Recent data from U.S. census highlights that the average age of entrepreneurs is 42, with those leading the fastest-growing startups averaging 45. Generation X women, between 44-59, are predicted to make up nearly 70% of all female business owners by 2023.
Tech startups continue to rule the business scene, contributing to 77% of venture deals. Among these, fintech and health tech startups are harvesting significant progress. The U.S. Small Business Administration states that small businesses create two-thirds of new jobs and contribute 43.5% to the country’s GDP.
Despite the significance of startups in job creation and economic propulsion, over half of them fail within five years due to factors like inadequate capital, poor management, or lack of market demand. Entrepreneurship positively impacts society by driving innovation, competition, and economic differentiation, though it also presents challenges and risks.
In spite of these challenges, 2020 saw an unprecedented boom in new businesses, with the creation of over 4.4 million businesses — a record number in U.S. history, showing resilience and high entrepreneurial activity even during the Covid-19 pandemic. A considerable portion of these Gen X women venture into entrepreneurship in middle age or later, fueling their long-standing dreams and leveraging the autonomy provided at this life stage.
These women use their accrued experience, skills, and personal networks, along with financial stability, to solidify their business bastions. They can now sculpt their careers based on their terms, balancing personal and professional aspirations effectively, culminating in personal satisfaction and professional success.
They also demonstrate resilience and adaptability when confronted with challenges. Many have quickly adjusted their businesses in accordance with evolving market conditions, even in uncertain times. Propelled by purpose and passion, these Gen X female entrepreneurs place high importance on their businesses’ positive societal contributions.
Judy Schoenberg and Linda Lautenberg of Evolve.Me, a career consultancy for middle-aged women, embody this growing trend. More women are using their mid-life seasons to chase their dreams. Through their guiding efforts, Schoenberg and Lautenberg empower these women to venture outside their comfort zones, thereby seeing a refreshing surge of mid-aged women embarking on career transitions.
Evolve.Me is a beacon for these women, indicating the effectiveness of mid-life career changes and displaying that it’s never too late to pursue your dreams and make a significant societal impact.
While young entrepreneurs are perceived to have the upper hand due to their readiness to take risks and their lesser responsibilities, seasoned entrepreneurs wield the power of backup monetary means, professional experience, and broader networks. Erin Halper, an entrepreneur, posits that midlife entrepreneurs are typically more decisive due to their extensive professional connections.
In conclusion, age in entrepreneurship isn’t a downfall but serves as an arsenal of acquired knowledge, financial stability, and greater networking opportunities, thus challenging age-related stereotypes. The rise of late-life businesses underlines society’s shift away from ageism, reaffirming that it’s never too late for any individual to chase their entrepreneurial dreams.
