The Case for the 60+ Female Founder

December 21, 2018 by  
Filed under Featured Articles

 

The Case for the 60+ Female Founder
By Dr. Letitia Wright

When you think about startups or new companies that get funded millions of dollars you might be thinking of the founders as only one category. I have used this shorthand to describe them, and many of my female colleagues know precisely who I am talking about. We think pale, male and just old enough to drink ale. But studies show that founders over 40 are doing the heavy lifting. They are starting successful companies at higher numbers. Why? Because they are more experienced in both business and life in general. They have connections, support and that creates more opportunities.

But I want to address a section of the female founder that I think is being ignored. And make a declaration that I am looking at you. The Female Founder who is 50, 60 or 70 years old. Why bother starting a business at that age? Here is why you would or would not:
Do it: If you spent your life working a job that was good but always had a desire for your own business and knew exactly what you wanted it to be. Because of obligations, you did not pursue your own business. Now your circumstances are different. You are not taking care of an entire household, perhaps it just you or you and your significant other. Now it’s time to set aside other people’s priorities and go for yours.

Funding an experienced person is a better bet for any investor. A mature person who partners with a younger tech-savvy person has an incredible edge. If you’re a female founder over 60, it might not be time to throw in the towel. Here’s why:

Don’t do it if: Your adult family still lives with you or family members expect you to pay bills or rescue them financially when times are tough. When it’s time to choose as to how to spend your money, you will not invest in your business, you will always choose your family, and your business will suffer.

Do it if: You have a high desire to contribute to the world and make changes. That does not go away just because you are older. Other friends might be slowing down and retiring, but if you’re not, then you need to do something good with your energy.

Don’t do it if: You have no desire to do anything but retire, stay home and relax. You have done what you wanted to do, and now you want, and you don’t want to be bothered.

Do it if: You have a solution or invention that you feel will make a difference, even if you don’t feel tech savvy.

Don’t do it if: You hate the fact that kids today have cell phones and internet and it drives you crazy.

Do it if: You’re open to having a friendship- not mentorship but friendship with someone who is 20 or 30 so that you can learn from them what’s happening right now.

Do it if: You have a curious mind and are open to partnering with someone in a new business.

Don’t do it if: You don’t like 20 or 30-year-olds, think they are stupid, entitled, stinking millennials ( they’re not)

Do it if: You are open to learning more and are ok with not being the smartest person in the room.

If you’re ready to talk about your next business adventure, a special Sky day VIP day with me might be in order,

Let’s talkĀ https://wrightplacetv.as.me/SkyDay

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