Is it too late for the people in their 50's to start own business after resignation from their employers ?

Answer 1

it's never too late

Answer 2

This is an issue of temprament, not age. Chances are if you belonged in the business owner's community, you would've known it before 50. The core of the problem is what you think is smart and what you think is risky. If you think that being an employee is smart because it is safe and secure, go get another job. If you think being an employee is risky then by all means get into a small business.

Understand that a small business is much harder work than being an employee. You don't have a job, you own the job. Also understand that there is a theoretical cap on your earnings potential. Like being an employee you are limited to the number of things that you can physically do. You can only work so many hours in a week. You can only be in one place at a time. For example, a heart surgeon is self employed, but he can't do two operations at the same time. At some point, whatever his income is, it is.

Irrespective of what you choose to do, the clock is running out on you. You need to invest your tail off so that you can produce assets that replace your income (and soon). That means you have to get crazy on your income to investment ratio unless you have a nice base set up already. Use the Kiosaki definition of an asset for this model (an asset feeds you whether you work or not and a liability eats you whether you work or not).

Good luck on the next phase of your life.

Answer 3

If you are over 50 you have the knowledge to answer this yourself.

Better to ask, what am I willing to put into a business? Is my health good enough to take on this particular business?

Better to ask what do I Know about this business and what do I need to learn out?

If you think it is too late it is. If you think it is not too late it is not.

Answer 4

People in their 50's have more to give because they have a lot of life experiences and knowledge to draw upon. They are familiar with work ethics and possible rewards. They can usually identify and avoid pit falls before they happen. They will tend to work harder to achieve their goals .

Answer 5

Not at all, its never too late..If you have a good idea for a business venture then by all means go for it. Only snag is if you require a loan from the bank to get started you may be refused because of your age.. God I hate those parasites ( Banks }

Answer 6

No,It is never too late for anything.I heard of an 85 year old woman graduating college a few years ago.

Answer 7

Not if they have a good idea and good skills. Colonel Sanders founded KFC when he was 75 years old because he had a clever way of pressure-cooking fried chicken with a good spice mix.

Answer 8

No i can;t imagine why it would be. It should actually be easier in some ways, since you shuld ahve plenty of work experience. I suppose it depends on what type of business you are looking to start.

Answer 9

no but make sure there is a market for what you want to sell...be it your labor or a product...competition is so great so it is best to have what is call a "nitch"...something no one did or sold before and market it well...the hats you will have to wear will be so many that it might be well to do it part-time and then work a min wage till you can decide what will pay you more

Answer 10

It's never too late, they might live to be 150! It's not over until it's over.

Answer 11

No. One of the great fast foods, chicken as in KFC was started after he retired.