manufacturing Company at 55, and Shoichiro Irimajiri, known as The 84-Year-Old Man Who Saved Nvidia (Wall Street Journal, May 18, 2024) having played a pivotal role in Nvidia’s success at the age of 84. These examples underscore the significant contributions older entrepreneurs make to the business world.
Bottom Line: Develop your vision for a business, do your homework, plan for success, and take action! If you're ready, I can help you.
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