Entrepreneurship at an Older Age

Author

Bradford Square Retirement Community

For more information about the author, click to view their website: Bradford Square Retirement Community

Posted on

Jul 18, 2023

Book/Edition

Florida - Southwest

Share This

Entrepreneurship can be a great way for an individual to turn their ideas into successful business ventures. While the idea of becoming an entrepreneur is often associated with young people, there are many benefits to starting a business at an older age. Countless renowned successful businesspeople started their businesses at a mature age, proving that age is just a number.

Although there is no perfect age to become an entrepreneur, being older can offer some distinct advantages. Encore entrepreneurs over 50 possess a wealth of knowledge and experience that can help get the business off the ground. They often have more financial stability than younger entrepreneurs and can use the feeling of purpose and fulfillment to motivate them. Starting a business provides an opportunity for older individuals to continue to be productive and make a positive contribution to society.

There are numerous benefits to entrepreneurship at any age, making it an attractive proposition for individuals of all ages. This blog outlines the benefits of becoming an entrepreneur at an older age.

Why Should You Become An Entrepreneur At An Older Age?

There are several reasons why becoming an entrepreneur at an older age can be a good idea. Here are some reasons to consider:

1. Wealth of experience

Older entrepreneurs often possess an invaluable wealth of experience from their past jobs and personal lives, giving them the wisdom and confidence to take risks, seek new opportunities and make sound decisions. With knowledge of past successes and failures and a greater understanding of the marketplace and industry dynamics, they have insight into what strategies and approaches may yield results and benefit their businesses.

They may also be better equipped to manage myriad tasks, build trust and develop relationships with customers, partners, and vendors while maintaining operations. Ultimately, such experience can give them a competitive edge.

2. Established financial stability

Older entrepreneurs often capitalize on the financial stability they have built up over time. Through long-term savings, investments, and retirement plans, those who start businesses later in life have the means to reduce their risk in the form of financial security.

They are more prepared to fund their endeavors without needing to rely on external sources of capital, allowing them to focus more on business execution rather than financing. This protected position gives older entrepreneurs the freedom to take calculated risks and invest in their businesses without worrying about financial missteps.

3. Desire for purpose

Starting a business can provide a new sense of purpose and allow someone to impact the world positively. Entrepreneurship is a great way to set long-term goals, learn new skills, and make a difference in the lives of others.

It can also provide fulfilling personal and financial rewards, such as financial freedom, decision-making satisfaction, and generating passive income by building a business. With an older age, one could also gain an array of valuable experience and resources that prove extremely useful for the venture's success.

Franchising Guidelines/Opportunities

Franchising provides the perfect opportunity for entrepreneurs to leverage the strengths of an existing business model and expand their business venture. Franchisees benefit from extensive support, brand recognition, established systems, and exclusive trademark rights.

With the right approach and guidance, franchising can be a low-risk and rewarding way to start a business at any age. Here are several guidelines and opportunities a franchisee should consider when deciding to become an entrepreneur at an older age:

1. Research: It is important to research the franchisor and its business model, including track record, financials, legal obligations, and other relevant factors.

2. Financing: Look into financing options, such as loans or investment partners, to cover the upfront costs of franchising.

3. Legal obligations: Consider the legal and financial implications of entering into a franchise agreement, such as all payments due, fees, disclosure rules, and agreement termination.

There’s never a wrong time to start being an entrepreneur. In fact, doing so later in life could give you a competitive edge your younger counterparts might now have. So take what makes you passionate and find out how to turn your hobbies into something that yields all kinds of rewards!

