Boomer Entrepreneurs

Our friend, Marc Freedman,founder of Civic Ventures, recently published an article in The Harvard Business Review on Why Older Entrepreneurs Have an Edge. It is a hot topic these days with Boomers who have either exhausted themselves looking for a job without success or for retirees who want to do something cool, meaningful and profitable in their next act. Marc's beat is civic engagement....giving back to society...and entrepreneurship is one way for people to do something philanthropic or charitable. The article quotes studies and statistics on later life (over 50) entrepreneurship. It is reassuring to see that it is possible to open a new chapter of your working life based on what is referred to as "experimental genius." He states that, "...creativity and innovation spike for many in later life." We couldn't agree more. Intellectually it is possible to create something that can be turned into a successful business either for profit or not for profit. It can be done! But wait. Having the creativity and ideas to start something new is a wonderful thing. But becoming an entrepreneur regardless of age takes some other attributes that often mean the difference between success and failure. After all there are a bunch of great ideas that have failed and later life entrepreneurs who have lost everything including money and self confidence. That is just the prologue and in no way should discourage a budding grey entrepeneur. But it takes more than a good idea. Here are a few things to ask yourself if you are thinking of taking the "E" plunge. First of all, entrepreneurs take risks. What is your tolerance level for risk? If you have worked for someone else all your life, it is probably because you were successful at working for someone who provided the tools, resources and stability of a job and the perception of job security. We all know job security is a dream today, not a reality. If you had the appetitie for risk why would you have stayed? Secondly, Entrepreneurs always find out it costs more to start a business than they thought it would. Do you have the money to spend and possibily lose without jeopardizing your family? Another question to ask yourself, is do you have the stamina? Entrepreneurs work long hours with few days off. Yes, you take out your own garbage! Is that how you want to enjoy the next five years? The list of questions goes on. If you are serious about it, get cracking. Do your homework, count your money, analyze the competition and the marketplace. Opportunity may be in front of your nose. In the end you may decide to hold that nose and take the plunge! If you do, good luck. All entrepreneurs know you have to work hard and work smart and of course be lucky!

Do You Have What It Takes To Become An Entrepreneur?

There has been a sharp rise in people 55+ becoming entrepreneurs; with many more in the wings checking out the idea. The rise is a result of desire and default. My comments in the New York Times article on entrepreneurism prompted many people to call and write me about what do I really think it takes to become an entrepreneur today. I have a checklist of ideas but I wanted to see what the specialists were saying.

I remembered that when I was Editor at Large of WORKING WOMAN magazine that we ran a special section on entrepreneurship in conjunction with the Small Business Administration in Washington DC. Some of the best insights and advice came from professors at Babson College (one of the first schools offering classes in entrepreneurship).

So as I was doing my research for this blog I was thrilled to discover this article in The Harvard Business Review entitled: "Should You Be An Entrepreneur? It reflects my thoughts and is honest, straight-on and practical. Just what every potential entrepreneur needs to hear! And it is written by Professor Daniel Isenberg of you guessed it, Babson College. He challenges the reader with thought-provoking questions that are broad in scope and gives you the chance to take a terrific 2 minute quiz that should not be missed.

To get you thinking here are a few of Professor Isenberg's Yes or No questions:

1. I don't like being told what to do by people who are less capable than I am.

2.I like challenging myself.

3.I like to win.

4.I always look for new and better ways to do things.

5.I can't sit still.

And there are 15 more personally-challenging questions that you need to answer if you are thinking about starting your own business. You can score yourself ...and for your own sake, be honest! The worst thing is try and fake out yourself; usually the only one who loses when that occurs is you!

To see the full article, and many more from Daniel Isenberg, go to the Harvard Business Review and put Daniel Isenberg in the search box. You'll be amazed by the breadth of knowledge this man has about entrepreneurship! Even current entreprenuers will benefit from his research!