I turned 60 recently and, naturally, old friends and new got in touch to congratulate me and wish me well for the future. On speaking with several of the friends and close associates that I first met in my youth, I couldn’t help but notice how differently we felt about life, at this age. While I find myself still engaged with ideas about what I would like to accomplish over the next 8 to 10 years, many of those I spoke with had settled into fairly low aspirations. Is this because I am so different to them as a person? To be honest, I don’t believe this to be the case. I was just lucky enough to be bitten by the entrepreneurship bug!
You see, it is not just your personality that dictates the journey you take in life. On the contrary, I truly believe that although we each have a unique spark in us, often the path you take ends up moulding us even more than any innate ability or personal disposition. As an entrepreneur, who has had to build enterprises from the ground up, I recall the thrill of discovering how much good I could do – and for how many – by simply working hard on my own dreams and projects. There is an immense satisfaction in being able to see what one creates take on a momentum of its own, and become a vehicle for the creativity and hard work of several others around you.
Over the past decade, the term ‘entrepreneurship’ has developed age-restricted connotations, linking it with millennials and younger generations. The reason, according to me, is a wave of youthful founders of high profile ventures, such as Twitter and Facebook, which have achieved monumental success in a short span. However, contrary to the widely held belief, entrepreneurship comes with no age limit. For instance, I recently came across an article about the origins of IBM and it turns out that the company’s founder was in his early sixties, when he launched the business that went on to become one of the world’s largest tech companies.
According to a 2018 study conducted by MIT professors and the US Census Bureau, the average age of entrepreneurs when they started their company was 42. A 50-year-old entrepreneur is twice as likely to start a successful company as a 30 year old, the researchers ruled. If they start so late, then when do they retire? The short answer is: most don’t.
Demystifying entrepreneurship
Firstly, we must understand that over two-thirds of businesses fail within 10 years of their launch, but most entrepreneurs have an incessant urge to learn from past mistakes and keep getting better. This cycle can be addictive. Once they attain a degree of success, such individuals diversify their investment portfolio, in line with the age-old adage of not keeping all their eggs in one basket. Such entrepreneurial zeal becomes chronic with time and leaves many old timers active as vibrant entrepreneurs, well past an age where the salaried classes have long ended their careers.
Every industry is rife with examples of people who retired only to make a quick return with a new venture. One age-defying entrepreneurial example that I would like to quote is the story of Radha Daga from Chennai. Daga had a successful career in the garment export business, before she went on to set up a successful ready-to-eat food business at the age of 69. Today, at 78 years of age, Daga continues to run her enterprise, showing no signs of slowing down, or stopping anytime soon.
Daga’s story, I believe, attests to the fact that experience has no substitute. In the same vein, several serial entrepreneurs have amassed enough wealth to sustain for generations, but they continue to be open to new ventures, whenever an innovative idea pops up or an opportunity knocks on the door. An added benefit is that the upside of such an entrepreneurial temperament extends beyond business bottom lines. Simply put, the desire to create a legacy is a powerful motivation and many entrepreneurs remain much more energetic and socially engaged, compared to others their age, who have retired from active work. Speaking for myself, I recently turned 60 and can see myself being professionally active for some more years to come, in contrast to some friends from my youth, who are already complaining that their retirement is turning out to be a boring experience.
Old habits and higher purposes
As often as not, successful entrepreneurs explore tax-efficient investment opportunities that offer new avenues to extend their footprint. For many others, it is a lifestyle choice, which allows them to continue rubbing shoulders with fellow entrepreneurs and be active in business circles. Even the emotional connection with their ventures could make it hard to call it a day. In such cases, entrepreneurs prefer hands-on involvement in their enterprise, for as long as their health permits. Even in the event of increasing physical limitations, from what I have witnessed, many would like to hang around in reduced capacities to help nurture the next generation. Such entrepreneurs often possess a legacy-driven mindset and a conviction to chase a greater purpose.
Some might see this as an egotistical view, I don’t. In every venture that I have been blessed to achieve some degree of success, I have witnessed the positive effects on others. This could be reflected in providing a service or good to clients to address an unmet need, career opportunities to colleagues, or simply the ability to make a difference through CSR initiatives. To me, the concept of ‘legacy’ is all about realizing one’s good fortune and privileged position in life, and use it to create the most positive outcomes possible.
In a way, you can compare it to skydiving: a first-timer could be overwhelmed by anxiety and skepticism, as the stakes are high. At that moment, a reassurance from a veteran with a dozen or two dives under their belt is highly desirable. The same can be said about entrepreneurship.
In today’s dog-eat-dog ecosystem, entrepreneurs are accustomed to having their hands full, so much so that the thought of retirement doesn’t come into their minds. This may explain the growth in the number of older entrepreneurs over the past couple of decades. In fact, I believe these numbers will only soar in time, as increased digitization unearths new opportunities and possibilities to explore business ventures. Entrepreneurs tend to view work not as an enabler of income and monetary value, but as life itself. Naturally, for such a mindset, to quit work and retire is to undermine purpose, which is not an option for the entrepreneurial mind.
