The spirit of business is alive and well in Africa, particularly in Nigeria and Zambia, where almost 40% of people have run their own business for more than 3 years, or are in the process of starting one. Setting up your own business if you are later in life has some enormous benefits – to your balance, to your health and to your general outlook on life. Here are three reasons why you should get your business going now.
The benefit of experience
One of the most positive things you have if you are starting a business later at an older age is experience. You have lived through economic and political changes and seen what the outcome. You’ve witnessed a thousand different trends in an array of industries. You have a far better grip on what matters in life and what you need. This means that you can use your experiences to put together a solid and realistic business plan and set yourself financial goals. Let us consider that Sam Walton founded Walmart when he was 44 and Charles Flint founded IBM at the age of 61. They did this with decades of knowledge under their belts. You have this advantage, too.
Networking in person
Social networking might be a thing, but you can’t deny the power of networking face to face. The fact is that the older generation are more likely to deal with business affairs and transactions in person than rely on social media, emails, etc. A survey found that online meetings and discussions were only 12% effective, while networking in person was 85% effective. Don’t forget as well that the longer that you have been working in your industry, the more contacts you will accumulate to help your business.
Financing your business
By the time you have reached middle age, you are more likely to have accumulated some wealth or capital that you can use to invest in your new business. You are also more likely to attract investors by demonstrating your business and life experience. This puts you at an advantage against other startups. You will be able to showcase your financial stability, your industry expertise and how competent you are in your field.
Starting a business later in life can build you up a nice little nest egg when for you do come to retire. Your experience and attitude can help your business to thrive and become successful.
