4 Tips for Boomers Becoming Entrepreneurs
It’s no secret that the entrepreneurial dream is being pursued more by Gen-Xers and Millennials, especially in this economic climate. Many new job seekers are learning that it’s hard to find a job; sometimes the only answer is to create one. However, recent grads just entering the job market aren’t the only ones effected by the economy. Boomers who last their jobs are finding it harder to get new ones as they get closer to retirement age. And while many Boomers expect to work past 65, it’s more and more difficult to find a job that will let you.
Here are some tips for the Boomer who wants to create their own job:
1. Prepare yourself.
Some people take to entrepreneurship like fish to water. Others, not so much. You should prepare by familiarizing yourself with the everyday tools of the entrepreneur. This usually means brushing up on your tech. So many things are automated, so much communication is through technology. The younger generations have an edge because they’ve grown up with the technology, so whatever you can do to get up to date, do it. It might be fast and dirty, but, if it works, it works. We have some skills you might want to brush up on here.
2. Get help
One thing you have that most Milennials don’t is experience. You already have friends in high places. You already have a job history. Don’t make the mistake of thinking you know everything. Use the experience you already have to reach out to someone else in a position like yours. Together, you can build a better business model.
3. Be conscious of your investment
Businesses fail. It’s a fact of life. You should be aware of this if you’re going to start one. Don’t clear out your 401(k) if you aren’t ready to lose it all. You could succeed and be the next best thing. But, in case you aren’t, remember to keep your safety net.
4. Know your exit
Most businesses take 10 years to see financial gain. Is that too long for you? Just because you aren’t ready to retire at 65 doesn’t mean you want to work until you’re 85. You may fail, you may succeed, it may take you 2 years, it may take you 20. Whether you give yourself a time limit, a price limit, or some other goal, know when you’re going to pull the plug.
If you want more info on Boomers in today’s economy, don’t miss Boomers’ Braintrust on BizTV. Do you have any advice for Boomers? Share in the comments below!