Am I the only Woman over 50 Starting a Business?
Are female entrepreneurs over 50 rare?
Nope.
It’s about time that women feel their entrepreneurial power–which is only growing stronger. According to research, female entrepreneurs in their 50s and above are twice as likely to create successful businesses as their counterparts in their 20s.
What are the central factors in their success?
Experience and buying power.
By the time a woman reaches her 50s, she’s had life experiences that strengthen relationship and leadership skills. Both of which are integral parts of growing a business.
Women also make most of the spending decisions around the world. In fact, they control 64% of global spending. White explains,“...if the women on this planet were a country, it would be the most powerful country in the world in terms of sheer buying power.”
Traits of Successful Female Entrepreneurs
Age
Let’s breakdown the traits that are indicators of a success over 50Research, conducted by the Founder Institute, to identify the traits of successful entrepreneurs showed that being “older is actually a better predictor of entrepreneurial success” than that of other measures–fluid intelligence, high openness, and moderate agreeableness.
Wisdom & Tech Saviness
“Society doesn’t place enough importance on the experience and wisdom women have gained over their careers, particularly regarding relationship-building and leadership abilities.”
“There are plenty of myths floating around about 50 plus women—namely, that they aren’t relevant or tech-savvy, that they’re uninspired or don’t want to work hard,” observes Debbie White, founder, and CEO of brand strategy and coaching entity Frankly Deb, “but in my experience, these are false.”
Purpose & Focus
Once an award-winning creative director of a multimedia advertising firm with conspicuous brands like Starbucks and Microsoft as clients, she now runs an agency that focuses on women over 45 who are building purpose-driven brands.
With age, our attention to what’s important to us narrows and clarifies. Women over 50 tend to have a better handle on who they are, what they want and what is means the most. When you’ve managed to refine the direction of your business, you’re more likely to see success. Customers are four to six time more likely to buy from purpose-driven companies when given a choice.
In particular, female consumers are more likely to buy from a purpose-driven brand, researching products and services that are not only useful but support a greater purpose.
Social Media Power
Women of a certain age remember the cringiness of watch a parent try to program a VCR or find Facebook on the iPhone. However, those of us flirting with or fully ensconced in the second half of our lives are tech and social media savvy.
Again, White notes that,” There’s a huge misconception that 50 plus women don’t keep up with digital or social media trends, but I work with grandmas who are using Facebook Live and Instagram to reach new audiences and who are inspiring their adult granddaughters with their social media prowess.” Even though millennials and Gen-Zers only know a world with social media in it and use it with aplomb, in the last ten years, the percentage of 65-plus people using it has grown from 2% to 35%.
Conclusion
the idea that professional success peaks around 50 is outdated. Women are becoming encore entrepreneurs, starting their second act after 50, and building businesses with goals beyond financial success. They leverage their accumulated experiences, skills and networks to start new ventures, and extend their careers seeking new challenges later in life. Never underestimate a woman with a plan.
