As the Baby Boomers retire and find that they might not be as secure in their funding as they had perhaps hoped to be, an issue starts to arise. Many are facing forced downsizing from the familiarity and stability of their corporate positions. Alternatively, even those who choose to retire on their own terms are finding that the pension they were promised has been severely reduced, or even that what they had planned to have isn’t enough for their monthly expenses. The obvious solution is to take control of one’s own destiny—to become an entrepreneur and manage one’s own business. However, to many fifty-something Baby Boomers, this proposition is relatively daunting, according to an article recently completed by The Huffington Post; these works are used to the stability of the corporate world and fear they aren’t equipped to manage the risky and fast-paced start-up game.
As a result, the article sought to provide several tips for those aging corporate workers who may be interested in starting their own business to supplement their retirement income. Fundamentally, the first step is to stop saying it can’t be done, or that the individual can’t start and manage their own business endeavor. In moments of insecurity, the individual need look no further than their resume—a listing of themselves, their career and their accomplishments—to know they are more than equipped in business experience to function as an entrepreneur. Next, once the individual has bolstered their own sense of confidence, they must seek as much advice as is possible. Ask everyone possible on what the individual is best equipped for and, in turn, listen very carefully. Doing so could offer a number of surprising perceptions, including insights into how the individual is perceived, especially in terms of strengths and weaknesses.
Before moving forward with creating the business, the individual must also make peace with his or her perceived past disappointments and mistakes. If the individual continues to allow these items to work as a barrier, even the best intentions are doomed to fail. The final step before truly starting the endeavor is to set one’s own criteria; finalize the parameters of the plan of action, including what products, services or work procedures best suits the individual’s personality. This also includes who the entrepreneur may wish to work with, and what the work culture should feel like. Finally, it is important to remember that taking the first step in creating the business doesn’t need to be some form of a grand gesture; make a list of things that can be completed right now and, from there, choose the easiest and least intimidating and proceed full speed ahead.
Take a look at critical finance factors from Hadi Aboukhater’s lat post here.