Several studies have revealed that those entrepreneurs who belong to the age group of 55 to 64 are actually more likely to succeed in business compared to their younger counterparts. This can be explained partly by the fact that older entrepreneurs are more active and serious about making their business initiatives a success.

If you have long thought about pursuing entrepreneurship as a career, doing so when you reach the age of 50 is recommended. If you think this age is too old already to start a business, you will have a change of mind after reading below the advantages of starting up a business at the age of 50.

1. You have a sense of self-awareness

At the age of 50, it is very likely that you have gotten to know yourself quite well. You will have discovered what your real talents and skills are, and in which industry you can add value. By knowing what your own weaknesses and strengths are, your mind will be clear enough to know what’s needed for your success.

2. You are aware of what you’re passionate about

One advantage of having reached the age of 50 is that you would be done looking at different choices and testing each of them out. At this age, you know what it is that inspires you to work harder and better. Making a business investment in something that’s close to your heart is an important step towards building a stable and successful business.

3. You have a huge network and great social skills

As we are currently in the digital era, networking through the internet has become a great tool for career advancement as well as entrepreneurial success. The problem that many experts see is that people of today are very likely to interact with one another is much less personal ways. They send emails instead of talk, and they chat and not talk over the phone. But fortunately for individuals in their 50's, their generation allowed them to develop great interpersonal and social skills, which they can use in dealing with their workers in the future.

4. You are accustomed to making the necessary changes

After spending several years in the workforce yourself, you will have seen all the changing of personnel within the company due to economic instability. Of course, there were certain things or decisions by your company that you didn't agree with. Now is the chance for you to apply the changes that you would have wanted to see in the workplace while you were still employed. Having this courage to take risks is an important trait that can help a person achieve all his goals, whether it is for career advancement or business success.

Author's Bio: 

Cecile Peterkin is a certified career and retirement coach, and a registered member of the Career Professionals of Canada and the International Coach Federation. She is also the Founder and Senior Career Strategist at Cosmic Coaching Centre, provider of career and life management services for middle managers and mid-career professionals across Canada, United States and Europe.