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Age is not an obstacle! The challenge of undertaking with more than 40 years

February 4, 2020

Age is not an obstacle. Take advantage of your personal and professional experience to turn your idea into a project.

6 min read

The opinions expressed by employees are personal.

Age is not an obstacle! The challenge of undertaking with more than 40 yearsAge is not an obstacle! The challenge of undertaking with more than 40 years

It is common to associate entrepreneurship with young people , but reality indicates otherwise. Now people over 40 assume the challenge of undertaking with innovative and solid projects.

The growing participation of this group in the entrepreneurial ecosystem is a consequence of social and economic changes such as the extension of life expectancy, the connected economy and the digitalization of work.

An article published in the magazine indicates that people over 40 are twice as successful as young people at the time of undertaking thanks to professional experience.

The early exclusion of job offers – after 40 years you are old – the desire to become independent, turn passion into a project and the possibilities offered by the digital economy are some of the factors that drive them to create their companies.

Like the other groups, this segment is also undertaken by necessity. That is, people who are stuck or unemployed and choose to leave the comfort zone to generate income or exploit their talent.

The entrepreneur + 40 has a very valuable human and technical capital: skills, knowledge, credibility, balance between risk and prudence, and networks of contacts. These factors add value to your projects.

Personal and work experience provide a framework that allows them to identify opportunities, estimate hazards, correct errors and adapt to changes. The experiences of the professional world will be very useful to manage uncertainty, and not despair in the face of the first obstacle.

While some people are afraid to undertake the risks involved, in this group the fear of failure is more controlled. In general, children have already grown, there are less worries and more stability to take risks. It has a base with which to boot.

Focus on services and technology

s + 40 point to consulting, coaching, finance, ecommerce, knowledge economy and technology services; sectors with high demand and that, in some cases, do not require a large investment.

The choice of these areas is not by chance. The work experience in these markets allows to start with a low risk since they know the competition and prospects of clients. If the idea attracts you, you can take your first steps as a freelancer or consultant and then climb and create your SME.

Although the tendency is to associate with former work or university colleagues, they also bet on forming teams with people of different ages and professions to combine creativity and youth innovation with the experience of adults.

Family projects are also an option when parents and children share the same profession or complementary careers.

More resources to undertake

In a changing market, entrepreneurs + 40 must unlearn and learn about business, finance, marketing and talent management. Many of his knowledge is obsolete by technological changes.

Thanks to access to information, free courses, webinar and MOOC it is easier to learn to undertake. Various platforms offer online training according to the level of people.

On the other hand, social networks are an inexhaustible source of information and data that allow entrepreneurs to train and create connections to boost their projects. Follow and interact with profiles and organizations of the entrepreneurial ecosystem and related to your sector.

While there are graduate degrees focused on entrepreneurship, many opt for short and specialized courses. Time is a key factor when undertaking, so learning must be punctual and precise.

Similarly, from the public and private sectors there are mentoring programs, training and competitions to help the entrepreneur turn his idea into a project. In these spaces, contact networks are also generated and strengthened to connect with potential partners, suppliers and establish win – win alliances.

While many + 40 entrepreneurs have resources, others choose to go to seed capital funds to start their projects. Investors, incubators and accelerators increasingly point to this segment because it is less saturated.

Given the high failure rate, 70% of the enterprises do not exceed three years, investors are committed to stronger projects that provide value and are scalable.

Obstacles you must overcome

ship is not easy. It is a complex process that requires managing internal and external variables. The main obstacle may be your thinking or attitude, hence the importance of self-evaluation.

Over the years forms habits or visions that are not easy to change. In many cases you must reformulate what you have learned and look with new glasses to be able to undertake.

A mistake is to believe that you dominate the market or are an expert. You must be cautious and probe all the variables because the street is different from the corporate world and you have to adapt to new dynamics.

Change the boss mentality and become a leader to create and boost your projects. Remember that you must manage your partners, allies, employees and suppliers.

First actions you must take at the time of undertaking.

  • A personal SWOT to audit your abilities and weaknesses.
  • Talk with family and friends.
  • Evaluate the financial situation of the family group.
  • Study the potential of your idea.
  • Research the market, competitors and prospects of customers.
  • Audit contact networks.
  • Attend entrepreneur events.
  • Plan the execution times.
  • Estimate the investment to start and manage the first months.

Remember not to act lightly or out of emotion. You don't have to leave your job immediately, take advantage of free time and start designing your project. You can also take your first steps offering services to friends or acquaintances.

Remember: age is an idea. There is never a better time to undertake. Weigh all the variables and act.

If you feel that you have a good project and it is viable, start working from today.

Thank you for reading.

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