The Rise of the Over 50 Female Entrepreneur
Posted on: 20 April 2017 by Lexie Doyle
As we all begin to live longer and lead higher quality lives well into our 70s and 80s, people are starting what they call “second acts” or even “third acts” and reinventing their lives with totally new careers. Reinventing your life with a brand new career might seem like a big challenge.
After all, remembering all of the studying, prep work, and hoops you jumped through to get where you are now probably is pretty exhausting. Why go through it all again? What you are forgetting is you now have a lot more experience than you did back then. You have a work history that includes problem solving, learning new skills on the fly, and getting creative in challenging situations.
In fact, there is a trend of women over 50 becoming entrepreneurs in the UK. These women have collected an amazing wealth of knowledge and skills over their careers, and are ready to use that experience to develop strong careers as entrepreneurs. The Prince's Initiative for Mature Enterprise found how big of a trend this has become, with 42% of the UK’s self-employed workforce being age 50 or above. That’s a huge chunk of the working population that is close to what used to be considered retirement age. Here are a few of the foundational reasons why more females are becoming entrepreneurs over the age of 50.
They know what works (and what doesn't).
These bold women have typically worked in a wide range of fields. They have used their time in the work world wisely and have assessed the inner workings of a lot of businesses. Often, they take note of the successes as well as the failures that they have seen and experienced throughout their careers.
It is great to know how things run when they are going well, but paying attention to the things that do not go well can give even more insight. Then, this new brand of entrepreneurs takes this knowledge and use it to craft their own style of business management. With all of the wisdom they have gained and the professional experiences they have been through, they can really take ideas and make them a successful reality.
They’re not afraid to try new things.
This group of entrepreneurs is bold and determined to carve out their own paths. How do they set themselves apart in the UK market? They show their incredible innovative power. These women have been able to creatively craft outstanding careers, and it is thanks in part to their incredible skills but also in large part to their confidence. One of their biggest strengths is thinking outside of the box. Watching the business world throughout their careers has shown this group that they can’t afford to sit and wonder if their idea really is that good. Instead, they chase their dreams and attain the success they deserve.
They have honed the necessary skills and experience.
All of this is difficult to do well, but these entrepreneurs have earned their place in the business world through hard work and creative management. It might seem like the UK is suddenly flooded with female entrepreneurs over the age of 50, but it really is not sudden at all. These women have worked tirelessly to develop strong careers based on a foundation of solid experience.
Throughout their careers, they have focused on gaining the most comprehensive skill set possible. Using this knowledge, they are able to guide their companies in positive directions and create new opportunities where there were none before. We can expect this trend to continue as more women transition into careers that put them at the helm of new businesses.