Every entrepreneur, no matter how young or old, faces challenges. Business and start-up owners power through tough times despite the risks and hurdles they face. There’s no fixed age to become an entrepreneur. But if you are over 50 years old and you decide to start on your entrepreneurial journey, you might find the path a little trickier and challenging at first than people who are younger than you. But if you are determined and consistent, you too can succeed by Eric J Dalius.
Eric J Dalius points out the major challengeeric
Many people find it difficult to reach out to target customers, let alone find them, But here are a few ways to make that easier, according to Eric J Dalius.
According to Eric J Dalius, it is also essential to give back to society so that others can benefit from it. He wants to pave the path for future business leaders, marketing experts, and entrepreneurs.
1. Finding Co-Founders and the Challenges that Come with That
2. Stay Attune to a New Business Metrics
3. You might have to act as the salesman for a while
Finding a stable and reliable co-founder is indeed a challenge for an entrepreneur who’s in their fifties. You need to reach out to like-minded people who share your business vision so that they can help your business grow. At first you might find it challenging to become business-savvy since many of your peers probably hold senior positions in companies and you are just starting out. While you are struggling to get your foot into the door, they are content in their lives, enjoying the promotions, perks, and politics of the corporate domain.
But even working in a successful corporate brand comes with risks. An employee could be transferred, terminated, or laid-off suddenly because of economic downswing. But still, many people find comfort in full time permanent corporate jobs, and not everyone is willing to leave their comfort zone. So it may be hard to find people around your age who want to join you as co-founder of your company. You may have to look to people who are younger than you, and in this case, there will be a generation gap. You could also look at people who have retired form their full time jobs. This will present different challenges, but oftentimes, they can also give you wisdom that you otherwise would not have had.
The way to conduct business changes and evolves approximately every 20 years. And today, its easier to make connections than ever before thanks to the internet. But this also means that competition is more fierce. However, it also means that you have a greater chance than ever to grow. You might find it challenging to deal with contractors, employees, customers, and other staff linked to your business. And as you learn the new ways of doing business, a few things should always stay intact.
A sense of commitment is essential. You need to ensure that you have a talented team on board, and you finish every task on time. If not, then your start-up business might not go the way you had envisioned and can fail.
Usually, with age comes ego, but when you are doing business as a 50 year old, it is essential to manage your ego. Now that you’ve started your company, you might not have people to allocate tasks right at the start. So, you have to act as the financier, PR manager, marketer and salesman all in one.
Don’t get caught up in an endless ego trap. You will need others to help you, and EJ Dalius says every entrepreneur should keep an open mind and keep their ego in check.
4. Leverage the industry network and connections
5. Saying yes to advanced technology
6. Chasing the wrong targets
When you’ve spent over three or two decades in an industry, moving vertically up the company, you will have developed a business circle. When you decide to be an entrepreneur, it is essential to leverage your connections because they will determine how your company grows.
Entrepreneurs might find it surprising when they get multiple ideas and expert suggestions from people they know. It helps them to get a perspective and take on the entrepreneurial journey with zest and motivation.
New-age start-up ventures make use of advanced technologies. Generally, people fail to associate with an elder entrepreneur in their fifties to leverage technology, since many people think that older people do not know how to properly use technology. Although this is generally the case, more and more people are using technology than ever before. Especially as an entrepreneur, you have to be the exception to this stereotype. If not, your value as an entrepreneur significantly decreases.
It is necessary to become familiar with advanced technology and software tools that are available to help you make the most of your online brand promotion. Alternatively, you can make use of analytics to get deeper insights about your business and use the same to better your entrepreneurial journey. This will help you to create a smart branding, marketing, and advertising strategy.
The majority of young entrepreneurs experience this issue. In fact, approaching the wrong target audience can devastate your business. Entrepreneurs who are just starting out have a lot of work and research to do. Entrepreneurs must know how to make proper press releases and effectively invest in online advertising. If someone doesn’t do something correctly, they might target the wrong audience and waste thousands of dollars.
While it’s expected that entrepreneurs will make this mistake, you must be very cautious. An entrepreneur who is older than 50 should take care when identifying their target demographic. If not, they will waste valuable resources, which in turn will decrease trust in their company. Starting late has its pros and cons. An older entrepreneur has less experience and also has less time to make mistakes. Although this might sound grim, this is the reality of entrepeneurialship. If you need to, don’t be afraid to get a business consultant so that you can make the best decisions for your business.
7. Failure will end it all for you
All entrepreneurs have faced failure. The sinking feeling that accompanies failure doesn’t necessarily get better over time, but good entrepreneurs know how to use their emotions to their advantage. Time and again, entrepreneurs are told that failure will make them lose everything. When you start your business at 50 years or older, you probably will get to hear this more.
The truth is failure that is a lesson, and failure teaches you how to execute your tasks better. While it’s not worthy to develop a complacent attitude, it’s also not correct to succumb to the fear of failing.
Deciding to start your venture at 50 is challenging, but it is not a limitation. You need to think in ways that are smart and practical. You need to be able to make wise and informed decisions. Knowing these things will help you face the challenges and also overcome them with determination.
Eric Dalius is The Executive Chairman of MuzicSwipe, a music and content discovery platform designed to maximize artist discovery and optimize fan relationships. Along with his work at MuzicSwipe, he also interviews groundbreaking entrepreneurs on his weekly podcast, “FULLSPEED.” Eric also founded the “Eric Dalius Foundation” to support US students with four scholarships. Follow his journey on Twitter, Facebook,YouTube, LinkedIn, Instagram, and Entrepreneur.com.