Other Articles You May Like

Top 10 Inspiring Leaders of 2024 : Susan Nimnuan

A Guide to Helping Your Parents Navigate Aging

This comprehensive checklist helps families prepare for their parents' senior years, covering health, safety, legal, financial, and social aspects. Creating a senior life plan for aging parents is crucial for their wellbeing and peace of mind. It starts with early communication to discuss a seniors needs and preferences, considering a caregiving plan, health and medical care planning, safety and living arrangements that include developing an emergency plan. Financial discussions, managing finances without infringing on a seniors privacy. Legal documentation and insurance reviews ensure all legal matters are in order and insurance policies are adequate and current.Contact an Office in Your AreaWere so used to our parents living independently that we dont always notice when they begin to struggle with handling daily activities. Changes can begin gradually as they start to slow down, or they can happen quickly, when a parent has an unexpected diagnosis or accident. No matter if you live across town or across the country, proactively creating a senior life plan for your parents will give you peace of mind and allow them to continue to live their lives to the fullest.  Communication Approaching aging parents about planning their senior years can be a touchy subject for everyone involved. As a general rule, it is recommended to start having these conversations by the time youre in your forties, or theyre in their seventies (known as the 40-70 rule). Of course, you know your parents' habits and personalities best, so you are the best judge of their physical and mental health. Here are some factors that can determine the appropriate time to initiate this conversation:Start the conversation early, using the 40-70 rule, so you have time to make or change plans based on your parents' needsCreate a comfortable and open environment for the conversationPlan more than one conversation so you can cover all possible issuesTake notes so you remember what was discussed and can keep track of next stepsKeep a list of all their passwords for accounts such as computer, email, phone, and cable Create a Caregiving Plan A caregiving plan will ensure everyone is on the same page about the care needed and how it will be handled as your parents age. If they require additional care, consider how you can support their needs. This might involve coordinating with local caregivers, hiring professionals to assist with certain tasks, or, if you dont live nearby, planning regular visits to spend time with them.Have a caregiving plan ready in case your loved ones need in-home careDiscuss changes to your parents healthcare needs with their doctors Research different caregiving optionsFind out if your loved one has any specific needs to maintain their health and happiness  Health and Medical CareA senior life plan starts with understanding your parents health statuses and medical needs. When they are in excellent health, its essential that their care and treatment preferences are detailed in a living will or advanced directive and discussed with family members. Have this conversation now, during the planning stage, rather than during a medical emergency.Designate a healthcare proxy who can speak with doctors on your loved ones behalf and make healthcare decisions, especially if they are hospitalizedKeep a list of their medications up to date, including prescriptions, over-the-counter medications, supplements, and vitaminsKeep a list of your parent's doctors and specialists, including their contact information Ensure they are following their doctors advice and taking medications as prescribedMake a note of the closest urgent care facility and hospitalGet to know their primary care physicians Discuss your parents latest check-ups and help schedule upcoming appointments Encourage your parent to write a living will or advanced directive and keep a copy on file Safety and Living ArrangementsMost seniors want to remain in their homes as they age, connected to family, friends, and community. If your parents are able to continue living at home, consider home remodeling options to help them safely age in place. In addition, develop an emergency plan with your parents and make sure they know what to do in case of a natural disaster or other emergency.Evaluate the safety of their home and make modifications if necessaryReview any mortgage or financial concerns about the homeCheck in regularly, either in person, or by phone or video chatConsider long-term care insurance in case long-term care is ever requiredDevelop an emergency plan and list of emergency contacts Social and Support NetworkA strong social support network helps keep seniors healthy and active and gives them a sense of connection, belonging, and purpose. This support can include neighbors, friends, or other family members who can assist your loved one if needed. If possible, foster connections with their support network to have reliable contacts in case of emergencies.Encourage your parents to stay socially engaged and participate in activities that bring them joyCheck if your parents have a support network in their local communityKeep the name and number of a neighbor who can regularly check on your loved onesCreate a schedule of friends and family who call or regularly video chatEnsure your parents have access to reliable transportation when needed, especially if they dont drive Review FinancesDiscussing finances can be tricky. Seniors sometimes want to keep their financial information