More Seniors Enter into Entrepreneurship

Q: Why are seniors choosing to pursue entrepreneurship?

A: A number of necessary changes have encouraged more seniors to exist independently in the business world. The potential cut-off of Social Security benefits is one development that has worried seniors. Other events such as job layoffs, decreasing 401(k) accounts and age discrimination also play a factor. Although entrepreneurship can seem like an intimidating proposition, it is also a welcome opportunity that offers great satisfaction and a sense of fulfillment. Entrepreneurs use their own unique resources and talents to meet a need in society.

Q: What’s the first step toward entrepreneurship?

A: The biggest thing when first establishing an entrepreneurial pursuit is to begin gradually. Maintaining a part-time job while making business plans on the side will ensure that an entrepreneur is financially secure. Gathering information about a specific field is also a good place to start. Identify executives and business professionals who can provide advice. If it is difficult to find someone, the website Job Shadow (jobshadow.com) offers online interviews within a number of industries. Specific duties such as managing payroll, leasing an office space, and handling human resource issues should be discussed.

Q: What are some recommended industries?

A: Determining what type of business will match an individual’s personal strengths is important. A passion or interest might not be the most suitable area to pursue. In fact, many entrepreneurs choose to remain in their current fields and work independently, which allows them to enjoy more freedom and a flexible schedule. The analysis of an individual’s professional and personal background usually uncovers hidden talents. Business classes and seminars can assist individuals in assessing their strengths and weaknesses. Organizations like Small Business Development Centers, Service Corps of Retired Executives, and other nonprofit organizations focused on entrepreneurship offer consultations and resources that may prove beneficial. A simple Internet search will yield online courses that inform participants about a chosen field and the newest technologies available for day-to-day affairs.

Q: In the early stages, what should entrepreneurs keep in mind?

A: Often, the fear of failure causes individuals to give up at the first sign of stress. By educating themselves early, future entrepreneurs are able to capitalize on their years of knowledge. If a particular aspect of business is not working, readjust expectations and reassess goals. Even the most detailed business plan, written by the most knowledgeable expert, is not etched in stone.