Overcoming fear and self-doubt: Starting a business over 50
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The number of women over 50 starting new businesses has increased in recent years, with Gen X leading the way, ahead of Millennials and Gen Z. There’s a good reason for that. Women over 50 are applying their experience to the world of entrepreneurship. They no longer accept the status quo, but are more interested than ever in pursuing their dreams and ambitions.
When a woman reaches her fifties, a new stage in her life begins. Perhaps it’s time for the children to grow up and start thinking about us again, so they have more free time.
But when it comes to starting a business, fear and doubt can creep in, no matter how confident you are. There’s the fear of failure, the financial risk, and the effort required to build a business. But the rewards are also there.
There are many women who started entrepreneurship later in life and conquered the world as entrepreneurs. Vera Wang and Martha Stewart are common names that come to mind when you think of women who lost their lives in business later in life. Entrepreneurship is not just for young people.
There are many great reasons to start a business later in life. One pretty big reason is economics. In my opinion, the best way to build wealth is to own a business. Another common reason is the flexibility it provides business owners. Escape the rigors of a 9-to-5 job and gain creative control over your career. If fear is keeping you from starting your business, let’s explore it.
Here are five tips to help you overcome your fear of starting a business.
1. Even if you feel scared, take action anyway.
Fear won’t go away until you take action. Don’t wait until you feel ready, prepare for the big step. Preparation is the key to success. Break down your goals into manageable steps and surround yourself with positive influences. Make it your mission to learn everything you can about business ownership. Follow business people you admire, listen to podcasts, read books, and be a sponge.
2. Reframe self-doubt
Self-doubt can be recast into something positive. When you feel fear and doubt yourself, it’s a sign that you’re stepping out of your comfort zone, and growth happens outside of your comfort zone. Impostor syndrome can happen to anyone at any stage of your business, so be sure to address any imposter syndrome that creeps up on you.
3. Building a support system
Building a business requires a community, so make sure to focus on networking and building relationships with people who want to see you succeed. Network with like-minded entrepreneurs, attend networking events, and join networking groups.
4. Start small and scale big
You don’t have to do everything right away. You can start a business as a side hustle, test the feasibility of your idea, and grow your business from there. With a high rate of business failures, it’s wise to test what’s inside first before putting all your eggs in one basket.
5. Celebrate progress over perfection.
Running a successful business takes time. There will be victories and setbacks along the way. Celebrate your wins and use setbacks as learning opportunities. Learning lessons from setbacks will move you closer to your ultimate goal of making your business financially successful.
The bottom line is that it’s never too late to pursue your dreams. If you dreamed of starting a business, this is a sign to move forward. No matter how small it is, take the first step today. You can start by brainstorming ideas, reaching out to a mentor, or simply researching business opportunities. Your future self will thank you.
