Entrepreneurs starting a business later in life generally do it for one of two reasons: Either by choice, to pursue a passion that will sustain them into their “third age” or by being pushed into it by circumstances beyond their control such as redundancy, job loss, etc.
Research conducted by Swinburne University of Technology and Queensland University of Technology concluded that mature-aged entrepreneurs are the fastest growing segment of entrepreneurs.
Attracted by work life-balance, they have more developed networks, better business experience, superior technical and managerial skills, and a stronger financial position than younger entrepreneurs.
About 80% of survey respondents significantly valued the non-financial benefits of self-employment, such as lifestyle and health preferences. For many, starting a business is a key to active ageing and extending their working life.
Intuitively, this makes sense. As people lead longer, healthier lives, more will feel more capable of launching a startup later in life than in previous generations.
Whatever the reason for becoming a mature-aged entrepreneur (also called senior entrepreneurs, seniorpreneurs, grey entrepreneurs, latepreneurs, third-age entrepreneurs or second-career entrepreneurs) the right information and strategies are essential to help make the business a success.
Turn Your Passion into Purpose: Inspiration and advice for mature-aged entrepreneurs.
In this interview, one of Australia’s most successful entrepreneurs, Jack Delosa talks to Deborah about building a business later in life and the highs and lows of being an entrepreneur.
“Entrepreneurship or even being a solo entrepreneur is an opportunity for anybody to start doing something that really lights them up and something that aligns with who they want to be and what they want to do,” said Jack.
“Part of that journey is going to be challenge.” “You really need to view the challenge as an exercise in personal and professional growth,” he said.
In this video, Jack and Deborah also discuss Module One of Jack’s Balance online learning course called Passion to Purpose
Watch the interview on Module 2 from the Passion to Purpose Online Learning Program
Watch the interview on Module 3 from the Passion to Purpose Online Learning Program
This business is personal: How Deb and Sonya turned passion into Balance by Deborah Hutton
Balance by Deborah Hutton was born out of a shared passion for Deborah and her business partner Sonya Keenan who wanted to create something that would allow them to fulfil their dreams into the next stage of their lives.
They created a space where a like-minded over 50’s community could come together for guidance and information on being and creating the best person they could be today.
But turning their passion into something that would achieve their life goals required a comprehensive, clear and determined plan.
The 5 P’s of Small Business by Omni-Channel Media Group co-founder Sonya Keenan.
Path – Defining your path is crucial to the success of a business strategy and requires a sharp understanding of your goals. What do you want for the business? How long will it take you to make that goal a reality? Determining the exact goals and how you are going to achieve them is paramount to your planning.
Passion – Staying on your path requires the application of two tools – passion and purpose. Luckily, most business owners have passion in abundance. What makes you get out of bed each day and strive to make your business a success? Passion is attractive! If you are passionate about your business, you will attract customers to it.
Purpose – What is the purpose of your business? Why are you making this your life’s work? What’s in it for you? Knowing your passion and purpose allows you to move onto the next step in strategic planning – Persuasion.
Persuasion – Being able to tell an engaging, compelling story and convincing others of your passion and purpose is a critical success indicator in today’s market. Business no longer relies on traditional media outlets to convince audiences to buy their products or services. Alternative social and digital avenues provide numerous platforms for communicating your unique business story to a wide variety of audiences.
Partnerships – Find strength in numbers. Identify companies you can partner with to leverage your business, pool resources and reach new audiences. Locking into these partnerships and maximizing the value of each relationship will help you achieve your strategic goals.
Joy of Business expert Simone Milasas also belives in the power of passion for entrepreneurs
If you’ve come up with a fantastic business idea, it’s never too late to start. There are so many possibilities out there, I always say don’t wait for anything. This is your life — not a dry run. Don’t give up your point of view for anyone else’s. However, it helps to know the creative processes and the three energies required for success.
Any business starts with a new idea; that’s the generative energy. It’s the “wow” moment of your life. You get enthusiastic and filled with a sense of infinite possibilities. Some people are great at coming up with ideas for business, but without the other two more elements they could remain just ideas.
To actually bring your fantastic ideas to fruition requires creative energy. Creation is where you continually put energy into your business. You’re constantly looking at things like: who do you have to speak to? Where do you have to be? What money is required? What tools are required? You’re constantly creating, constantly making choices. Every choice you make will create something different.
Instituting or maintaining
It’s what you have to do every day to keep customers coming through the door. Institution doesn’t have to be boring, or static. It actually can expand the business if you’re willing to ask questions, rather than habitually doing the same thing.
The good news is, you don’t have to do it all yourself. Which part of the business makes you enthusiastic? The generative, creative, or institutive parts? Once you know what’s fun for you, look for someone who can assist you with the other parts and add them to your business.
I’ve never created anything for money. I’ve always created for the fun of creating and the money has showed up from that. If you make a business about the money then it’ll always be about the money. What I’ve found is this, money follows joy; joy does not follow money.
Eight lessons for building on your passion
Margie Warrell is a valued member and coach in the Balance community and believes “every single one of us can take an idea that inspires us and turn it into something that inspires others.”
Drawing on her experiences and the wisdom of fellow Australian entrepreneurs (Emma Isaacs, Samantha Wills & Lizzie Abegg), Margie has compiled “eight lessons for building whatever it is that lights you up.”
- Be passionate
- Define your difference
- Communicate your why
- Risk mistakes
- Work from your strengths
- Don’t over personalize
- Ditch your ego
- Hire (and fire) on values
Read more on these eight lessons from Margie Warrell.
So now is the time!
Forge ahead, become one of the world’s experienced mature-aged entrepreneurs and turn your passion into a purpose (and hopefully a profit!)
Jack Delosa is one of Australia’s most respected entrepreneurs and founder of Australia’s largest educational institution for entrepreneurs, The Entourage. He has teamed up with Balance to provide mature-aged entrepreneurs and business owners a fast-paced and structured business fundamentals course, Passion to Purpose.
Passion to Purpose will help you launch, build and scale your business and create a business and life you love.
“Don’t wait for the perfect moment. Take the moment and make it perfect.”
– Jack Delosa.