Research shows that women entrepreneurs over the age of 50 are the fastest-growing demographic globally.
As a mature Women of Color, I have struggled with questions such as "Is it too late for me?" Did I miss my chance, or am I too old to start a business? Do I have what it takes to be successful? Do I have enough time to accomplish my dreams? (#dreams)
Most recently, when I started my third business, "yes third business," I suffered from "death anxiety!" Researcher Anne-Laure Le Cunff defines death anxiety as the fear of running out of time. Does the sound familiar? I would continuously ask myself the previous questions over and over. Then I came across a book by Kerry Hannon, "Never Too Old To Get Rich." In her book, Hannon shares inspirational stories of mature individuals who started their business later in life. Now, they run thriving and successful companies. Oh, boy, what a great read! This book is a gem; it is so informative and filled with incredible resources. In the words of my grandmother, Hannon (#Kerryhannon) put her foot into that book!
So, ask me again. Ask me again! Is it too late for women over 50, more especially women of color over 50? I say to you a resounding "NO," it's never too late.
In her book, Hannon states that "3.2 million women entrepreneurs were over 55 in 2012. (#womenover50) And women over 65 saw the highest growth of the number of firms in any group for men and women – 42%."
Author Rieva Lesonsky, "The State of Women Entrepreneurs," says "that over five years, there's been a lot of growth in the number of women who are operating side gigs or hustles. The Amex reports call these women "sidepreneurs" and says they've grown at a rate that is nearly twice as fast as the overall growth in female entrepreneurship: 39% compared to 21%, respectively."
Lesonsky further states, that "much of that growth comes from minority women, where sidepreneurship is two times higher than all businesses: 65% compared to 32%, respectively. In fact, while the number of women-owned businesses (#womenownedbusiness) grew 21% from 2014 to 2019, firms owned by women of color grew 43%, and African American women-owned firms grew even faster at 50%." #solopreneurship, #sidpreneurship, #ladyboss,