Last month I was blessed to celebrate my 70th birthday with my family and friends. Of course, when one reaches a milestone such as this it is only natural to look back at things we have done over the years and chart how you got to this place in life. While looking back at the past seven decades I’ve been circling the sun, I feel quite fortunate to have had the opportunity to experience different personal, geographic and career situations.
My first career as a banker took me and my family from Terre Haute, Indiana, to Midland, Texas and then to Tulsa before winding up here in Jacksonville. At each of the places the work environments were all quite different. Some of the banks were family owned, some heavily tied to specific industries and one was a large corporate institution. Some created opportunities for personal growth and learning, and each of them also had their fair share of issues that the organizations needed to address. Some were more successful than others in addressing problems and others were not able to overcome the challenges, resulting in their ultimate demise.
When I eventually decided to enter the entrepreneurial arena, I really believed my banking background would be very helpful in starting our business. And although there were several things that carried over from my banking background, I quickly realized how much more difficult it was to write a check than to fill out an expense report. I learned signing one bad document could have devastating impacts on my family and the business. I’ve discovered that overcoming problems falls solely on my shoulders. So after almost thirty years in the dry cleaning and laundry business, I am still a long way from achieving some of the aspirations I had hoped to accomplish when we began this adventure.
One might think that being a senior citizen, I might be looking to wind up my business and move toward retiring. But quite frankly, currently retirement doesn’t sound that inviting to me. Yes, I do realize the clock continues to move forward and that there will come a day when I need to turn the reigns over to someone else, but that day has not arrived yet. And besides, there are a bunch of us old timers who had their greatest successes once their hair started turning grey.
For example, Ray Kroc, the main force behind McDonald’s growth and future dominance in the fast-food industry, was well into his 50’s when he took control of the company. When he died in 1973 McDonald’s had more than 7500 stores globally.
Colonel Harlan Sanders opened his first restaurant in Corbin, Kentucky during the Great Depression but it wasn’t until the Colonel was in his sixties that his “Kentucky Fried Chicken” franchises really took off. When he sold his company in 1964 at the age of 74, there were over 600 outlets under the KFC umbrella. And even after that he continued to be associated with the firm as its main ambassador and spokesperson.
Gladys Burrill was an adventurer who, after surviving polio as a child, went on to become a well-known pilot, hiker and mountain climber starting in her 40’s. At the age of 86 she ran her first marathon and holds the world’s record for being the oldest woman to complete a marathon at 96 years old.
Vera Wang grew up wanting to become a figure skater but because of an injury she was forced to make other plans. She tried becoming a journalist but had little success. It wasn’t until she opened her first bridal boutique at age 40 her life began to change. The Vera Wang brand is now recognized internationally with locations in New York, London, Tokyo and more.
All these folks worked hard to achieve success, but it didn’t come to them until later in life. As adventurers, businesspeople or entrepreneurs, their dreams didn’t end at a certain age. They each had a burning desire to accomplish their goals and continue to find a way to make their successes become a reality.
But is it more difficult to achieve entrepreneurial success as an older person than someone who is much younger? Well, based upon my personal experience I would think that younger folks may have certain advantages. They certainly have more energy than those of us in our advanced years, but based on my own life events, they may not have the focus that many of us who are older have. Family needs, including raising children and building a household are life moments we have already experienced. Questions such as how to pay for our children’s education, purchase a home and cars are things most of us above 50 years old have, for the most part, put in our rear-view mirror.
Research published by Ellen Kocher, a professional coach and consultant, indicates age has a positive influence on entrepreneurial success. Her research revealed that entrepreneurs in their 50’s succeed at rates very similar to those in their 20’s. She also states a 50-year-old proprietor is nearly twice as likely to open an extremely successful company than a 30-year-old. Her research also revealed that nearly 60% of entrepreneurs were older than 50, and almost a quarter were over 60. Even more surprising was that the effect of age was proven to be more positive for female entrepreneurs.
There are several factors Ms. Kocher sites for the increasing number of senior entrepreneurs. Among these are:
The Feel Good Factor: Being one’s own boss provides the chance for people to take care of themselves. As we age, people no longer take their health for granted like they did when they were younger. Furthermore, older people tend to be more focused on physical and financial well-being.
Affordability: Folks over 50 usually have more financial capacity than younger generations. This allows for older entrepreneurs to take more risks but be more confident in doing so.
Emotional Stability: Research consistently demonstrates age is directly related to more professional efficacy and less burnout. The result is older people are typically more positive and stable emotionally. This means seniors are more adaptable and recover better from work demands than their younger counterparts.
Intellectually Savvier: Top entrepreneurs often draw upon experiences they had earlier in life. They have had the opportunity to develop connections, wisdom, skills and expertise not yet realized by those born later.
Spiritually aligned: By the time we turn 50, life events have usually triggered an understanding of what really matters. This creates a balance in one’s priorities and with fewer years ahead, the present takes focus with no time to lose. Self and purpose align to create positive forces that help one face life challenges with resilience and hope.
And when combined with an aging workforce in general, these factors mean more of us are continuing to work and run businesses much later in life. A trend which is not expected to change anytime soon.
So here I am, seventy years old and still looking forward to the future. With my AARP card in my wallet, I will continue to manage and run my business to the best of my abilities. There are still things I want and need to accomplish. Besides that, my golf game stinks, so I might as well keep plugging forward.
Steve Thompson is the owner and operator of Sand Dollar Cleaners in Jacksonville, Florida. He has been in the dry cleaning business for almost 30 years, starting with a dry cleaning pick up and delivery service and developing it into the full service dry cleaning operation it is today. He was previously in the banking industry, working with organizations in Indiana, Texas, Oklahoma and Florida. While in the banking industry he earned designations as a Certified Public Accountant, Chartered Bank Auditor and a Certified Internal Auditor. Steve has previously written articles and developed training programs for accounting and internal audit organizations. He is a graduate of Indiana State University with a degree in accounting.
