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Start-up Advice

The Unique Challenges Of Senior Entrepreneurship

Being an entrepreneur at any age comes with risks and payoffs.




Being an entrepreneur at any age comes with risks and payoffs. In today’s worldwide retirement crisis, it makes complete sense that seniors are showing real entrepreneurial spirit by setting up businesses.

However, do seniors experience unique challenges in this regard?

In this day and age, the rules have changed. The retirement age needs to disappear into extinction – in other words, go the way of the Dodo bird. Research shows that throughout the ages, you worked until you died, or until you couldn’t work any more. In 13BC Augustus paid Legionnaires a pension.

In 16AD Britain did same for their military officers. In 1684, the first civilian public servant got pensioned. The popular theory is that the Retirement concept originated in 1881, the brainchild of Chancellor Otto van Bismarck in Germany.

He introduced a well-orchestrated social insurance called the Reichstag social pension to assist the finances of nonworking older Germans. Initially 70 was the magic number chosen by Bismarck as the retirement age. This was changed to 65 sometime after Bismarck died.

Related: An Entrepreneurial Mindset – Why And How To Develop One

Today, 65 is the new-55. 65-year olds have a zest for life, plenty of stamina plus in many cases the inclination and the necessity to work. So it’s a hard call having your retirement age dictated to you.

In this country especially, 94% of South Africans need to augment their meagre pensions, particularly as one has to contend with an exorbitant cost of living that rises on what seems like a daily basis. And don’t forget that this is the time of life that many people can have the opportunity to embark on their second careers by fuelling their passion, work on their own terms, set their own schedule and/or use their skills for the greater good.

Regrettably, South African research is thin. However, American research and specifically the Kaufmann Foundation’s annual index of Entrepreneurial Activity demonstrates that the number of older American entrepreneurs is exploding. In the UK, research shows that 332,000 Britons aged 65+ started their own business in the last 12 months. There is no reason to think that the trend should be any different in this country.

Seniors worldwide are showing real entrepreneurial spirit by setting up businesses despite the failure of banks to lend them funds.

Is it foolhardy to start a business when you are a senior?

Research shows that people who are in the age bracket 55 to 64 have a higher rate of entrepreneurial success than those aged 20 to 35. 86 year old American, Bill Zinke puts this into a nutshell: “I believe that entrepreneurship is a particularly good fit for the older generation who have oodles of experience, knowledge, and skills. Which is why older people who create new businesses have a better rate of success in comparison to the younger generation”.

Senior entrepreneurs will go through the same challenges as their younger counterparts, but there are some unique challenges as well. And so, if you are a senior entrepreneurial wannabe, here are hints and tips to consider before you embark on what could be the journey of a lifetime.

Do you have a good business plan?


Does your idea solve a problem? No idea is too odd to find success. Is there a need for your product or service? Research your idea thoroughly and look at your competitors to see how they are doing. A good business plan will assist you in mapping out how to start and run your business successfully.

Building a business which is fuelled by your passion is a necessity – without it, you may battle to get through the highs and lows and this could affect your business overall.

Related: Free Business Plan Template Download

Evaluate your skills

If you need to beef up your business acumen – do it! It is critical to have the necessary skills in order to run your business? It’s all very well having the passion, and you can turn passion into profit, but you need the capability too.

If you don’t have the skills, another option is to outsource certain areas if you can afford it, or bring in talent to assist with the tasks you are not able to do.

How will you finance your start-up?

Number one rule – don’t gamble with your nest egg. Start with minimal investment. Consider how you will get funding or attract investors. If you can’t afford it, don’t invest money in a business and most importantly, use business revenue to grow your business – not your retirement savings. Understand the financial risks when undertaking to start a new business in retirement.

Learn to love technology

Don’t be challenged by technology – it’s easy (and addictive!) once you know how! Your mobile device could be your new pocket office! You will need to get on top of social media, online commerce, website management and other technical skills.

There are so many places out there that offer local courses or better still, get a grandson/granddaughter to teach you. Social media is most effective when it comes to word-of-mouth marketing.

Beef up your business acumen online through podcasts, webinars, e-books and YouTube videos. It actually starts becoming fun!

Use freelancers initially

While you are growing your business, consider looking for talented, independent contractors who can assist you with short- or long-term projects – a great way to assist you in managing costs in the beginning.

