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!

JAY LENO REWIRES HIMSELF and NBC!

I became a Jay Leno fan years ago. I was bummed to see him moved aside for Conan but since I do work in the mature worker category I understood what was happening. At 59 I knew that Jay was not ready to stop working...and why should he? If you love what you do, why stop? To me it is very apparent that to Jay "work is fun!" Some of you might be shocked when you read this ...work and fun in the same sentence, you ask? Isn't that an oxymoron? For some yes, but NOT FOR EVERYONE! and definitely not for Jay Leno!

I won't surmise what Jay's drivers are, although we do identify 85 drivers, or motivators in DON'T RETIRE, REWIRE! for why we all work beyond a paycheck. If Ihad to guess I would say that he has a high need for accomplishments, to stay creative and to be competitive.

And to do that he had to take a risk and so did NBC, hence the birth of The Jay Leno Show! Rewiring is about moving energy into new and different areas, which is what they both did, and now we literally need to stay tuned to watch how Jay's rewirement goes. There are always critics and supporters and remember rewirings do not happen over night.

Let's be honest---the future is about risk. Will it be worse to take a risk, or to not take one? That is the question that many boomers will have to ask themselves. You need to know yourself: are you risk oriented, risk averse or somewhere in between?

When we choose to rewire we need to face the reality that a lot of it has to do with risk AND reward. So I'm advocating that regardless of the economy or challenges that we are facing, that each of us takes the time to assess our drivers and to analyze our own risk factor. And while we're doing that let's see how Jay rewires. His rewiring is on TV...five nights a week...in front of the world. Ours isn't, so take a small step toward rewiring yourself. For most of us our rewiring will not be covered by the media!