Experience is crucial for entrepreneurial success as it provides valuable insights and knowledge. However, older entrepreneurs often face ageism, a bias that hampers their potential. Despite their expertise, older entrepreneurs encounter prejudice based on age, hindering their ability to succeed. Experienced entrepreneurs bring industry knowledge, connections, and lessons from past endeavours. This expertise enables them to make informed decisions, navigate challenges, and spot opportunities. Yet, ageism poses a significant obstacle. Ageism manifests as investors’ reluctance to fund older entrepreneurs, doubts about their adaptability, and biases in hiring. These biases impede older entrepreneurs’ access to funding, partnerships, and credibility.
Studies highlight older entrepreneurs’ strengths, including stability, extensive networks, understanding of customer needs, and industry-specific knowledge. Older entrepreneurs often possess a strong work ethic, resilience, and life experiences that contribute to their success. To combat ageism, inclusivity and equal opportunity must be fostered in entrepreneurship. This involves challenging stereotypes, promoting intergenerational collaboration, and providing tailored support. Governments, organizations, and communities can establish mentorship programs, financial resources, and networking opportunities for older entrepreneurs.
Educating the public about the value of experience and showcasing successful older entrepreneurs can challenge negative perceptions. Kinara Capital firmly believes in supporting entrepreneurs without bias, regardless of their age. They recognize that entrepreneurial success is not limited by age, and they strive to provide equal opportunities and tailored support to all aspiring business owners. Kinara Capital’s commitment to inclusivity ensures that entrepreneurs, both young and old, have access to the resources and funding they need to thrive and achieve their goals.
Fiyaz Ali Khan started his entrepreneurial journey after retiring from his job, establishing his timber and furniture business named New Quality Wood Furniture and Timber Depot. Starting with modest savings, Fiyaz initially focused on selling timber over furniture. However, he soon realized the need for additional working capital and turned to banks for financial assistance. Unfortunately, he faced disappointment when he was deemed ineligible for a loan due to his age, despite his experience and good health. He was frustrated with the fact that lenders seemed to support only young and dynamic entrepreneurs.
Soon after, he was approached by Kinara Capital representatives who offered to provide him with a collateral-free loan. He soon received a loan amount of Rs. 7 lakhs, which he utilized to purchase inventory valued at Rs. 20 lakhs. Subsequently, he obtained an additional loan of Rs. 20 lakhs from Kinara to keep up his growth momentum. With this much-needed infusion of funds, Fiyaz was able to steadily expand his business and gradually hire eight employees, and he is very happy to have been able to create valuable opportunities for others.
He shares, “Kinara has served as a backbone for my business. Whatever I have achieved can be attributed to their financing support. They even made my EMI payments flexible to ease the financial crunch during the pandemic. They have always been true to their word, and I’m very thankful for their continued support.”
Kinara Capital’s inclusive and unbiased approach in supporting entrepreneurs across the board, including older individuals like Fiyaz, exemplifies their commitment to fostering growth. By recognizing and providing equal opportunities to entrepreneurs of all ages, Kinara embraces the wealth of experience and knowledge that older individuals bring to the table, ultimately driving innovation, success, and overall business growth. Ensuring that all entrepreneurs, irrespective of age, gender identity and background have easy and transparent access to capital is the key to ensuring comprehensive growth and helping the nation progress towards achieving its goal of becoming a $5 trillion economy.
Fiyaz is one of the thousands of entrepreneurs who have benefited from Kinara’s loans. If you are a small business entrepreneur, it’s time to get your growth journey started with Kinara Capital. To get a business loan for your small business, check your loan eligibility in 1 minute in the myKinara App by downloading it from the Google Play Store, with 7 language options available, choose your preferred vernacular. You can now get a business loan by giving a missed call on 080-68264454 and go from decision to disbursement within 24 hours.