Author: Susan L Reid

Do you think that entrepreneurship is just for the young? That anyone past 50 is simply too old to start up a business? That midlife is the time when you should be thinking about retiring and preparing to live on less? If you do and if you are, then midlife entrepreneurship isn’t for you.

However, if you are someone who . . .

* likes to call the shots and live life on your own terms,
* has a strong desire for autonomy and independence,
* is a self-motivated starter,
* knows how to evaluate and take calculated risks,
* is highly self-motivated,

. . . then midlife entrepreneurship could be right for you.

I come from a long line of entrepreneurs. My grandfather owned his own business and worked as an electrician up until the day he died. He was 98. My father owned his own private practice and worked as an expert psychological witness up until three months before his passing. I, too, am an entrepreneur. And, like my father and grandfather before me, I enjoy my work, find meaning and value in what I do, and am passionate about making a difference in the world.

What about you? Could midlife entrepreneurship be right for you?

The Changing Face of Retirement

Retirement, and how we view it, has changed dramatically since the beginning of the 20th century. Before pension plans became standard offerings to U.S. workers during World War II, most people continued working until their death, relying on personal savings and family support to sustain them. While 65 is considered the normal retirement age in the U.S., many of today’s midlife entrepreneurs eschew that age, preferring instead to remain actively involved in their businesses well into their 80s. With Baby Boomers comprising nearly half the country’s self-employed workers (7.4 million), entrepreneurship among seniors is growing (so say reports from AARP and the U.S. Department of Labor). People turning 50 today still have lots of life ahead of them, and each year more than four million men and women join their ranks.

So, what is retirement, then? Is it the time when you stop work completely or is it the time when you retire from one job and begin another? Does it start at a certain age or depend on the number of years you have served in a specific capacity? Is it based on your physical condition or your personal choice?

10 Reasons for Becoming a Midlife Entrepreneur

1. You’re healthy with many years ahead of you.
2. You want to stay involved and engaged.
3. You enjoy generating extra income.
4. You get to build a business around something you enjoy and are passionate about.
5. You have a full Rolodex and 20-30 years of experience to back you.
6. You want the independence and flexibility that comes from working for yourself.
7. You have confidence and experience, and know what you’re good at.
8. You may already have a pool of money saved to help finance your business.
9. You can do business from home, using the Internet as your storefront.
10. As an entrepreneur, you aren’t discriminated against because of your age.

So what does retirement mean to entrepreneurial men or women who have successfully woven passion into what they do as small business owners? Do they plan on retiring when they reach the age of 65? Do they even want to?

If you are happily turning your passion into profit, it’s hard to think about stopping. Oh, sure, you could use some time away, an extended vacation, even a more relaxed pace. But do you actually want to retire and cease what you’re doing? Or would you rather stay involved, continuing to contribute, and enjoying life fully?

These days retirement is what you make it. At present, the Baby Boomer generation is redefining retirement, shunning the conventional traditions of stopping, ceasing, and leaving in favor of staying involved, continuing to contribute, and following their passion. Like so many of them, you, too, might find that there are some very compelling reasons to either become or continue being an entrepreneur, well past midlife.

Author: Patric Chan

Being an entrepreneur and running your own business might seem ideal… getting out of the so-called, “rat race” of job employment. If you’re already doing that, congrats but read this article first.

The absolute best way to make money as an entrepreneur is to start out by doing the things you enjoy and outsource the things that are necessary but you don’t like to do.

Although some people will tell you to chase the money and forget about what you like. After all, business is business, right?

That depends on you.

If your number one motivation is money– if the sun rises and sets on money in your land… and if the sight of a dollar bills sends you into shivers of ecstasy– then yes, perhaps for you business is business. If money is your passion, if “buying stuff” is what drives everything you do, then in that case it really doesn’t matter what you do… because as long as you’re making money, you’ll be happy.

Do you identify with that characteristic?

Can you be happy doing anything as long as you’re making boatloads of cash?

If not, then read on…

Most people like money, yes. I like money too. I believe it’s the same for you as well. Come on, it’s a fact and nothing to be ashamed of. But if I really examine why I do what I do today for business, I may find that money isn’t the main motivator. “Buying stuff” may not be the main motivator either. Sounds cheesy and corny but I won’t spend the time here to convince you that it’s the truth.

If you’re the type of person who thrives on good feelings when you help people, even if money isn’t involved, if you are really passionate about something (cars, quilts, relationship, whatever), if a kind word from a customer would really make your day– then you may be an entrepreneur today NOT for the purpose of making the green bags. That’s good news because you’ll love what you’re doing.