private, even from family members. Reassure them that they can keep exact dollar amounts confidential, but make sure you have access to the information if you need it. Have them assign a Durable Power of Attorney (POA) to someone who can make financial decisions on their behalf. When going over how your parents would like their finances handled, topics to discuss include outstanding debts, homeownership, savings, and retirement funds.Find out what financial accounts are open and where they are held Make a list of advisors contact information Ensure they are making informed decisions about retirement, investments, and insuranceStay up to date on Social Security benefits Check that beneficiary designations are currentMake sure your loved ones have a POA representativeStreamline bill paying by setting up automatic payments Ensure they know how to avoid scams Gather Legal Documents Discussing and taking care of legal issues while your parents enjoy good health can ensure everything is planned and understood. Make sure you know where your parents keep their personal information and important documents in case you need them. Go over everything together and meet with their estate planner so you can ask questions about their wishes and how to ensure they are carried out.Discuss important documents and where they are storedFind out if your parents have a will and a living will, and where they are locatedMake sure their POA for finances and healthcare proxies are in orderRead through their estate plan/will to make sure beneficiaries and responsibilities are correct and up to date Review Insurance PlansRegularly review your parents insurance policies. Its essential to know if their policies are adequate, up to date, and where the accounts are located. This information can help avoid undue financial burdens during medical emergencies or accidents. Make a list of active insurance policies such as auto, home, health, long-term care, etc.Review homeowners, auto, and life insurance policies to ensure they are adequate and up to dateReview health insurance coverage for any policy changes that need to be made based on current or future needs Aging Parents Checklist Although caring for an aging parent often means taking on financial, legal, and other responsibilities, it can also be a time to reflect on happy memories and plan for a future that includes more joyful moments. The aging parent checklist below can help you ensure youve got all the bases covered when it comes to life planning and the next steps for your aging loved ones.  CommunicationHave the conversation early so you have time to make or change plans based on your parents' needsCreate a comfortable and open environment for the conversationTake notes so you remember what was discussed and keep track of your next stepsKeep a list of all their passwords for accounts such as computer, email, phone, and cableHealth and Medical Care Designate a healthcare proxy who can speak with your loved ones doctors and make decisionsKeep an up-to-date list of all their medications, including over-the-counter, supplements, and vitaminsKeep a list of their doctors and specialists, including their contact information Ensure they are taking medications as prescribedMake a note of the closest urgent care facility and hospitalGet to know their primary care physicians Help schedule upcoming appointments Encourage your parent to write a living will and keep a copy on fileEnsure Safe Living ArrangementsEvaluate the safety of their home and make modifications if necessaryReview any mortgage or financial concerns about the homeCheck in regularly, either in person, or by phone or video chatConsider buying long-term care insuranceDevelop an emergency plan and list of emergency contacts in case of a natural disaster or other emergencyCreate a Caregiving PlanHave a caregiving plan ready in case your loved ones need in-home careDiscuss changes to your parents healthcare needs with their doctors Research different caregiving optionsFind out if your loved ones have any specific needs to maintain their health and happiness Social and Support Network Encourage your parents to stay socially engaged and participate in activities that bring them joyCheck if your parents have a support network in their local communityKeep the name and number of a neighbor who can regularly check on your loved onesCreate a schedule of friends and family who call or regularly video chatEnsure your parents have access to reliable transportation when needed, especially if they dont driveReview FinancesFind out what financial accounts are open and where they are held Make a list of advisors contact information Ensure they are making informed decisions about retirement, investments, and insuranceStay up to date on Social Security benefits Check that beneficiary designations are currentMake sure your loved ones have a POA representativeStreamline bill paying by setting up automatic payments Ensure they know how to avoid scamsGather Legal Documents  Discuss important documents and where they are storedFind out if your parents have a will and living will, and where they are locatedMake sure their POA for finances and healthcare proxies are in orderRead through their estate plan/will to make sure beneficiaries and responsibilities are correct and up to dateReview Insurance PlansMake a list of active insurance policies such as auto, home, health, long-term care, etc. Review homeowners, auto, and life insurance policies to ensure they are adequate and up to dateReview health insurance coverage regularly for any policy changes that need to be made as needs change

