Empowering Women 50+: Overcome Deep Fears and Thrive as Entrepreneurs
Unlocking Your Entrepreneurial Spirit at 50+: Overcoming Deeper Challenges IN YOUR SECOND ACT
For women over 50 venturing into entrepreneurship, the journey often touches on profound and deeply rooted concerns that extend beyond the surface. These fears might not always be voiced but play a pivotal role in shaping the decision to start anew. Let’s explore these hidden hurdles and strategies to address them effectively.
1. Fear of Losing Subject Matter Expert (SME) Status AS AN ENTREPRENEUR ENTERING YOUR SECOND ACT
The Concern:
Many women in their 50s have spent decades building expertise and earning respect in their industries. Starting a business in a new or adjacent field can feel like stepping away from their hard-earned identity as a go-to expert.
Why It Happens:
Leaving a well-defined career path can feel like abandoning years of effort.
Fear of starting over and building credibility from scratch in a new domain.
How to Overcome It:
Leverage Your Expertise: Incorporate your existing knowledge into your entrepreneurial venture, even if it’s in a different form. For example, if you were a corporate trainer, you could launch a consulting or coaching business.
Position Yourself Strategically: Use platforms like LinkedIn to highlight transferable skills and achievements, making it clear how your expertise applies to your new role.
Start as an Adjunct: Maintain some ties to your SME work while you grow your business, allowing for a smoother transition.
2. ARE YOU Letting Go of YOUR WHOLE Support System AS A 50+ FEMALE ENTREPRENEUR ENTERING YOUR SECOND ACT?
The Concern:
For women accustomed to having a team of colleagues, assistants, or peers to collaborate with, moving into entrepreneurship may feel isolating and overwhelming.
Why It Happens:
Entrepreneurs often wear multiple hats, especially in the early stages.
The shift from managing a team to being a solo operator can feel like losing a safety net.
How to Overcome It:
Build a New Support Network: Join communities of women entrepreneurs or mastermind groups where members share advice and resources. Organizations like Ellevate Network can help.
Delegate Strategically: Outsource specific tasks like bookkeeping, social media, or administrative duties to virtual assistants or freelancers via platforms like Upwork or or Time Maximizers (which is how I found my amazing VA, Bea!).
Use Co-Working Spaces: These hubs not only provide a productive work environment but also foster connections with like-minded entrepreneurs.
3. Imposter Syndrome: "Am I Really Cut Out for This?"
The Concern:
Even with decades of experience, many women doubt their abilities to succeed in a new field, fearing they might be "found out" as inexperienced or incapable.
Make it stand out
Why It Happens:
Societal expectations and internalized beliefs often lead to undervaluing one’s accomplishments.
Lack of familiarity with entrepreneurial language or processes can exacerbate feelings of inadequacy.
How to Overcome It:
Recognize Your Strengths: Reflect on past successes and how those skills apply to entrepreneurship. Keep a “wins” journal to remind yourself of your achievements. May I suggest my my planner and journal, The Countess Code, which created specifically for female entrepreneurs? Its the one I use myself ,
Reframe the Narrative: Imposter syndrome, which I wrote about in this LinkedIn article, often stems from comparing yourself to others. Instead, focus on your unique path and what only you bring to the table.
Seek Mentorship: Working with a mentor who has navigated similar challenges can provide reassurance and guidance.
4. Balancing Familiar Stability with the Unknown as you enter your second act
The Concern:
Transitioning into entrepreneurship means stepping out of a predictable routine and facing financial and professional uncertainties.
Why It Happens:
Comfort and stability are difficult to relinquish after years of predictable income, schedules, and roles.
Fear of failure and its impact on personal identity or finances.
How to Overcome It:
Start Small: Begin as a side hustle to test the waters without immediately giving up stability.
Plan Financially: Work with a financial planner, like my friend (and visionary) Shelly to assess risks and create a runway for your business to grow sustainably.
Adopt a Growth Mindset: See this as an opportunity for learning and exploration rather than a risk.
5. Relevance in a Rapidly Changing World
The Concern:
Worry about being left behind in a world dominated by younger entrepreneurs and fast-moving trends.
Why It Happens:
Social media, digital tools, AI and modern business practices can seem intimidating.
Media glorifies younger entrepreneurs, making it easy to feel "too old" to start.
How to Overcome It:
Invest in Skills: Take courses or hire consultants to learn modern tools and platforms relevant to your business.
Embrace Your Perspective: Experience and wisdom are unique assets. Highlight your ability to provide depth, context, and reliability in your field.
Focus on Your Audience: Remember, your customers care more about the value you provide than your age.
6. Fear of Alienating Friends or Family
The Concern:
Loved ones might not understand or support a late-career pivot, particularly if they view it as unnecessary or risky. OMG - I can’t tell you how many people tried to convince me to remain “The LinkedIn Expert.” I get it, but I just couldn’t anymore. Do you feel that way, too?
Why It Happens:
Entrepreneurship disrupts the status quo, leading to concerns about work-life balance or financial strain.
People close to you may project their own fears onto your decision.
How to Overcome It:
Communicate Your Vision: Help them see your passion and plans. Share how this decision aligns with your values and long-term goals.
Set Boundaries: Politely but firmly address negativity or doubt from others.
Find Your Tribe: Surround yourself with people who understand and support your journey, even if it means expanding your social circle.
7. Adapting to Entrepreneurial Leadership
The Concern:
Leading a business requires different skills than managing a team or contributing to a larger organization.
Why It Happens:
As an entrepreneur, you're not just leading—you’re also the one making all decisions, which can feel overwhelming.
How to Overcome It:
Embrace Self-Leadership: Hone skills in time management, self-discipline, and decision-making.
Learn Continuously: Read books like The E-Myth Revisited by Michael E. Gerber and 10x is Easier than 2X by Dan Sullivan and Dr. Ben Hardy to understand the transition from being a professional to a business owner.
Build a Brain Trust: Create an advisory board of trusted peers or mentors to provide feedback and guidance.
Conclusion: Embracing Deep Transformation
For women over 50, entrepreneurship isn’t just about starting a business—it’s about redefining identity, relationships, and purpose. By addressing these deeper fears and embracing the growth opportunities they offer, you can approach your second act with confidence and clarity. Remember, the skills and resilience you’ve built over decades are your superpowers in this journey.
You are not just starting a business—you are creating a legacy.
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