There are many paths to entrepreneurship. You might be a little bored now that the ‘retirement honeymoon’ is over, find yourself considering the challenge of entrepreneurship. Maybe you have a good idea that you want to develop and bring to the world. Perhaps you’re trying to find a job just to keep you busy, but you’re facing ageism in the workforce.
Well I have good news for you. Over the years, I’ve worked with many business start-ups and I’ve talked to many entrepreneurs about their ideas, their goals and their visions for the business they are starting. I’ve noticed a few things, one being there are more many more people starting a company after they retire. A recent survey of seniors shows 70 per cent of Canadians plan to work after retirement, which translates to many more retirees are turning their golden years into productive enterprising years.
I celebrate that fact because I know you actually have a better chance at success than your younger colleagues. My experiences and my research support this.
I’ve come to believe the higher success rates are due to two major factors:
- While retirees may have a little less energy than a twenty-something year old (though I know grandmothers that can out walk their kids and grandkids), they have a lifetime of experience and perspective to more accurately judge the potential of a business and the resources they will need to build it.
- They have much more money. A business start-up almost always requires capital – often more than originally estimated. When you need to hold on through the fledgling years or periods of economic downturn, deeper pockets always win.
That’s the good news. However, I’d be remiss if I didn’t also sound a note of caution. If you find yourself wondering if entrepreneurship is for you, here are four very important questions to ask yourself before you start down the entrepreneurial road:
- Do you have enough passion for your idea to hold on when times are tough?
If you want a challenge, entrepreneurship WILL give you one. You’ll eventually need it to push yourself beyond your comfort zone and persevere when the tasks become challenging. Those who start out thinking about how much money they will make right out of the gate may want to reconsider. Overnight sensations almost never are ‘overnight’. You just don’t hear about the sweat and tears that went into the business before they were discovered!
- Do you know your market?
To be successful, you need careful planning and execution. You need to have the expertise with the product or service in your market. Take some time to talk to your future potential customers. Ask them if they would buy your product or service, how much they would pay and what or how they would want it delivered to them. Scout out your competitors and find out how they are doing it well (or badly).
- Do you have a safety net?
Lack of time and lack of money are what kills eighty percent of start-ups in the first five years. Make sure you haven’t underestimated the amount of resources that will be required. Even after your very best guest, you will likely find yourself surprised that it requires more. It’s a good idea to have enough money saved or set aside to cover a minimum of six months of costs. You don’t want to wake up in a cold sweat one night when you realize you’re spending your retirement savings!
- Do you have a social support network?
Encouragement from trusted family and friends will help build your confidence. And the people closest to us can often see our strengths and weaknesses, so it’s not a bad idea to listen to them – but only to a point. While they might be very instructive about your nature and attributes, they may not be as helpful about your ideas, especially if they’ve never applied themselves to entrepreneurship. Build a network of fellow entrepreneurs that you can stories and ideas with. There are many entrepreneurial support groups in your community and they are all easily found online.
Ultimately, it is your passion drives the momentum that will make you a successful entrepreneur. If you choose to set your entrepreneurial sales, may the wind always be at your back and may you have following seas.
“The tragedy of life is not that it ends so soon, but that we wait so long to begin it.”W. M. Lewis
Mathieu Powell I President
Coastline Marketing Inc.
“In touch and on time”.
Main Office: 778-425-4644
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mathieu@coastline.marketing
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