Successful Entrepreneurs Who Started Ventures After 50

2. Leo Goodwin Started Geico at Age 50

The Great Depression was a dark time for America. Family incomes plummeted, and many people were unemployed or underemployed while the prices of goods went up dramatically. Leo Goodwin's story defies these statistics. He had an idea to start his own insurance company during this challenging period!

Despite the risks, Leo and Lillian created GEICO because they recognized that military personnel was a financially stable group. They kept their costs low to ensure they could price competitively and by year's end had 12 employees. Today Geico is a thriving business with $35 billion in revenue.