Podcast Episode #124: Why Women Over 40 are Great Entrepreneurs!
Yes, you heard that correctly!! Women 40+ make amazing entrepreneurs! This podcast always highlights specific women who have created incredible businesses- that evolved out of something they loved and enjoyed so I’m not surprised, but I think we need to talk about this- because it isn’t talked about much and most people would be surprised to hear.
Today, we’re going to talk about why women over 40 if they haven’t already started a business, need to get serious about creating one and WHY so many women over 40- and even over 50, are so successful at creating businesses.
Hi everyone and welcome to the extraordinary women magazine podcast.
I’m Sharri Harmel, editor in chief of the extraordinary women magazine as well as your host for
this podcast.
The Extraordinary Women Magazine is the only international digital and print magazine AND
podcast, with the mission to help women like you design, create and live a fabulous next
chapter.
So let’s dive in- and address the question- why are women over 40 such good entrepreneurs?
1. We have a clear idea of what we love and what bores us to tears.
When we reach a certain age-we no longer care about what is cool, popular, suggested
or even what makes the most sense. By the time we reach the midlife stage, we’ve all
had enough experiences that we know what we love, we know what makes us happy,
and what we could possibly see ourselves doing for a good while.
I loved the world of money and investing from the time I was young but I also loved
writing, and I’ve kept a journal since I was probably about 12 years old. I was a good
writer in high school, and always loved stories of people’s lives. The great reporter, Nina
Tottenberg calls reporting “high level gossip” and I think she’s right. So, reporting didn’t
sound like a real career to any influential persons in my life.
Plus, I was surrounded by incredible friends and my high school boyfriend who were all
math and science whizzes. Me? Not so much. Above average but not a star. And yet, I
began college pre-med. After I realized I wasn’t good at any of the foundation courses,
and even more important, hated it, I quickly shifted to business, which was almost as
respectable.
I loved finance and began my career in the trust department of a big bank and then
pivoted and became a stockbroker.
But my love of stories continued. Even as a stockbroker, I was fascinated by the
company stories, not how the stock price would go up and down. When my daughter’s
health and learning issues required lots of specialists, I left the financial industry. It took
me a while to figure out what was next for me and until I fell into coaching. I loved
coaching because I got to step into the challenges my clients were facing and help them.
That evolved into specifically career coaching, which was wonderful but after many
years, I wanted more.
Hence the Extraordinary Women Magazine and this podcast were born. Both have given
me the platform to now do what I love doing best, which is hearing people’s stories and
imagining all those possibilities.
So, my first two takeaways why women over 40 make great entrepreneurs- we’re willing
to try out multiple directions, comfortable pivoting, and know what are our true natural
loves.
2. Our experiences are invaluable as we grow a business and we know how to multi-task.
By age 40 we’ve had a LOT of experiences…
we’ve managed relationships with partners- good and not so good. We might have had
relationships that were difficult and some that even sadly ended. We’re balanced
competing relationships- raising children, being in a marriage and having a career.
If you’re over 50, your kids are now most likely adults, which has given you a broad
perspective of how to support, holding firm when it’s hard, and letting go when you
can’t control something.
All, incredibly valuable when starting and running a business.
Birthing and growing a business is like raising a child. When you start a business, you’ll
have to go through all the steps and phases of raising that business, and grow that
business – not all days are easy, not all fun, but at the core, it is something or someone
that makes your heart sing.
You’ve also probably had many different jobs…and learned what you’re really good at
and what you most enjoy doing.
For example, I’m a horrible detail person but I didn’t know that as a young woman.
Those math and science professions all require an attention to detail. And even today, I
have structures in place to keep track of my business expenses, but I hate every minute I
spend on keeping my excel doc on track.
Another example, I know I love talking to people on this podcast but I’m not good about
being disciplined enough to send out invites and manage my podcast guest
communication…once I hired a podcast manager, I welcomed guests. Making the
decision to hire that person, allows me to stick to what I love and am best at doing.
So remember, your past experiences will help you to figure out not only what your
business will be but also who you are going to possibly have to hire so you can focus in
on what you enjoy and what you are truly good at.
3. We are in charge of our money.
By midlife, most women manage their own money or are a strong partner in money
decisions.
Typically, by midlife we’ve got some disposable income and are in charge to make
decisions where that money is spent. Therefore, you are in charge of what financial risks
you are willing to take on. You aren’t putting where you live and whether or not you eat
at risk.
Now, some businesses require a good amount to start – especially brick and mortar
businesses and others like blogs do not require much. That said, you are in charge of
deciding what businesses you start and how much of a financial commitment you
continue to make to your businesses as time goes on and what kind of return on
investment is acceptable to you.
4. We finally have the time to focus in on growing a business.
Midlife is fun. Suddenly we have the time to actually do the things we want to do.
Whether it is renovating our homes, learning new things, traveling to places we’ve
always dreamed of going…in my case that was when I purchased my Paris apartment,
we have the time and freedom to explore new ways to spend your time.
This disposable amount of time is now yours to invest wherever you want and for many
of you, it’s to start a business. Starting and running a business takes time. Even if you
want to start a side hustle, side gig, whatever you call it…it takes time, and beginning in
midlife, most women have that time.
You might have to take a course or two to learn things you need to know. You might
want to join a mastermind group to be a sounding board for your ideas.
When we were young, we never had time for any of this. We often struggled to have the
time to take care of kids, work on the career, and maintain relationships especially the
one with ourselves.
In midlife, that all changes. You’ll drive your kids nuts if you try to be in the center of
their relationships, you probably have a clear view of the career path in front of you if
you are in a corporate job, and as for a partner relationship, you’re working through the
next steps.
You NOW have the time to dream, imagine, even plan….and move forward to start that
business or grow the business.
5. We have built up a strong network of people.
People and community are everything especially for a successful entrepreneur.
As a woman over 40, you’ve invested a lot of your time up to this point, making
relationships, building relationships, keeping connected with people.
Make a list! You’ll be amazed!! All that experience helps you to better understand
people, see any red flags so that you surround yourself with good people.
You also know how to figure out what people are really good at, and that is important as
you build your team.
In conclusion, why are women like you destined to be great entrepreneurs?
You have the money and time to focus in on what you want to create.
You know yourself- so you know what you are good at, and what you truly like.
You’ve mastered multi-tasking and comfortable with pivoting.
And you know people. People do make the world go round- and you need people to
grow your business.
Ladies, the Extraordinary Women Podcast AND Magazine are all
about supporting you.
We are a new generation of women who are not going to
quietly fade into our next chapters, but instead design a
fabulous one. Inside the EW magazine there are articles on
creating and growing side hustles, but also travel, style,
relationships as well as the all-important self-care.
A subscription to the Extraordinary Women Magazine is free so
don’t hesitate, don’t procrastinate…subscribe now.
Thank you for joining us today….and look forward to our next
Extraordinary Women Podcast. Have a great week and I look forward to seeing you soon!
À bientôt.
Extraordinary Women magazine is the “must-have” digital magazine for women looking for inspiration, tips, and support to create a fabulous business, or just the next chapter. In a nutshell, for women who are ready to make their dreams happen.
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