Do Older Entrepreneurs Have An Advantage? Are you at a disadvantage as older entrepreneur? There are thoughts on both sides of the equation. We are seeing more older entrepreneurs because people are retiring, don’t want to or can’t afford to, be retired and are jumping into business ownership in greater numbers than ever before.
Do Older Entrepreneurs Have An Advantage?
If you’re an older individual does opening your own business seem like a wise move for you financially, emotionally and physically? Here are a few more points to ponder when making the decision to become an entrepreneur:
How will you pay for the start up costs? Will the endeavor you’re undertaking require an outlay of upfront cash? Can you work your new business on a shoestring until you have the funds to make a move to a bigger endeavor? Do you have investments or equity in a home that you’re willing to risk to fund the start up? Think long and hard before you make that decision.
Will going into business fit with your retirement goals? Do you have an objective for your retirement? Will opening a business impact that negatively or positively? Do you have a dream or a passion you want to follow but never did because you were employed?
Should you consider a side hustle before you retire to see if you really want to be an entrepreneur? The idea of owning a business may not be what the reality is and a side hustle might help you figure that out.
Do you have an end game in mind for your business? Meaning do you want to start this business as a legacy to your children? Do you hope to build it up and sell it so you have more money to add to your retirement nest egg?
Do you know all that you need to be a business owner? Do you have access to a business coach or a mentor from an organization like SCORE or your local Small Business Adminsitration? Get all of your ducks in a row before you hang out your “open for business” sign.
What are you hoping for when you want to open a busienss when you’re nearing, or at, retirement age? How can we help?
Should you hire a business coach? It’s a question that many entrepreneurs ask themselves during the course of owning a business. If you’re on the fence and wonder whether you would benefit from working with a business or a life coach, here are some reasons to consider.
Should You Hire A Business Coach?
Consider that athletes and musicians and many other professionals work with coaches and you can see why they are relied upon to help business professionals achieve higher levels of success and grow their business.
A coach is an unbiased observer who may see solutions that you aren’t seeing because you’re in the midst of the problem or challenge.
Your coach can be a confidant and will point out items that others in your circle of friends or colleagues may not feel comfortable pointing out.
If you’re looking for objective feedback, whether on a new project, to charge higher prices or to make other changes, your coach can provide you a sounding board.
Accountability is one of the biggest appeal of working with a coach. If you’re a solopreneur it is sometimes hard to keep your nose to the grindstone and to accomplishing goals you’ve set for yourself. Your coach can hold you accountable and help you set goals.
It’s impossible to brainstorm when you’re alone. Look to your coach as a brainstorming partner.
Celebrate successes with someone who has watched you walk through fire to achieve your goals! Your coach is there for the trials and tribulations and for the ultimate successes!
Have you ever wondered if coaching is for you? Reach out to a coach and ask if you can schedule an initial session. You need to mesh with the potential coach — both in terms of your business aspirations and personality. If you don’t mesh, you won’t feel motivated to achieve goals set with that particular coach.
Are there steps to take to be a successful entrepreneur? Yes. Not everything is a cookie cutter approach, but there are universal truths that successful entrepreneurs appear to follow. Are those who have achieved success doing something more or differently than you are? If so, what? What can you do to emulate what they’re doing to help assure your business can be as successful as the guy-next-door?
Steps To Take To Be A Successful Entrepreneur
Entrepreneurs who are successful are doing what they love. If you don’t love selling widgets, then you need to find a business that you are passionate about and one that does excite you. Take some time and determine what you’re most passionate about and what you could make money doing.
Know what is driving you toward being a business owner. Most entrepreneurs are driven to act because of a life-changing event. Illness. Loss of job. Moving to a new location, etc.
They operate on a shoestring when they are in start-up mode. You don’t need a fancy corner office when funds are tight. Spend money on quality business cards and make certain you have a website and a social media presence. From there, work slowly to start spending money — you don’t want to be so far in debt that you can’t see sunlight.
They interact with like-minded individuals. If you surround yourself with successful entrepreneurs their attitude might just be contagious.
They give back. In the entrepreneurial community there is a mindset of “givers get” and this means that if you give back, what you need might just circle back to you.
Are you operating at the peak level of success that you’d dreamed of? What’s stopping you from achieving that next level? Are you stuck and spinning your wheels? If you feel that way, drop me an email, coaching might just be what you need to push through whatever’s blocking you and help move you forward in your entrepreneurial dream.
Tips For First Time Entrepreneurs… and long-time entrepreneurs as well! Whether you’re a new entrepreneur or a long-time business owner, it is always good to have a refresher course in making the best of your business opportunities.
Tips For First Time Entrepreneurs
Have a clear focus. If you’re starting a business and you have only a vague idea of what you’re going to do and whom you’re going ot serve, you may make money but you could be thwarting your chance for success because you’re not laser-focused.
Follow your passion. Just because you see Competitor A making scads of money selling Product B, doesn’t mean you want to jump on the bandwagon and sell Product B. The reason Competitor A is making that money is because he or she likely has a passion for the product. You need to follow your passion and focus on your core competency in order to be happy as a business owner.
Know what you don’t do. It’s easy to say “yes” to every opportunity that comes along when you’re just starting out, but you need to stay within your niche and know what you need to say “no” to. If you don’t want to say no, then you need to build a referral network so you can refer rather than let a prospect walk away.
Work lean. Even if you have a healthy start-up bank account, it’s best to work like a “starving artist.” Forgo the big offices and fancy equipment for as long as you can. Work lean. Save your money. Build your nest egg. If your business continues to thrive, have a focused plan for growing and expanding.
Take care of yourself. If you’re a solopreneur, every task for running your business falls onto your shoulders. If you fall ill, who will pick up the slack? You need to take time to eat healthy, get away from the keyboard, take a walk, go to the gym. Clear your mind.
What was the best piece of advice you received when you were starting out?
Should You Get An Accountability Partner? The answer is, “It depends.” Many people find they benefit from working with an accountability partner while others feel they don’t put enough weight into what their accountability partner brings to the table and therefore has no follow-through. In order to make the relationship beneficial for both of you, you need to find someone you respect and admire and who brings something to the table that you need. Conversely, you need to bring benefits to your accountability partner as well.
Should You Get An Accountability Partner?
Here are items to consider:
What do you want to get out of the accountability relationship? An accountability partner will not, and cannot be expected to, fix all of your business woes. The partner’s goal is to help keep you on track with goals you have set for yourself and your business.
Is the accountability partner you’re considering working with reliable and organized? Are you reliable and organized? If the accountability partner you’re considering is always late or can’t meet a deadline, it may not be a good fit.
Do you like this person? You don’t have to be best friends with your accountability partner, but you do need to like and respect him or her.
How often will you speak? Once a week works best for most people, but you may want to start out with talking every other week. If you only talk once a month, chances are, the relationship will not flourish.
Make a commitment of at least one year for the accountability relationship. Focus on a long term goal you want to meet as well as other smaller milestones throughout the year.
An accountability partner is an ideal business investment, whether you’re just starting out or if you’ve been in business for a long time. Solopreneurs benefit from an accountability relationship as a way to interact with other like-minded entrepreneurs.
