From the ages of around 45-55, you’re in what is considered “mid-life.” You’re right in the middle of your life expectancy and for some, you’re beginning to struggle with the thought of what might have been and feel discontentment with your current circumstances or identity. Psychologists call this a “mid-life crisis,” though for some, mid-life is the first time they’ve considered the big picture and motivates them to make positive changes that fulfill their needs.
Being an entrepreneur during this period comes with many realizations and new wisdoms that make the journey of owning a business a little easier and more rewarding.
Following are three critical realizations for a mid-life entrepreneur.
3 Critical Realizations for a Mid-Life Entrepreneur
Your time is worth more than anything.
Running a business at a turning point in your life ensures you learn one thing: That your time is worth more than anything else. You may have started out believing that money mattered above all else and that slaving away in pursuit of profit was the only way to be successful, but you know better now. Your time is worth more than money because it can’t be bought, sold, returned, or saved. Once it’s spent, it’s gone for good. You know the value of your own time, and that makes you happier and more productive.
It’s never too late.
If starting and running a successful business during mid-life doesn’t show you that it’s never too late, what will? Any dream worth having is worth pursuing at any age. If you’re capable of going after a goal, why wouldn’t you do it? Being a mid-life entrepreneur has led you to the realization that it’s truly never too late to pursue a dream, passion, or goal. These pursuits are what give our lives meaning.
Emerging technologies and channels are worth learning about.
Sometimes, mid-life entrepreneurs report they have trouble adopting new technologies or channels that differ strongly from the way they’ve done business in the past. Brick and mortar storefront owners may be hesitant to start using social media or offer an eCommerce store for their customers, but being a mid-life entrepreneur in this digitally-focused day and age shows you just how important emerging technologies and channels can be to your business’ success. Failing to adopt these changes will only penalize your business unnecessarily.
The mid-life entrepreneur may possess more advantages than their younger or older peers. You pay attention to new trends and strategies while being mature enough to apply your wisdom and experience to your decision-making. And perhaps most pleasing to report: Studies have shown that people who feel driven by a sense of purpose [like entrepreneurs], regardless of age, are more likely to outlive their peers who do not feel driven by a sense of purpose.
Have you made any critical realizations as a mid-life entrepreneur? We’d love to hear from you in the comments section.