Kitchen Gadgets for Seniors: Making Cooking Easier and Safer

In this article, we explore a range of innovative kitchen gadgets that can make cooking easier, safer, and more accessible for seniors, empowering them to continue preparing their favorite meals at home with joy and confidence. By embracing these innovative tools, our senior loved ones can maintain their independence and bring joy to each day, continuing to prepare delicious meals with ease.Contact an Office in Your AreaAs we age, simple tasks like cooking can become more challenging. However, with the advancements in technology and the availability of kitchen gadgets designed specifically for seniors, cooking can continue to be enjoyable and hassle-free. Cooking at home allows seniors to control the ingredients and portion sizes, which can positively impact their health and nutrition. Additionally, seniors often have specific dietary requirements or restrictions, and preparing meals at home allows them to choose healthier options, control the amount of salt, sugar, and fat in their meals, and incorporate various nutritious ingredients.In this article, we explore a range of innovative kitchen gadgets that can make cooking easier, safer, and more accessible for seniors, empowering them to continue preparing their favorite meals at home with joy and confidence.Ergonomic UtensilsFor seniors with arthritis or reduced dexterity, traditional kitchen utensils can become difficult to handle. Ergonomic utensils are designed with user-friendly features such as comfortable grips, larger handles, and lightweight materials, making them easier to hold and maneuver. These utensils can include knives, peelers, spatulas, and ladles, all tailored to minimize strain on the hands and joints. Ergonomic utensils are practical and help reduce the risk of accidents in one of our favorite rooms in the home, the kitchen. Automatic Can OpenersOpening cans can be challenging at any age, especially for seniors with weakened grip strength or limited hand mobility. Automatic can openers are simple to operate and require minimal effort. These devices can safely and efficiently open cans, eliminating manual twisting or gripping. Some models even feature hands-free operation, where the can opener attaches to the lid and does all the work with the push of a button. Automatic can openers are easy to find and valuable to any senior's kitchen, providing convenience and helping senior loved ones stay independent. Easy-to-Read Digital ScalesAccurate measuring is crucial in cooking and specialty baking, but reading small print on traditional measuring scales can be challenging for seniors. Easy-to-read digital scales feature large, high-contrast displays with clear numerical values, making it easier for seniors to measure ingredients accurately. These scales often come with additional features such as tare function (resetting to zero after placing a container), unit conversion, and weight-locking capabilities. With digital scales, seniors can follow recipes with precision and achieve consistent results in their culinary endeavors. Best of all, Grandma's favorite cookies will continue to be the delicious treat we all remember! Safety Induction CooktopsTraditional stovetops can pose safety risks for seniors, including burns and accidental fires. Safety induction cooktops offer a solution by utilizing electromagnetic fields to generate heat directly in the cookware rather than on the surface. These cooktops remain cool to the touch, reducing the risk of burns. Additionally, they have built-in safety features such as automatic shut-off timers, temperature controls, and pan detection, ensuring that the cooktop turns off when the cookware is removed. Safety induction cooktops provide seniors a safer cooking alternative without compromising performance or versatility. Incorporating kitchen gadgets tailored for seniors can significantly enhance their cooking experience, making it safer, more convenient, and more enjoyable. From ergonomic utensils to automatic can openers, easy-to-read digital scales, and safety induction cooktops, these gadgets are designed to address seniors' specific challenges in the kitchen. By embracing these innovative tools, our senior loved ones can maintain their independence and bring joy to each day, continuing to prepare delicious meals with ease. Comfort Keepers Can HelpOur caregivers, who we call Comfort Keepers, can help seniors prepare meals, stick to an exercise plan, and provide transportation to preventive care and other doctors visits. Friendly, consistent support can help seniors make healthy changes in their livesand make it fun at the same time. Our Comfort Keepers give seniors the encouragement they need to remain healthy, happy, and engaged in activities they love every day. 

Local Services By This Author

Bradford Square Retirement Community

Independent Living 3255 Vanderbilt Beach Rd., Naples, Florida, 34109

Designed for your comfort, our community will feature studios, 1-, 2-, and 3-bedroom senior living apartments with a variety of floor plans and smart details to complement your lifestyle. Each apartment is unfurnished but includes window coverings, a climate-controlled thermostat, carpeting, ceiling fans, and ample storage. Enjoy the freedom to decorate your new home to your individual taste. The kitchens are fully equipped with a dishwasher, range, microwave, refrigerator with ice maker, and a garbage disposal. Our bathrooms are well lit with a vanity sink and storage cabinet, plus high toilet seating and a walk-in shower with handrails. Washer/dryer hook-ups are located in a separate laundry closet within the apartment. We also offer residents the option to use our community laundry room on-site. Our professional staff provides as-needed maintenance repairs and light housekeeping on a weekly basis.