‘Old’ People Can’t Dance, They Can’t Do Business Too
Different people venture into entrepreneurship for different reasons. For some, it’s a way to make a living, for others it’s an escape. Most businesses try to become profitable or the least to break even as soon as possible. Different businesses require different skills and abilities to operate them efficiently.
I’ve been involved in various businesses over the last few years and I’ve learned a few things. The first thing I learned was the importance of patience, the second is that 'old' people make terrible business leaders.
My definition of ‘old’ has nothing to do with age. It has everything to do with adaptability, learnability, and calculated risk-taking.
Adaptability
The term old-fashioned is used to describe things that are no longer used, done, or admired by most people because they have been replaced by something more modern.
Everything from Consumer trends to the demand for your specific product will always change. This may be caused by various factors. Some of these factors may not even be in your control such as the rise in popularity of new alternative/competing products or the growth of a new culture
Learnability
As saying goes, you can’t teach an old dog new tricks. Well, you can, it’s just very difficult to.
When you do things a certain way for a while you get used to it. It is very easy to get comfortable doing the same thing over and over. This gets worse when every time or at least most of the time you do something, it results in growth, especially in business.
Business leaders are supposed to always be observant and make clear decisions based on reliable data about their specific business and industry. When you only make decisions based on how you have always done things you can end up compromising your business.
Calculated Risk-Taking
One of the earliest things I ever heard about entrepreneurs was that they are risk-takers. The first time I heard this statement my heart was filled with fear and excitement at the same time. This is because I was always drawn to entrepreneurship from a young age and the element of risk-taking made it seem a little bit scary for me. Many years later after being a part of various businesses I still find myself making even bigger risks.
As an entrepreneur, it’s important to take calculated risks. Not all risks are the same.
The calculated aspect of my kind of risk helps but I still risk. I always try to lead more on the side of patience and strategic planning before the risk. Some of the risks were worth it, some were not. The ones that were worth it may have resulted in business growth and profits, while the ones that were not worth resulted in significant losses.
After experiencing highs and lows in entrepreneurship, I still would always choose risks. I love the process of growth, I plan for the best and I always expect the worst-case scenarios if they were to happen. Every venture I’ve ever been involved in has contributed to my business skills as I always learn something even from the ones that didn’t get off the ground.
A lot of ‘Old’ people have a hard time risking as entrepreneurs. They have varied reasons as to why they choose to risk less. Risking less is often a safer way
Conclusion
‘Old’ people can still find a lot of success as entrepreneurs and build very successful businesses. The concept of good business is a good product/service that meets the right target audience in the right market.
This article is meant to shine a light on how ‘Old’ people who are stuck in their ways may lack the skills to stay at the top of their game in business.
Statistically if you get a huge number of ‘old’ people to do business, a few of them WILL find success because of math and probability. This article was not to say that ‘old’ people are incapable of business success. This article is meant to discourage having an ‘old’ mindset as it makes it difficult to attain business success. I said difficult, not impossible.
Various reasons account for someone’s success, and what they lack in other skills they could make up for in other areas that would make their businesses grow. If a product/service is genuinely good and it finds the right target audience, it wouldn’t matter that an ‘old’ person was behind it.