Yes, I know you’re getting into business at least partly if not mainly to make money after all, money buys freedom… the freedom to buy what you want, the freedom to make your own schedule, etc.

However, you don’t need to chase the money in order to make loads of money.

What do I mean by that?

Here’s something for you to chew on… not everyone who “chases the money” is rich. I bet you’ve seem them all. And amazingly, not everyone who chose a path related to their passions is poor.

You see, choosing to chase the money is no guarantee that you will make money. In fact, there are no guarantees at all… So why not do something that you actually enjoy?

Exactly.

Now you may be thinking that if it makes money for you– if you see results, you don’t care if you enjoy it or not. Of course, if you’re one of those people I described before (where money is your main motivator), then this will probably work for you.

But I bet you’ve dropped things in your life before even though they were creating the results you wanted.

For instance, have you ever taken up an exercise or diet plan that you didn’t like to lose weight?

Perhaps you took up running in the morning. But you hate running. And you’re a night owl.

But dang it, you made a promise to yourself that you were going to lose weight and get in shape. So each morning you get up and jog. Several weeks pass and you step on the scale. Yep, you’re losing weight. A few more weeks pass and your clothes are fitting better, you don’t gasp for air when you run up a flight of stairs, and you feel and look better than you’ve ever felt.

In short— you are getting AMAZING results. You are getting exactly what you wanted for your health and body.

And then it starts…

One morning the alarm goes off at zero-dark-thirty and you hit snooze. Your bed is so warm and cozy that the thought of getting up to go jogging makes you feel a little queasy. “No problem, I’ll just skip a day,” you say to yourself as you settle back in for another hour of sleep.

The next morning you rationalize it again. And the next morning… and so.

Pretty soon you’re jogging just once or twice a week. Then once or twice a month. Next thing you know, you jogging in the morning is just a fuzzy memory of something you used to do.

If you hate jogging and you hate mornings… what made you think that it is possible you keep with a commitment to jog in the morning?

Even the benefits of losing weight and getting in shape aren’t enough of a reward to overcome the hatred of jogging.

Do you see what I mean?

There are many things in our lives that we drop even though we’re getting results we wanted!

So here is what I’m proposing to you– start off doing something you enjoy.

Now I’m not saying that you shouldn’t do market research, or that you should purposely pick something where you can’t even think of a way to make ten bucks but you like it. No, not at all. That’s foolish. You’re doing a business and a healthy business needs to make profit.

What I’m saying is that you should start entrepreneurship with your passions, your interests, and things that bring you enjoyment.

From that starting point, find a way to make it profitable! Don’t put yourself down and drop your passions just because there are other markets out there that are known to be more profitable. All you need is a little creativity to be a successful entrepreneur.

There are people that have taken interests like housecleaning, cooking, vacuuming and the like, and turned those passions into multi-million dollar ventures.

Author: Steve Seah

Who does not want to be the boss of his own company? But very few realize this dream. What is the reason behind it? Fear of failure is one of the biggest factors that don’t allow a person to turn entrepreneur. After all, we all have families to support, liabilities to shoulder and one misstep could result in problems created for them. And who wants to lead one’s family into trouble?

But despite all this, don’t you ever feel that you should start a business venture of your own without actually quitting your job. Your job provides you and your family security and safety but there is something that your heart wants and that could only be provided if you turn an entrepreneur. Job satisfaction is something that few care about but few could actually ignore its impact.

So, what needs to be done? What should be the course of action for you when you know you can’t possibly quit the job? Well, the answer is straight forward. You can easily take the route of part time business. But let me tell you one thing. The word “easily” is just not suited for this scenario. Taking this decision could be a little bit easier than actual implementation of this idea. If you are really committed to turning a part time entrepreneur, then only you should venture into the field of part time entrepreneurship.

Well, you would have to spend more of your time working. You would have your regular job and you would also have your part time business to take care of. That is really time-taking.

Before you opt for part time entrepreneurship, I would like to give you a few suggestions. Hope it proves helpful.

The very first thing I would like to emphasize on would surely be your family. Always keep your family up dated about what you want to do. It is true that when your part time business becomes successful, you might think of quitting your regular job but until then you would be a lot busier and your family would have to support you in that period. You would have to convince them that it is for the good of all.

Always have a professional outlook with your part time business. Part time or full time, a business is always a business. So, even if you are conducting your part time business from home, you need to have a room that should be exclusive for your business activities. You would do well to have a separate phone and fax line for your business. The same goes with business license also.

If you plant a tree, do you get the fruit the same day? No, it takes time to bear fruit. Well, it is the same with part time business also. Be PATIENT. Be very realistic about your part time business. Any new business takes time to start running and it would be the same with yours also. Show patience during this initial transition phase.