Seniors mean business, beat the post-retirement blues

Gargi Banerjee            

An increasing number of retirees discover that age is not a stumbling block but a distinct advantage to starting their own ventures. Here’s the silver lining

Ever since Facebook founder Mark Zuckerberg was tagged as an ‘accidental billionaire’, entrepreneurship has come to connote a younger breed. It seems 20-somethings, energetic, enthusiastic and risk-takers, are preferred entrepreneur material. But that’s just a fallacy. The digital and communications revolution, which has changed and simplified the way we do business and has altered our notions about work, is encouraging a growing number of senior citizens in India to launch their own ventures post-retirement.

Some experts even believe that aspiring seniors have a definite edge over the young and restless, coming as they do with maturity, invaluable experience and skills that the young generation has to acquire the hard way. So if you’re on the cusp of taking that all-important leap of faith, here’s why you should not let apprehensions get in the way.

The Case For Silvers

Statistics in the United States , considered a hotbed of entrepreneurs, are testament to the fact that seniors are a perfect entrepreneurial fit. In mid-2012, a non-profit organisation called the Ewing Marion Kauffman Foundation published a study called ‘The Coming Entrepreneurship Boom’. Surprisingly, it found that the rate at which Americans aged between 50 and 60 were launching new ventures was much higher than for their younger counterparts. Most of these seniors had been fired from mid-level management jobs during the 2008-09 recession and found opportunities in adversity.

Taking note of this new trend, the US Small Business Association in May 2012 began offering webinars and other useful online resources aimed at aspiring entrepreneurs post the age of 50.

Unfortunately, there are no such incentives in India but that has not discouraged silvers like Chennai-based P Mukundan, who at the age of 70, is the envy of many less than half his age. Mukundan is the founder and Managing Director of Servals Automation Pvt Ltd, a private company that calls itself a ‘for-profit’ social enterprise. With more than four decades’ experience in the grassroots energy domain, Mukundan turned social entrepreneur at the age of 62. His company, which manufactures fuel-efficient burners and stoves powered by non-edible plant oils, dry grass, husks and twigs, even caught the attention of a Mumbai-based venture capitalist, which now owns a 49-per cent stake in Servals.

“Twilight years? There’s no such thing,” laughs Mukundan. “Older entrepreneurs have a world of valuable experience that can inspire young entrepreneurs. In fact, my journey as a social entrepreneur has just begun because, in the years ahead, Servals will thrive on the merits of products and services that are truly people-oriented.”

Age Is Just A Myth

For every bright idea out there, there will always be naysayers, who will argue that health concerns and risk of failure make entrepreneurship post-50 a definite no-no. “Being terrified by your age is the worst thing you can do to yourself,” counters an emphatic Mukundan, who reels off a long list of positives that seniors have on their side.

Focus On The Positives

Contacts: Seniors will likely have a contacts base that often take a young entrepreneur years to develop. This data base and networking skills can be leveraged to give your new venture an initial push.

Navigation: Having worked in the corporate sector or any other industry, silvers are likely to be familiar with the labyrinth of regulations one must comply with to build a successful business. Call it what you may, but nothing is handier than experience and the patience a more mature individual is likely to have.

Domain Knowledge: Market research pales in comparison with hands-on experience and domain knowledge. Seniors can turn the ‘been-there, done-that’ cliché on its head and milk it for all its worth because there’s nothing more valuable than an on-ground perspective of the field you plan to enter.

Skill Set: Already a seasoned hand in their chosen industry, older entrepreneurs know exactly what they’re capable of and can play to their strengths. This minimises the risks of a new venture.

Stay In Sync With The Times

Unlearning: As valuable as experience is, ironically, the biggest challenge for senior entrepreneurs is unlearning habits that can hold them back. “What held true a decade ago may no longer be relevant now, so accept it and be open to change,” Mukundan says.

Leveraging Technology: Another typical challenge for older people is the use of technology. “Older entrepreneurs lose out on opportunities because they are unaware of the power of the Internet and may not be inclined to use it,” he points out. “Keep pace with technology and if you’re really not comfortable using it, don’t be overwhelmed by it. Hire good hands who will help you. Leveraging technology is an absolute must for any entrepreneur, young or not, says Mukundan.

Have A Succession Plan In Place

This is probably the only real difference between a 20- or 30-something entrepreneur and a seasoned silver. You might want to draw up a succession plan to take your legacy forward. Words of wisdom: “Don’t be daunted by your age, but be practical.”

Chalking out a plan for the future also instils confidence in your investors and customers, who may be more willing to do business with you. Use your experience to pick out and train the right employees to run your venture like a well-oiled machine. “But do it in good spirit and with the right attitude!” says the feisty Mukundan, who recently gave instructions for a forthcoming investor meet from a hospital bed!

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