How I became an entrepreneur at 66 | Paul Tasner

TL;DR

In this talk, the speaker shares his journey as a first-time entrepreneur at the age of 66, highlighting the success and meaningful impact of older entrepreneurs.

Transcript

I'd like to take you back about seven years in my life. Friday afternoon, a few days before Christmas 2009, I was the director of operations at a consumer products company in San Francisco, and I was called into a meeting that was already in progress. That meeting turned out to be my exit interview. I was fired, along with several others. I was 64 ... Read More

Key Insights

• 💼 Age is not a barrier to entrepreneurship. Despite being fired at 64, the speaker became an entrepreneur at the age of 66 and has experienced success in his venture.
• ♻️ Clean technology, such as biodegradable packaging, is a meaningful and impactful business opportunity that can help reduce plastic pollution.
• 🏢 Starting a business comes with various challenges, including manufacturing, outsourcing, job creation, patents, partnerships, and funding, which may be particularly daunting for older entrepreneurs.
• 💰 Funding can be competitive for older entrepreneurs, especially in tech-centric areas like San Francisco where younger individuals dominate the startup scene.
• 🏆 The speaker's venture has seen consistent revenue growth, debt-free operation, patent issuance, and recognition through multiple awards for their work in tackling plastic pollution.
• 🌍 There is a need to create a community and celebrate the accomplishments of senior entrepreneurs, connecting them across industries, regions, and countries.
• 👥 Small businesses started by older entrepreneurs contribute significantly to job creation, with 64% of new private sector jobs in the US coming from small businesses.
• 📈 By 2050, the number of seniors in the US is projected to reach 84 million, potentially leading to a surge in first-time entrepreneurs with decades of experience. It is crucial to recognize and support these individuals.

Questions & Answers

Q: How did the speaker's career abruptly change seven years ago?

The speaker was fired from their position as the director of operations at a consumer products company in San Francisco during an exit interview.

Q: What was the speaker's initial reaction to being fired?

After being fired, the speaker and their wife got drunk to cope with the situation.

Q: What inspired the speaker to start their own business?

The speaker's concern for the environment and their desire to reduce plastic waste led them to want to design and manufacture biodegradable packaging from waste materials.

Q: What challenges did the speaker face when starting their own business?

The speaker had to deal with issues such as manufacturing, outsourcing, job creation, patents, partnerships, and funding, which were not typical for them as a first-time entrepreneur.

Q: How successful has the speaker's business become in the past five years?

The speaker's business has experienced significant growth, with doubled revenues every year, no debt, several marquee clients, and over 20 awards for their work. They have also made a small impact on reducing plastic pollution.

Q: What kind of resources are available to entrepreneurs of all ages?

The speaker mentions that there are many resources available to entrepreneurs of all ages, although they specifically mentioned a desire to find other first-time entrepreneurs who were their age.

Q: What is the success rate of older entrepreneurs compared to younger entrepreneurs?

According to the speaker, older entrepreneurs in the United States have a 70 percent success rate in starting new ventures, while younger entrepreneurs have a lower success rate of 28 percent, according to a UK-based group called CMI.

Q: What does the speaker suggest regarding the recognition of older entrepreneurs?

The speaker suggests that the accomplishments of older entrepreneurs should be just as recognized and newsworthy as those of younger entrepreneurs, and they want to make the phrase "70 over 70" as commonplace as the phrase "30 under 30."

Summary & Key Takeaways

• The speaker was fired from his job at the age of 64 and turned to consulting before starting his own business focused on clean technology.

• Despite facing typical challenges for a start-up, the business has experienced significant success, with doubled revenues each year and several accolades.

• The speaker advocates for recognizing and supporting older entrepreneurs, highlighting their high success rates and the potential for their contributions to the global marketplace.