There’s No Expiration Date on Entrepreneurship
The Joys of Starting a Business After You ‘Retire’
DO YOU HAVE THIS SKILL? We live in the age of information. The phones in our pockets are more complex than the computer systems that landed people on the moon just 50 years ago, and they’re only getting smarter and faster. Our world should be a technological paradise, but, just like the moon, all that information comes with a dark side. The Greatest Work Skill of the 21st Century As a nation, America is getting older. By 2030, 20% of Americans will be 65 or older. With people living longer than ever before and the baby boomers approaching retirement age en masse, older adults will continue to have a massive impact on the American economy at large. Normally, we think of seniors as people who cash in on the hard work they’ve already accomplished. Many young people even worry Social Security will be wiped out by the time they reach retirement age. But who’s to say older adults can’t contribute to the economy? If you’ve ever tried to change jobs late in your career or pick up some part-time work after retirement, you know it’s hard to be hired as a senior. Quartz recently called seniors “the economy’s most underused natural resource.” Until more employers understand the value and potential of older workers, entrepreneurship remains the most viable avenue for seniors wanting to work after their primary career has ended. There are a number of reasons why seniors find creating their own business to be rewarding and why they tend to succeed when they do. Unlike younger people, who often become business owners in an attempt to make a fortune, older entrepreneurs can be content with small, sustainable micro-businesses. They also approach their businesses with a wealth of experience that can’t be purchased. As a result, 70% of ventures founded by older entrepreneurs are still open five years later, more than double the rate of the general population. How familiar does this story sound to you: You get to work in the morning and fire up your computer with every intention of getting right to work. But then you decide to check the news to see if the president said something noteworthy, or if your fantasy football team is still going strong. Maybe then you watch a sports highlights video that’s only a few, harmless minutes long, but then, before you know it, half the day is gone and so is your productivity. That access to information divided your attention and conquered your day before you could conquer it yourself. One skill is at the root of everything else workers will need in the 21st century: paying attention. Even before the internet, in 1971, psychologist Herbert A. Simon said that a wealth of information would undoubtedly be accompanied by a deficit of attention. But workers who can master their focus long enough to solve problems with creative solutions are the ones who have what it takes to survive the dark side of the information age.
With so much potential to be found in senior-run businesses, it’s no surprise that organizations are rushing to empower older adults with the tools they need to succeed. Senior Planet, a coworking space for seniors with outposts nationwide, teaches classes on skills like website creation in a space that makes older learners feel welcome and comfortable. On top of being an important economic driver, entrepreneurship can be a wonderful way for seniors to generate meaning and value in their lives. It’s never too late to start the business of your dreams.
So what can you do to become a master of your attention? Well, in short, a lot of things. Look at the websites, the tabs, the apps, or the topics that distract you from the task at hand. One study found it takes the average worker 64 seconds to reorient their attention after responding to an email, so it can pay to send and respond to fewer emails. That said, group chats, apps, and even unproductive meetings and conversations with coworkers can become time sucks. Do you want to be more successful and have successful employees working under you? Then start by focusing your undivided attention on the distractions you can eliminate. Also, you may want to read the New York Times Bestseller “Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones,” by James Clear. I just finished reading it, and it is a great book to help you get your life back in order or set on the right course of life. Enjoy.
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