How I became an entrepreneur at 66 | Paul Tasner

Summary

In 2009, at 64, the speaker was unexpectedly fired from his job as a director of operations. Despite his extensive experience in engineering and manufacturing, he faced a challenging job market. Undeterred, he pivoted to entrepreneurship, founding a clean technology company focused on biodegradable packaging from waste materials. At 66, he tackled the plastic pollution crisis, achieving significant business growth and social impact. He advocates for recognizing the potential of senior entrepreneurs, highlighting their high success rate and the importance of their contributions to the economy and society.

Takeaways

• 👔 The speaker was the director of operations at a consumer products company in San Francisco and was unexpectedly fired at the age of 64.
• 🍷 After the firing, the speaker and his wife had an emotional evening, coping by drinking heavily.
• 💼 Despite having a strong professional network and background, the speaker found retirement not to be an option, so he turned to consulting without passion.
• 🌱 An idea began to form about building a business that designs and manufactures biodegradable packaging using waste materials like paper and textiles.
• ♻️ The speaker's goal was to replace toxic disposable plastic packaging, contributing to the fight against plastic pollution.
• 💡 At 66, the speaker became a first-time entrepreneur, a move that was both challenging and rewarding.
• 🚀 The business succeeded, doubling revenues annually, gaining marquee clients, and winning over 20 awards for its efforts.
• 👟 The speaker humorously reflects on competing for funding with much younger entrepreneurs, finding it both intimidating and discouraging.
• 🏆 The speaker advocates for more visibility and support for senior entrepreneurs, stating that older entrepreneurs have a 70% success rate compared to 28% for younger ones.
• 🌍 He envisions a future where more seniors will become entrepreneurs, contributing meaningfully to the global marketplace, and calls for the phrase '70 over 70' to be as celebrated as '30 under 30'.

Q & A

What significant event happened to the speaker in 2009?

In 2009, the speaker was unexpectedly fired from his job as the director of operations at a consumer products company in San Francisco.

How did the speaker spend the evening after being fired?

The speaker and his wife got 'really silly drunk' to cope with the sudden change in his career.

What was the speaker's professional background before starting his own business?

The speaker had a background as an engineer in manufacturing and packaging, with over 40 years of experience working for various companies.

What motivated the speaker to start his own business?

The speaker was motivated by his concern for the environment and wanted to create biodegradable packaging from waste to replace toxic, disposable plastic packaging.

What is the term for the type of business the speaker started?

The type of business the speaker started is referred to as 'clean technology,' which aims to reduce pollution and environmental damage.

How old was the speaker when he became an entrepreneur for the first time?

The speaker became an entrepreneur for the first time at the age of 66.

What were some of the challenges the speaker faced when starting his business?

The speaker faced challenges such as manufacturing, outsourcing, job creation, patents, partnerships, and funding, which are typical for startups but new to him.

How does the speaker describe his experience competing for funding in San Francisco?

The speaker found it discouraging and intimidating to compete for funding with much younger individuals from the high-tech industry.

What achievements has the speaker's company accomplished in five years?

In five years, the speaker's company has doubled revenues annually, has no debt, has acquired marquee clients, received a patent, won over 20 awards, and made a small impact on the global plastic pollution crisis.

What is the speaker's perspective on the potential of older entrepreneurs?

The speaker believes that older entrepreneurs have a high success rate, with 70 percent success in starting new ventures, and he advocates for more recognition and support for this demographic.

What is the speaker's vision for the future regarding older entrepreneurs?

The speaker envisions a future where '70 over 70' becomes as commonplace as '30 under 30,' highlighting the accomplishments of older entrepreneurs and challenging ageist expectations.