Tweet

Tips For The New “Age” Entrepreneur

Guest post by: Brian Kurth

Article Overview: Career expert and VocationVacations founder, Brian Kurth, offers up his advice to encore careerists in pursuing their entrepreneurial dreams.

Tips For The New “Age” Entrepreneur

According to a U.S. Labor Statistics report, there is a new generation of entrepreneurs usurping the lead in business startups. The ranks of the self-employed aged 55 – 65 rose 33 percent in 2006, while the number of self-employed 25 – 35 year-olds fell

2 percent. Furthermore, an earlier Baby Boomer survey conducted by AARP in 2003 found approximately one in three self-employed workers aged 51 – 59 transitioned to self-employment after the age of 50. This trend is not surprising considering Baby Boomers are expected to live longer and have the time, energy, desire and sometimes need to continue to be productive.

There is a whole new “age” of entrepreneurs. The entrepreneurial image of the college drop-out who founded his company at 21 (of course, I’m talking about Bill Gates); or the twenty-year-old mom whose chocolate-chip cookie recipe launched one of the most visible and successful dessert empires (who else but Mrs. Fields), is changing.

It seems there are two reasons why Baby Boomers decide to pursue an entrepreneurial path. They either have to or they want to. The “have to’s” may feel they are at-risk of a corporate lay-off. They know they still need an income and are fearful of finding another job because of their stereotyped image as a “high-paid, older worker”. The idea of starting their own business seems like a good option. The “want to’s” want to seize this time in their lives to use their skills and experience in a whole new arena – a chance to continue to contribute to society while following their passion.

Whether you are a “have to” or a “want to” Baby Boomer entrepreneur, you need to listen carefully to what your mind and heart are telling you. This is no time in your life to leap before you look. Think about what makes good sense and matches your financial and personal needs and expectations. Here are some ideas to get you thinking:

Consider Your Resources

• Financial

Evaluate your current income and expenses, liquid assets and investments. Determine how much you are willing to invest and how large of a risk you are comfortable and able to take. Think long and hard about the degree of personal assets you are willing to commit as collateral, and how much you want to protect. If you need to raise money, consider how you will do this – accumulate over a period of time through your own contributions; or tap into a network of funding sources - family, friends, banks, private investors, government grants, etc.

• Personal

Now is the time to build on what you have learned professionally and personally. Think about how you can transfer your years of experience into another endeavor. For example, if you have had a long career as an attorney, think about how your analytical, negotiating and research expertise might translate to a new profession. Pick an industry that plays to your strengths and your desires…..and is reasonable.

Starting a business later in life takes a real commitment, so be sure you choose something you truly love – something that you would enjoy doing every day whether you got paid or not. Also, consider whether there truly is a need for the products or services you plan to provide. You do want customers, so choose a business where there is a clear need. Think about how your business will be different and who your ideal clients will be.

• Research/Technology

The Internet is an entrepreneur’s best friend. Only a decade ago, compiling information on a given topic would take hours spent at the library. Not any more.

The business you are considering may be new to you, but not to others. The Internet is a great resource to help you find everything you possibly can about a chosen field. Try searching for information on both successful and failed business ventures in the same or similar field you are considering. Any piece of information you get moves you one step further toward making an informed decision on how or if to pursue becoming an entrepreneur.

Other technological advancements also provide great resources for entrepreneurs. It used to be the first steps in starting a new business were renting an office and hiring a staff. Computers, cell phones (especially those with WiFi capability to retrieve emails!) and voice-mail have made working from home, from a small office or from a variety of locales (think snow-bird or rain-bird!) viable, respected options and starting a business less expensive and easier.

• Other Options

While there are excellent reasons for starting a business when you are over 50, the fact is that starting a business later in life is a bigger risk than when you are younger. Should the business fail, you don’t want to have to rebuild depleted finances at this stage in your life. So, you want to make the best possible decision before you invest your dollars in a new business. You might want to consider buying an existing business with a successful track record or a proven franchise. A franchise is like buying a “business in a box”. The franchisor has developed a successful system you can duplicate.

As an entrepreneur myself who dropped out of the corporate world, I know first hand the joys, challenges, and anxiety that comes from owning your own business at any age. But the reward can be great if you understand upfront what you are getting into. Do your homework and take off any “rose colored” glasses about how great it will be to be your own boss. It can be great, but you have to keep in mind that the “buck” literally stops with you as to the success or failure of the venture. If it feels right, excites you with possibilities and fits into what you want to do at this stage of your life, then go for it with gusto!

