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“So where do we start? We start by dismantling the belief that if we just tough it out, things will return to normal. The truth is that we’re not going back. The normal we knew is gone.”

Elizabeth White

Elizabeth White’s an author and former nonprofit executive with domestic and international expertise in economic development, aging solutions, and gender equality.

At 55, she found herself richly experienced, highly educated, jobless and broke. She tried to hide it as much as possible from friends and family because she felt ashamed of having fallen so far. Her journey to recover her self-esteem and her financial wellbeing inspired her to write a book, Fifty-Five Unemployed and Faking Normal.

The Invisible & Disposable Woman

When it comes to women over 50 and beyond, life can be filled with change. For many, it accompanies children being very nearly or full grown. As a result, the expectation’s that now there will be more disposable income and time.

Unfortunately, it can also bring life transitions like divorce or job loss. In these instances, the loss of financial stability can be swift and severe. What women 50 and over sometimes rudely discover is that they’re considered disposable and invisible.

There’s one solution that has the potential to put the power back in your own hands and that’s entrepreneurship. While it’s true that there are risks associated with starting your own business at any age, there’s actually good news for women in their 50s and beyond.

Top 6 Reasons For Women Over 50 & Beyond To Start A Business

In this Forbes article, David Deeds, the Schulze Professor of Entrepreneurship at the University of St. Thomas in Minneapolis shares his viewpoint. He believes women over 50 are well suited to starting their own businesses.

“First, they are willing to learn,” says Deeds. “Men, as we get older, tend to be set in our ways. Women, in general, are more open to learning and are collaborative. Entrepreneurship is a team sport, and women are good at working with others. That gives them a little advantage.”

The top 6 reasons for women over 50 to become entrepreneurs also brings them tremendous benefits:

  1. There’s no age discrimination.
  2. Your life experience puts you at an advantage and you won’t be put off by adversity.
  3. Statistics show that businesses started by women 50 and beyond are more successful than those launched by younger entrepreneurs.
  4. There’s nothing like the mental challenge of learning new skills, creating new relationships, and growing your network to maintain brain agility.
  5. Choose something you want to do and get paid to do it.
  6. You increase your ability to provide for yourself during your later years. This is essential since many are living longer than they might have originally imagined and there’s an increased need for additional income.

Caution

There are definitely risks that come along with starting your own business. Because of this, it’s essential to have a plan that’s modeled on success. Creating a solid footing, taking the time to find your optimum direction, and developing a clear and powerful focus will increase your odds of being one of those very successful “olderpreneurs.”

About Zette

Zette Harbour‘s an iPEC certified life and leadership coach, and an award-winning professional storyteller who helps women in transition build a comprehensive business plan for creating financial security as an entrepreneur.

Book a Strategy Session To Learn What You Can Achieve

Read more of her column Successful Awakenings and explore the limitless power of awakening to the brilliant and beautiful story of who you truly are.

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