Amidst job market instability, 61-year-old Joseph Loria, a seasoned expert in customer experience, launched a pioneering startup, RetentionCX, in 2023. The company’s mission is to enhance businesses‘ customer retention rates by crafting strategies rooted in Loria’s vast experience, bridging the gap between inexperience and success.
The venture serves as a consultancy, offering invaluable insight and personalized guidance to budding entrepreneurs looking to navigate the complexities of the business world. Through RetentionCX, he’s assisting other entrepreneurs in capitalizing on the market’s opportunities, demonstrating that age is no barrier to ambitious undertakings.
Loria is a vocal advocate against age-related stigma in entrepreneurship. He identifies his seniority as an asset, bringing a wealth of experienced wisdom to his venture. In Loria’s perspective, age affords a depth of knowledge and understanding of market trends and consumer behavior that younger entrepreneurs may lack. He advocates that age brings an asset to entrepreneurship that can’t be taught – decades of accumulated knowledge and a profound understanding of industries and market trends.
A Gusto report reveals that approximately 25% of new ventures established in 2023 were in the professional services sphere, with about 35% initiated by individuals over 55 years old.
Experienced entrepreneur enhances customer retention
The report highlights a shift towards entrepreneurship by experienced professionals in this sector, using their accrued knowledge and skills to shape their own professional path. This trend points to a potentially robust future for the sector, with more mature and seasoned individuals stepping into entrepreneurial roles.
As a response to career shifts and job losses, Loria founded RetentionCX, creating something meaningful and long-lasting without depending on others. He wanted to build something of his own, believing in self-reliance and turning adversities into opportunities. After encountering several career setbacks, persistence and groundbreaking strategies drove him to establish a distinct identity in the business world.
RetentionCX’s success was immediate. Loria secured three clients within the first month of launch and currently maintains a steady trio of five clients regularly. Breaking through age-related stereotypes in entrepreneurship, Loria’s journey stands as an inspiring exemplar for others nursing entrepreneurial dreams.
