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?
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?
I work with coaching clients who get led astray by the BSO (Big Shiny Object). Leaders: Keep your focus — it’s one of the many mantras I share with coaching clients. If you, as a leader, are being led astray and if your projects are not coming to fruition how can you motivate your staff to higher levels of productivity if you aren’t staying enough to task that you’re completing projects? It’s difficult.
In business today, it’s easy to get distracted by the “latest and greatest.” There is nothing wrong with trying something new, incorporating a new procedure or practice, but if you’re doing this continually and not testing the results, your efforts will be scattered and your success minimized.
Leaders: Keep Your Focus
Here are three ways to keep your focus and target the prize: Business Success!
Know where you’re going. If you don’t have a clear path toward your goal you will be distracted by the BSOs. As a leader you need to articulate to your team — and put in writing in a business plan — what you consider success and the steps you will take to achieve it. Let your team know WHY you want to achieve a specific goal and HOW you see the company getting there. Ask for their buy in and feedback.
Be clear on priorities and metrics for success. As entrepreneurs it’s easy to want to “do it all” but in truth not everything can be a priority. Not everything is a fire that you need to be personally involved in putting out. Know your top three priorities — with their deadlines — and work toward them.
At the end of the work day, work week, month and year how will you measure your success? What goals will you need to meet to be a success? How will you focus on what’s important? Just as you can be distracted by incoming emails or Facebook notifications so too can you be distracted by non-priority items and items that are not clearly tied to your success metrics.
As the business leader, your team looks to you for focus and guidance. Provide that, stay on track and watch out for the BSOs. What are the BSOs in your industry? How do you avoid them? If you embrace them, how have they aided in your business success?
Are there certain insider secrets of successful entrepreneurs? Do they know something that you don’t know? Probably not. The biggest “secret” is that they have rituals and surround themselves with like-minded individuals. Here, though are some of the secrets I’ve gained during my years as a business coach and entrepreneur:
Successful entrepreneurs know what motivates them to action. Whether it’s money, fame, or personal satisfaction they know what moves them and work toward achieving it.
They follow their passion. If you’re an entrepreneur and aren’t passionate about what you do, why are you doing it?
Minimize expenses and maximize profits. Simple math.
They have built a tribe of like-minded entrepreneurs. They are building online communities. They network with others outside of their niche industry.
They know they need to be promoting their goods and services. Even if they have a sales force, they — as the business owner — needs to be sharing that info and they need to be the company’s biggest brand ambassador.
They have rituals and habits in place that help them work smarter, not harder. They are masters of their time and their tasks.
They build flexibility into their day and into their business processes. Successful entrepreneurs know how to bend when things aren’t going quite as planned and stand tall when they are. Resiliency is key.
They have a support team in place that can accommodate business growth.
Beyond money, beyond “being their own boss” successful entrepreneurs take great satisfaction in what they do. Each and every day.
Of the items listed above, which of those secrets do you need to work on mastering? Which of the secrets do you already have in your arsenal? What secret could you offer to an entrepreneur who is just starting out? What did you learn while you were in the trenches — what do you do now that you wish you did when you started? I’d love to hear!
Are You A Micromanager? If this is a question you have ever asked yourself, chances are you are micromanaging your staff and/or vendors. When you micromanage you negate the skills and experience your staff bring to the table and you reduce the productivity of everyone involved.
You delegate tasks BUT you tell the person who’s been assigned the task the best way to do it — which is usually your way.
You believe that the way you approach a task is the best — and possibly — only way to do it.
You worry your staff won’t meet deadlines if you aren’t fully involved.
You frequently criticize their efforts.
You continually provide unsolicited advice and offer limited praise.
Are you a micromanager?
Do you see yourself and your leadership style in any, or all, of these items? If so, you need to look at why you feel the need to micromanage. Are you unsure of your role? Have you made “bad” hires and now you’re worried they won’t perform the tasks for which they were hired? If so, you need to look at your hiring practices.
If you’re simply “wired” to be a micromanager you need to train yourself to let it go and let your staff perform their duties. If you’re continually micromanaging and doing their work for them, why are you paying them? If you feel they are performing up to par, but maybe missing a few key pieces of the entire picture, share that missing piece with them and let them loose.
Recognize that micromanaging leads to a stressful work situation for you and your staff. The stress could even bleed over into customer interactions. Talk with the team, tell them what worries you about their performance, let them share with you where they feel they need your assistance, then let them go and do the work for which they were hired.