Related: From Freelancers to Entrepreneurs: How Christine and Warren Bernard Made the Jump

Use your network and connections


You probably know a lot of people, having been in the world of work for quite some time. Ask your connections in your network to assist you by giving you immediate access to potential customers – this will help you in the first instance to get your business off the ground.

Look after your assets

Protect your personal assets at all costs. Structure your business in such a way, that if you go down the road of failure, this does not impact on your precious retirement savings.

Don’t spend unnecessarily

Be frugal. The biggest and the best is completely unnecessary when it comes to office equipment, cell phones, websites or office space. Tune your mindset in to start small and grow with the business.

Time management

You thought you had the most challenging job of all in corporate?! Think again – running a business as a senior entrepreneur will very likely be the most challenging job of your life and it is probable you will need to commit to working harder than ever.

Align your business goals with your retirement lifestyle and ensure that this is something you want to do and you have the time to do it.

It is vital to construct a balanced approach to your life and time in retirement. If you battle with this, employing a business coach could go a long way in assisting you realise your goals.

Related: Why Time Management is Just a Waste of Time

Do you have the physical stamina to start a business?

Check out your health thoroughly before you embark on starting a new venture. Ensure you are in good shape to keep up with the demands of a new business especially during the start-up period. Do not let stress further impact your health.

In conclusion:

Starting and running a business in retirement is not for the feint-hearted. It’s a long, tough road and needs dedication, time, energy, patience, practice and money to succeed. It can take 1000 days or 3-5 years for a new business to become profitable. Senior entrepreneurs should start small, dream big and be willing to charter unknown territories. Stay young at heart, take on the daily challenges and be open to new ideas. Be a risk taker!

You will find that running a successful business is one of the most rewarding things you can do – physically, mentally and financially. Loving your work is key! Find something you would love to do, and don’t allow fear to stop you from achieving this dream, no matter your age. Viva Senior Entrepreneurs!


Marilyn Hallett is the Director of You’ve Earned It. You’ve Earned It is a niche website serving the fastest-growing demographic in South Africa - the over-60s – South African baby boomers, seniors, pensioners and retirees. With a major focus on savings, benefits and discounts to this age group, YEI has become an invaluable resource for seniors in this country

Start-up Advice

How To Apply Lean Principles To Your Start-up’s Productivity And Time Management

Focusing on one thing at a time is a very good start.

John Rampton




If you’ve recently launched a start-up, I’m sure that you’ve heard a lot about being “lean.” But I’m not here to discuss the methodology popularised by the likes of Eric Ries.

The lean principles from a Toyota exec

I’m actually writing about the term and concept of “lean” that was originally developed by Toyota executive Taiichi Ohno during the reconstruction period in Japan following World War II. The process was so successful that more and more organisations around the world began to embrace it. However, it didn’t hit the mainstream until James P. Womack and Daniel T. Jones released their book Lean Thinking, in 1996.

Applying “lean” to productivity in start-ups

Today, lean principles have been applied to almost every industry both large and small scale. For instance, lean principles in the healthcare industry have been able to reduce costs, while improving efficiency. On a smaller scale, employees have used these principles to organise their workspaces.

Related: What Business Should You Start In Africa?

Here are four ways you can apply lean concepts to your startup to improve both productivity and quality.

1. Improve your workplace using the five principles of lean

According to the Lean Institute, which was established by Womack and Jones in 1997, there are five core principles of lean:

Value: Value means putting yourself in your customer’s shoes and knowing what their needs are. This helps you determine timelines, pricing and expectations instead of constant trial and error. For your team, letting them know how they fit into the bigger picture can keep them motivated.

Value stream: Value stream is where you create a “value stream” of all the steps and processes required in getting the final product or service to your customers. This could include design, production, delivery, HR and customer service. Knowing this information allows you to eliminate any wasteful steps.

Flow: After you’ve removed any unnecessary waste from the value stream, you want to make sure that everything runs smoothly. Flow means not having any interruptions or delays. The flow involves breaking down steps, leveling out workloads, creating cross-functional departments and training your team so they can develop multiple skills.

Pull: When flow improves, so does the time it takes to get your goods or services to customers. As a result, they can “pull” whenever needed so you’re not constantly under- or overproducing inventory, content, etc.

Perfection: Even after successfully completing the first steps, you still need to constantly keep working to improve processes so that you can eliminate waste. Perfection may be an exalted goal in whatever endeavour we are pursuing – but we still must always be moving forward toward being the best and achieving the best.

2. Use the concept of 5S to get yourself organised

5S stands for sort, set in order, shine, standardise and sustain. You can use this concept to organise your workspace so you and your team are more productive by doing the following:

  • Remove any items that you no longer need (sort)
  • Organise your remaining items so you’re more efficient (straighten)
  • Keep your workspace clean and tidy so you can find items and identify problems more quickly (shine)
  • Color-code and label files and calendars to make you more consistent (standardise)
  • Develop repeatable behaviours and habits that will keep your workplace clean and organised, such as completing one task before moving onto the next (sustain).

You and your team – even if they’re virtual employees working from a home office – can get started by throwing away anything unneeded. Place files into cabinets – colour-code your calendars – and keep items you frequently use nearby.

But these principles aren’t just limited to physical items. Digitally, you can use a project management system to assign tasks, quickly see the progress of projects and share files and comments in one organised dashboard.

3. Standardise your work to become more efficient

In manufacturing, there’s a standard process for everything. The reason? By doing something the same way time and time again you will eliminate waste since you’re not constantly trying out new techniques. Standardising also prevents errors and forgetfulness because there’s a checklist for ever step of the journey. For example, when a car is on the assembly line, it can’t move forward if someone forgot a bolt or installed a faulty steering wheel.

4. Standardise what makes sense

Start by keeping a time log to see when you’re most productive and how you’re spending your time. You may notice that you’re most productive in the mornings. If so, that’s when you should work on your most important task.

If you discover that you’re checking your email and social accounts too often, schedule specific times throughout the day to check them. To prevent wasteful meetings, you can standardise meetings. Make sure these meetings are necessary and include only key people pertinent to the information. Keep all meetings as short and concise as possible.

Get into a good flow to optimise your and your team’s performance

Flow is simply how work can progress through a system. When your system is running smoothly, flow is good. When flow hits a snag, it slows down the process and waste occurs.

Manufacturing facilities make it a point to ensure that the flow is good. Unless it’s an emergency, production lines rarely stop running. Everyone has a specific job to do, and that’s all they’re focused on. That’s not the case at your start-up. You must wear multiple hats, as well as deal with constant interruptions. How many times have you been in “the zone” and gotten distracted by a phone call or have no choice but to go put out a fire?

Remember focus

One way you can improve flow in your start-up is by focusing on one thing at a time. That means no more multitasking. Give your 100 percent focus to what you’re working on at the moment and then move on to your next task. This may take some self-discipline. But you can start by turning off all push notifications, closing your door, block scheduling and setting boundaries.

You can also help your team improve their flow by setting “do not disturb” zones and time frames. Another tip is to schedule a “no meeting” day. This way you and your team can maintain focus without getting interrupted by a meeting.

Finally, you may want to consider outsourcing and delegating certain tasks. Instead of worrying about your inbox all day, hire a virtual assistant to manage your email. If you need to get your books in order, then bring in a bookkeeper. This frees you up to work solely on growing your startup.

This article was originally posted here on

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Start-up Advice

Which eCommerce Platform Should You Build Your Store On?

This is an important decision to make and with so many options out there it can become a bit overwhelming and confusing to decide which platform is the best option for you. So which platforms are best suited for a South African eCommerce entrepreneur?

Warrick Kernes




Having owned and run websites using XCart, Magento, Shopify and WordPress, I’ve made enough mistakes and learnt enough lessons along the way to be able to help guide you to make the right decision about which platform is right for you…

When looking for options you’ll come across platforms like Prestashop, WordPress, WIX, Shopify, Squarespace, OpenCart, Magento, Shopstar, OneCart, ShopOn, LiquidBox, BigCommerce and endless more. All of which are trying to convince you that their platform is the best for you to use.

Reading international blogger reviews is helpful but they don’t account for how these website platforms perform in South Africa. They don’t review what the support is like in SA and which local software services are compatible. You see, these points are often neglected until you need them further down the line and only then find out how important it is that the platform you’re running your store on is made to work in SA.

Having worked with all the major website platforms I understand the importance of website support and how the site integrates with the local services which will make your life easier and your website better. Services like this include integrations into Rand (ZAR)  based payment gateways, integrations into local courier services, API connections into marketplaces like Takealot and Bid Or Buy, and API connections into price comparison sites too.

Related: 6 Steps To Building A Million-Dollar Ecommerce Site In 60 Days

The final factor to consider is the reputability of the website platform itself. There are many new and upcoming website platforms which I would love to support but when it comes to choosing a platform on which I’ll be building my business I need to know that I am going to be selecting a world-leading service provider.

So with this in mind I can help to narrow down your options to two platforms being WordPress with WooCommerce and Shopify. Which of these two is right for you will depend on how much you value your time.

Shopify will cost you $29 per month but the ease-of-use is such that even a novice can get a site live within a week. Operating WooCommerce on WordPress is complex for beginners and it will take you much longer to figure it all out before you can take your site live but the plus side is that it is free to use.

So ultimately you need to consider which of these two is right for you and your business but the most important thing is that you don’t spend any more time researching, take action and get started sooner rather than later so you can start to grow your online empire.

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Start-up Advice

6 Ways Starting A Business Is Like Raising A Child

Here are six ways that embarking on your own entrepreneurship journey is like raising a child.

Catherine Black




While you may think work and parenting are worlds apart, when it comes to starting a business versus having a baby, the two have more in common than you think.

After all, both involve bringing something new into the world, preparing for the unexpected, and riding the storm when things don’t go as planned. Here are six ways that embarking on your own entrepreneurship journey is like raising a child:

1. It involves new expenses

From nappies and school fees to food and clothing, there are a whole lot of new expenses involved when it comes to kids. In the same way, starting a business also involves various costs – whether it’s paying accounting fees, setting up your website, buying stock or employing people. In both instances, having a good financial plan in place can go a long way to help you manage these expenses.

Related: How To Start A Business With No Money

2. It’s an emotional rollercoaster

Parenting invariably means you’ll experience every emotion under the sun, from unmatched joy when they’re born, to frustration at toddler tantrums, to wonder at seeing their little personalities develop. The same goes for a new business: Expect a range of emotions, from the highs of getting your first customer, to the satisfaction of making a profit, to anxiety if the market doesn’t respond to your product as you envisioned.

3. Expect the unexpected

Few things are as unpredictable as babies: One minute they’re gurgling contentedly, the next minute they’re crying for reasons you may or may not know. Just like babies, businesses can be highly unpredictable too. Product prototypes can fail and cause delays, employees get sick, an unforeseen tax bill could arrive on your desk – you’ll need to get comfortable with expecting the unexpected. And, if you run your business full time, you’ll need to bid farewell to your predictable monthly paycheque too (at least in the beginning).

4. It requires stamina

Late night feeds, helping your child with homework, washing, cooking, cleaning, answering all their burning questions – there’s no parenting “off” switch. In the same way, being an entrepreneur means it’s hard to stop thinking about your business at the end of the day as you would with a regular 9 to 5. This constant call for attention means it’s crucial to schedule in some downtime for yourself so that you get time to decompress and refresh.

Related: What Business Should You Start In Africa?

 5. You’ll need safeguards in place

While their immune systems are immature, young children get sick, which typically involves trips to the doctor, medication and possibly even the odd hospital stay. Having a good medical aid means you’ll be financially prepared for these intermittent expenses. And, just as you should ensure your child has the right medical cover, your business and your employees should also be covered properly. Fedhealth is one example of a medical aid that specialises in providing medical cover for SMMEs.

6. Love will get you through

As hard as parenting can be, the enduring love most parents have for their children means they keep caring for them day after day, no matter how exhausting it is. Similarly, if you love the industry your business is in and the work you do, you’ll have the fortitude to keep at it over the long term.

Both parenting and starting a business are hard work, but they’re hugely rewarding too. With both of them, it’s true that what you put in, you get out. Seeing your child grow into a well-adjusted, caring adult can be as satisfying as watching your business mature into a something that’s profitable and self-sustaining. Upon reaching these milestones, most people will agree that the journey to get there is definitely worthwhile.

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