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.
----------------------------------------------------
Dr. Susan L. Reid is a business coach and consultant for
entrepreneurial women starting up businesses. She is the
author of Discovering Your Inner Samurai: The
Entrepreneurial Woman's Journey to Business Success. Susan
provides intuitive small business solutions, powerful
attraction marketing tools, inspiration, and direction.
Visit http://www.SuccessfulSmallBizOwners.com and download
your copy of her latest free business success article.
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