Entrepreneurship isn’t only for the young

There is a popular myth that all super successful entrepreneurs made it big when they were young. Think of Steve Jobs, Mark Zuckerberg and Bill Gates, who launched their now iconic companies in their late teens or early 20s.

I may have inadvertently contributed to this impression in earlier columns when I’ve cited economic literature documenting the importance to any city’s economic growth of having college-educated 25- to 34-year-olds (notwithstanding that the above three examples were all college dropouts!).

Young people – with their enthusiasm, new ideas and cutting-edge skills – are certainly essential in any economy, whether starting companies or working for other founders. But let’s not forget entrepreneurs at the other end of the age spectrum: those 55 or older, especially those who are well past their mid-60s, a time of life long thought to be time for kicking back, playing golf and retiring.

Many aren’t doing that, not just because some need to work or launch a business because the 2008 recession and stock crash wiped out their 401(k) plans (though it wouldn’t have if they had stayed in the market). It’s also because many older entrepreneurs want to be trying new things, and to stay physically and mentally active. The Kauffman Foundation reports that entrepreneurs 55 or older consistently have had the highest or close to highest startup rates of any age group.

Unfortunately, Kauffman doesn’t break down the firm formation rates by age in Wichita, but I have met many highly successful older entrepreneurs here who continue to work on new ventures. One of them, Bryan Pulliam, was an early presenter to 1 Million Cups of his automated letter sending business, Postalocity.com, which has 38 employees.

Other senior entrepreneurs also should consider presenting (register at 1millioncups.com/wichita).

There’s another way that older entrepreneurs contribute to the entrepreneurial ecosystem: as mentors and advisers to other entrepreneurs through SCORE, the national network of retired, experienced business mentors, with vibrant chapters in Kansas and Wichita in particular. SCORE’s one-on-one and team mentoring activities are free, and its workshops on a variety of topics relevant to launching or running a business have only small charges.

Anyone who is thinking about starting a business, about to launch one or even already running one can take advantage of these services. Bill Ellison, a longtime plant manager for Sherwin-Williams in Andover with an engineering degree from Wichita State University, has been with SCORE for eight years, currently as co-director. He reports that in Wichita alone, where the SCORE chapter is in its 40th year, the organization helps about 700 entrepreneurs a year.

SCORE Kansas is making special efforts at both Fort Riley and McConnell Air Force Base to help individuals who are nearing the end of their military service. Ellison says that in his experience, vets consistently are among the most likely to succeed in their business ventures.

To find a SCORE mentor or learn about SCORE workshops, visit the local office of the Small Business Administration, 220 W. Douglas, Suite 450, or the website wichita.score.org.

This story was originally published April 28, 2016 at 7:01 PM with the headline "Entrepreneurship isn’t only for the young."