At age 90 Jack Smiley wasn't thrilled with the community in which he retired, so he built his own. Today it provides him with a net income of $40,000 each month. Famously, KFC's 65-year-old Kentucky Colonel Harlan Sanders supplemented a paltry Social Security check by franchising his unique recipe for fried poultry. Past 50, McDonald's Ray Kroc made a similar trek in multiplying by many thousands a few popular, golden-arched hamburger stands from San Bernardino, California. Contrary to popular mythology, entrepreneurship is not spearheaded mostly by baby-faced, technology-savvy postadolescents whose brands include Facebook and Apple. According to a recent study, fully 80 percent of allbusinesses are started up by people over 35.
Amy Groth of Business Insider cites these reasons that fortune favors the old: First, older entrepreneurs have more life and work experience. In some cases they have decades of industry expertise - and a better understanding of what it truly takes to compete and succeed,in the business world. Second, they also have much broader and vaster networks. Even if older entrepreneurs are seeking to start businesses in entirely different industries, they have deep connections from all walks of life - for example, a brother-in-law could be the perfect COO. Third, those over 50 have acquired more wealth and better credit histories (which helps with securing loans) and are smarter with their finances.
In this book from best-selling author Gary Goodman you'll discover:
