Colonel Harland David Sanders established Kentucky Fried Chicken (KFC) when he was in his 60s while Ray Kroc started McDonalds when he was in his 50s. Today, both KFC and McDonalds are two of the world’s leading fast food companies.
Their founders? Both were advanced in years — Sanders was even a “senior citizen.” But that didn’t stop them.
So, the message here is that, like Sanders and Kroc, you are not too old to start.
This notion was exactly what prompted Kevin Xu and his wife Leah Yang to establish the Brighten Award for Entrepreneurial Gerontology at the University of Southern California-Davis School of Gerontology: to encourage young entrepreneurs to incorporate entrepreneurial opportunities for the elderly.
When I came across some of his interviews, I saw that Xu doesn’t just have a keen eye for potential in entrepreneurship, he sees potential in an unexpected source: seniors.
In fact, lots of senior citizens have business potential which they have allowed to go dormant because of excuses like:
“How can I start a business at this age? I’m too old to do that.”
“I can’t stand a chance against all those young entrepreneurs. They’ll push me out of the market in no time.”
Yet those are misconceptions. If you are a senior citizen, here are six reasons you should fire up your entrepreneurship spirit:
1. You have experience on your side.
Unlike young entrepreneurs, you have loads of life and business experience on your side. Many young entrepreneurs approach issues like business structure, finances and feasibility at a whim. They just wing it every time. Oftentimes, they make many business mistakes before they get it right.
As someone with experience on your side, you’ll find that old age is a plus. You have already made mistakes that you will never repeat, and you are likely better able to foresee the obstacles and their solutions.
2. You likely have an established network.
In business, networking is extremely important. Your…