Entrepreneurship and Seniority | AU Small Finance Bank
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Entrepreneurship and Seniority: A Match Made in Heaven

    Think about it – entrepreneurship and seniority are the greatest combination. You have the stability, the time and the experience – to keep your mojo going late into your golden years.
     
    Starting a business after retirement is a growing trend today. As per studies, rates of entrepreneurship in the 60–70 year age bracket have been climbing in recent decades. If you have an outgoing personality and enjoy learning and making good use of all the experience you have amassed over the years, entrepreneurship is a good idea.
     
    So, if you’ve ever thought of starting a new business post-retirement, here’s your sign, along with a few tips to get started.
     
    • Define and understand your goals

    Before you start your entrepreneurship journey, take some time to first evaluate your business idea. The very first step of the process is to consider the following questions:
    • Does your business idea have the scope to take off?
    • Are you passionate about your business idea to flex all your industry experience for it?
    • Are you resilient enough to not give up when your business is facing hard days?
    • Are you willing to take chances on people?
    If you have a positive answer to these questions, go ahead and start with the next steps.
     
    • Use the internet to do your ground research

    Before starting your business, you need to explore the market carefully. It will not only help you understand the business world, but will also help you in future phases, like advertising and sales. Research to know how huge the market is and if there is space for you to add your offering to it. Check if your offering is already in the market. If you have a competitor, make sure your product is unique enough to stand its ground.
     
    • Tap your business and networking experience

    Starting a business venture later in life means you now have decades of life-experience to reference and use. So, use your accumulated expertise to showcase your industry experience, financial stability, business model effectiveness and overall competency. However, success doesn’t come just from hard work and talent - it’s also contingent upon whom you know. Thus, as an entrepreneur, you should continually explore contacts in your field. The people you have met over the years can probably help you network with other potential sources of expertise or capital you probably didn’t know existed.
     
    • Partner up with the right stock

    Tap into your professional network, both past and present, to find someone with knowledge that’s valuable to start your business with. Choosing a business partner that you have already worked with can give you a huge advantage over picking a partner you haven’t worked with yet. You can also partner with your friends, siblings, or even young people you know - whose personality and skillsets while different, can complement your own. This will enable you to see the market from a young or new pair of eyes. After all, this is the nation of the world’s youngest consumers.
     
    • Reconfirm your financial fitness

    Starting your business full-time without the right financial footing can leave you with regrets. Hence, check if you are financially ready. If you have enough funds in hand, bootstrapping or self-funding your start-up business is one of the best options – since it will have fewer formalities and compliances. Moreover, since you are using your own money, you are more tied to the business emotionally and financially. However, this option is feasible only if the initial funding for the start-up is small and reasonably priced.
     
    Get help from family and friends if needed. You can also visit local banks for business loans. These days, many financial institutions are also offering various startup funding programs. Get in touch with such firms for help.
     
    • Attend a Business Course or Industry-Related Training

    Finally, if you wish to learn how to run a business, or if you want to further your knowledge about the industry and sharpen your skills as an entrepreneur, attend relevant business courses offline or online. These will brush up your skills and help you reacquaint yourself with your industry.
     
    The passion for independence and risk-taking should not dull with age. After all, who said you need to be young to start your own business? Indeed, age is just a number. And, as India matures into a superpower, the opportunities in niche areas are immense. If you have experience, passion and a specific aptitude that’s close to your heart, there’s no better time to put it to good use.