How Older Entrepreneurs Can Turn Age to Their Advantage

The youthful, vibrant faces of Mark Zuckerberg and Elon Musk are representative of widely known entrepreneurial icons. But few people would conjure the more etched faces of Sam Walton (who founded Walmart at age 44) or Charles Flint (who founded IBM at 61) when asked to name a successful entrepreneur. Why entrepreneurship is so often correlated with youth rather than corporate experience isn’t clear, particularly considering that age is becoming a huge contributing factor to entrepreneurial success.

In 1997, those between ages 55 and 64 constituted only 15 percent of burgeoning entrepreneurs. By 2016, that number reached 24 percent, according to the Kauffman Index of Entrepreneurship. Moreover, the U.S. Bureau of Labor Statistics reports that those 65 and over are the most likely in America to be self-employed, with nearly 16 percent fitting that description.

Related: There Are More Older Americans in the Workforce Than Ever Before, Pew Says

As new technologies make many traditional functions obsolete, those of older generations find themselves shut out of jobs simply because businesses can hire and train younger, less experienced people for less money. But there are other incentives for older professionals to launch new businesses or become independent contractors in their fields of expertise. By embracing entrepreneurship in the “retirement” years, they can offer a wealth of support for those who might follow in their footsteps.

Older professionals with long, successful careers under their belts are leveraging their experience and talent. In a rapidly changing technology-obsessed world, what better retirement investment could there be? The middle-aged entrepreneur has a formidable range of weaponry to use against his young competitors, including depth of experience, wisdom, accumulated wealth and confidence. So how can middle-aged entrepreneurs leverage these advantages and establish their entrepreneurial prowess?

1. Cultivate a vast network.

According to psychologist Adam Grant, research proves that success doesn’t come just from hard work and talent — it’s also contingent upon whom you know. Thus, business leaders should continually explore contacts in their field and keep potential investors or business partners apprised of progress. That way, they can multiply efforts to obtain capital and conduits for new business. If others know about a new business venture, they will be likelier to refer other potential sources of expertise or capital.

Luckily for older generations, who aren’t typically known for being online networking wizards, networking is actually better conducted in person. According to The Wall Street Journal, a survey found that 82 percent of respondents feel in-person meetings elicit positive responses; 85 percent feel they lead to breakthrough thinking. “You can’t beat face-to-face meetings for opening the relationship or closing the decision,” added Tom Shaughnessy, who runs Sprint’s small business segment.

remember: The longer a professional…