As economic advisers continue to forecast an uncertain future, more seniors are considering entrepreneurship as an opportunity to pursue their passions while taking financial matters into their own hands.
Although entrepreneurship has consistently proven to be a daunting task for professionals both young and old, the benefits of staying with a large company are now fewer and farther between. The potential decrease in Social Security benefits causes deep insecurity with many seniors. Other factors such as dwindling 401(k) accounts, unfair labor practices and job layoffs also account for this anxiety. The personal freedoms associated with entrepreneurship seem attractive. However, senior entrepreneurs who seek to own a business must fully examine their situations before making a big leap.
Entrepreneurship is not quite as simple as just selling a product or service to the public. Responsibilities such as leasing a building, presiding over human resource duties, and preparing payroll are all part of entrepreneurship. Overall, an entrepreneur must meet a need in the community by using a set of resources and talents that no one else offers.
The best strategy for senior entrepreneurs is to start the process gradually. Although no two entrepreneurs are alike, a measured approach ensures that the odds of success are much greater.
Seeking guidance from fellow entrepreneurs and other business professionals will instill a sense of confidence. Potential business builders should identify individuals in their chosen field who have already experienced success and then interview them to glean useful tips and techniques. Family members and friends might provide a wealth of love and support, but only a business colleague with ample experience has the additional knowledge necessary to inspire confident decisions. This trusted collaborator might not always be available for face-to-face meetings, however. Job Shadow, a popular entrepreneurial website, provides a forum where individuals can conduct interviews with industry professionals. Even when beginning a solo venture, the entrepreneur doesn’t have to go it alone.
Motivation and energy are crucial tools in this time-consuming pursuit. However, selecting the proper field is also important to prepare for the journey. Entrepreneurial groups like the Small Business Development Centers and the Service Corps of Retired Executives, as well as other nonprofit groups, give easy access to business consultants and educational courses with little or no fees. Individuals can peruse the Internet for online tools and white papers that possess financial and technological information relevant to their particular field.