Entrepreneurship
Unsung entrepreneurs
Elder businessmen start more businesses than the young people
Elder businessmen are unsung heroes. Big and small media are in awe of young startup founders and big businesses. 60% of USA’s business owners are military veterans(9.1%) and elders, who are 55years old and above (50.9%).
Elder businessmen are the bulwark of an economy. They excel at business planning, cash flow management, and experience. Unlike startups and big businesses, elders finance their business with their retirement savings. At the same time they do not use savings, credit cards and loans from friends/family. Elder businessmen know how to avoid the debt trap. They do worry about technology. The top three reasons to start a business were following the passion, being their own boss and grabbing the business opportunity. Like younger businesses elder businessmen value support of family, friends and mentor.
As per SCORE report one elder businessman said, “I never borrow outside money. I only rely on customer sales to expand business. I do not want access to easy money because I don’t want to owe anyone. To me, debt means you are working for someone else and feels like a burden.”
India has a rich legacy of businesses by elder businessmen. But, the governments and investors tend to focus only on the youth. In fact, learning to team up with the seasoned professionals will always give an edge.
Download: SCORE report Link
