Liz Elting, the co-founder of TransPerfect, a language-translation service, started her business at 26 and eventually sold it for $1.1 billion in 2018. Despite her success in the business world, Elting has no plans of retiring and believes it’s never too late for older adults to start something new. She established the Elizabeth Elting Foundation and emphasizes that older adults have valuable experience, wisdom, and focus that can lead to success.
Elting encourages older adults to focus on pursuing their passions and goals in their later years, as they no longer have to worry about paying bills or taking care of children. She believes that older adults are in a prime position to start a new business or pursue their dreams, citing examples like Grandma Moses, who found success in her 80s. Elting points out that people are now living longer, healthier lives, making 60 the new 30, and providing ample opportunities to achieve their goals.
The key to starting a new venture, according to Elting, is to focus on what you have always wanted to do and take risks. She believes that the potential rewards of pursuing your passions outweigh the risks, as the experience and knowledge gained along the way are invaluable. With focus, determination, and discipline, older adults can successfully start a new business or pursue their interests in their later years without needing elaborate business plans or external funding.
Elting emphasizes the importance of building and maintaining relationships, as well as creating a supportive environment for your business. She believes that service-based businesses such as coaching, counseling, writing, editing, graphic design, and technology solutions are ideal for older adults. By engaging in social activities, continuous learning, and challenging oneself with new experiences, older adults can lead longer, healthier lives and find fulfillment by starting a new business or pursuing their passions.
Elting advises older adults to start small and nimble, focusing on taking consistent daily actions towards their goals and breaking them down into smaller achievable tasks. She believes that taking calculated risks and avoiding unnecessary spending can lead to successful ventures. By staying focused on their purpose and engaging in stimulating activities, older adults can not only find success in their business ventures but also maintain their mental and physical health.
Ultimately, Elting’s message is clear: age should not be a barrier to pursuing your passions and ambitions. Older adults have a wealth of experience and wisdom that can be leveraged to start successful businesses and lead fulfilling lives. By embracing new opportunities, taking risks, and remaining focused on their goals, older adults can achieve success and longevity in their later years.