Related Articles
  'Tis the Season for Holiday Networking - And Here's Your Guide
  Knowing The Entrepreneur Definition Will Help You Become A Successful Entrepreneur
  Bookkeeping Tips on Tips
  Can you get rich quick through internet marketing?
  Five Attributes of Entrepreneurs
  The Way of the Guerrilla
  The spirit of the entrepreneur
  Confessions of an Accidental Entrepreneur
  SMEs - different types of entrepreneurs
  Being an Online Entrepreneur the Right Way
  SMEs - African confusion with entrepreneurship
  Out of Work, Business Slow? Don't Despair Promote Yourself!
  Tip of the week - It's never too early to start connecting
  The VC Version of Kick the Can
  Entrepreneurial Qualities
  Writing Business Articles
  The benefits of learning what successful entrepreneurs do
  Entrepreneurial Challenges
  Successful Entrepreneurs
  Characteristics of Successful Internet Entrepreneurs

Article Tags: boomer, career change, career transition, encore career, entrepreneur, entrepreneurialsm, fiftplus, job change, job transition, new job



Related Forum Posts
Business Tips - How about: Tips for managers to handle employees more effectively? Tips on how to deal with difficult customers? Tips on how to deal more effectively with suppliers? The only three I have in mind right now, but will try to come up with something else. Chris
Re: Using Craigslist SEO to Promote Your Website - Great Craiglist Tips for driving traffic. I can definitely use these to drive traffic to my blog.
Young Entrepreneur Organization - All You Need To Know - The Young Entrepreneur Organization (YEO) is a global community of entrepreneurs. This non-profit organization aims to make its members successful in their business through networking and training programs. This article tells you all you need to know about the Young Entrepreneur Organization, and the opportunities it makes available to young entrepreneurs from across the world. Young Entrepreneur Organization: Facts. 1) The Young Entrepreneur Organization has 5,000 members in 35 countries across the world. 2) The organization was founded in 1987. Since then, it has helped many aspiring entrepreneurs with training facilities and getting in touch with the right people. 3) The average age of the members of Young Entrepreneur Organization is 34 years. 4) In order to be eligible for the membership of Young Entrepreneur Organization, you need to be under the age of 40; and be the founder or partner in a business that has annual sales of more than $1 million. World Entrepreneurs Organization: A part of the Young Entrepreneur Organization, the World Entrepreneur Organization and takes the message of Young Entrepreneur Organization to many additional places around the world. This organization is especially active in the area of education and training for entrepreneurs. Young Entrepreneur Organization: Objectives. 1) To foster entrepreneurship. 2) To support Young Entrepreneur Organization members by providing them the chance to network and grow. 3) To provide resources to its members so that they can benefit the economy through innovative business ideas. 4) According to Young Entrepreneur Organization, you get to share your story with those who have had similar experiences, and thus gain insight into the best principles of entrepreneurship. Young Entrepreneur Organization: Facilities. At the Young Entrepreneur Organization, you get to meet and share views with like-minded people and fellow entrepreneurs. In order to facilitate a free exchange of ideas and growth for its member, the Young Entrepreneur Organization provides the following facilities to members. 1) Forum: Join the forum of the Young Entrepreneur Organization and start networking with entrepreneurs from across the world. Each forum group has 12 members who come together regularly to share their experiences and discuss issues related to entrepreneurship. 2) Mentor: In conjunction with the World Presidents’ Organization, the Young Entrepreneur Organization guides and counsels young entrepreneurs through a mentor program by the best business leaders. 3) Social Innovation: The Social Innovators Program involves Young Entrepreneur Organization member who wish to do something for about social issues. It helps members become socially aware citizens and gives them the opportunity to do something for their community. 4) Marketplace: The marketplace allows members to post business offers and receive replies from other members. These are just some of the facilities you will get if you become part of the Young Entrepreneur Organization. Others, like meeting prospective clients through trade shows, and special tools to network and meet with the right people are also part of the YEO facilities.
Re: Alexa Rank - How To Get A Better Alexa Ranking - Found this through another post - Nice Tips Evan and feedback for the others The post is several years old now, I use Alexa and have posted some reviews, but do we have a quick and dirty update, i.e. a better tool, updated tips?
Re: Website analysis - [quote="Evan":fgxldfxj]Hi AnonymousMan I am always looking for additional advice for my site - feel free to give some suggestions for EvanCarmichael.com! Looking forward to it![/quote:fgxldfxj] This website looks great, I wouldn't bother changing any of the colors or text as it currently reflects professionalism and business. When I first visited the homepage there was a lot of content for me to decipher so I didn't know where to begin. However my eye was soon caught on some of the hot forum topics so I visited the forums and never looked back at visiting any of the other sections within the website. In saying this I believe if you had more feature articles on the homepage it would most likely attract me to viewing other parts of the website. For example if you had a feature article called "Marketing Your Business: Top 5 Expert Tips" with a small relevant graphic and a small description of the benefits gained by good marketing contained within a paragraph or two, it would tempt me to click on the "read article" link and then continue to read the full article while visiting a different part of the website for a change. In regards to the Entrepreneur Tools section such as the Press Release Builder you could just about delete this section as the product is repeated 5 times, which is a waste of important homepage real estate that could be used for more worthwhile content. Homepage content could include content items such as the latest feature articles, competitions or electronic newsletter sign up box. You could also use a Free Report as a complimentary PDF file download for visitors who sign up to your electronic newsletter or forums. The Entrepreneur Topics are also very bland and boring to look at so I would recommend jazzing this section up or removing it altogether. You could replace this section with one of the famous entrepreneur articles and most likely increase the clickthrough rate to this section, as I am interested in these articles but always forget they are available. For example if one of Guy Kawasaki's latest articles was promoted on the homepage it would entice me to clickthrough and read the full article while visiting the homepage to get to the forums. Do you feel these tips are helpful Evan?


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

The Basics Of A Home Based Internet Business

African Technology Development

10 Golden rules to survive the Global Crisis

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.