Entrepreneurial Role Filled by Baby Boomers and Job Seekers

Think like an entrepreneur

 

If you are a baby boomer or someone who has been a job seeker for many months, but haven’t landed an interview yet…
have you thought about becoming an entrepreneur?

“During the Great Recession, more Americans have become entrepreneurs than at any time in the past 15 years…”
Source: Ewing Marion Kauffman Foundation

AGE + ENTREPRENEURIAL SUCCESS:

According to research on successful technology firms among companies generating at least $1 million in revenue, “the average and median age of their founders was 39,” and “twice as many were older than 50 as were younger than 25,” as well as “twice as many being older than 60 as were younger than 20.”
Source: Vivek Wadhwa, Researcher and Professor at Stanford University, Duke

Data from the Kauffman Foundation provides interesting information on entrepreneurship rates by age group. In 2013, the entrepreneurship rate for those 35 to 44 years old was 0.31 percent; for those 45 to 54, it was 0.36 percent; and for those 55 to 64, the rate registered 0.31 percent.
Source: SBE Council, “Three Lessons for Entrepreneurs: Age Matters, But Maybe Not Like You Think

FINDING YOUR NEW BUSINESS + BECOMING AN ENTREPRENEUR:

Keep your eyes and ears open for a service or product that creates a way to do things faster, enables something to be easier to use or a new way to do something that incorporates one or more of the following elements:

  1. Saves time
  2. Reduces cost
  3. Improves safety
  4. Increases reliability
  5. Reduces negative environmental impact

From too much experience hearing people “talk” about their ideas… I can’t stress enough the importance of taking action and testing out your great idea!

It’s as easy as A, B, C:
A. Write down your big idea, break into smaller parts.
B. Find a sounding board to discuss your idea and figure out how it can become a viable business.
C. Start taking small action steps every day to give shape and build value to your idea while increasing your knowledge base.

As I always love to say: “Start small, and think BIG.” 

Starting is the hardest part, but please don’t waste any more time… go do it.  I love being an entrepreneur, and the thrill of being in charge of your own destiny is incredible!  Here is a blog I wrote about the benefits of being an entrepreneur.

LifestyleLEARN MORE + EXPLORE ENTREPRENEURSHIP:

Job-Seekers: I highly recommend spending some time on Kauffman.org to explore insights about what it takes to become an entrepreneur or to help you start thinking like an entrepreneur.

Baby Boomers: There is also a cool website called “Boomer Cafe…it’s your place” –  if you are a baby boomer or one who just wants to figure out the answer to this extremely common question…

What Am I Going To Do With The Rest Of My Life?

“…Their first step was a mind-map of what “Karl” wanted his retirement to look like. We started with the words “Karl’s Retirement” in the center, and added bubbles all around it utilizing the basic life energies/wellness wheel concept: Health and Physical Well-Being; Career, Work, Volunteerism; Recreation, Leisure, Fun; Spiritual and Personal Development; Family and Friends; Money and Finances; Physical Environment; Spouse, Relationship/Significant Other. Around each of those bubbles, we added additional bubbles and even got more specific around those. We ended up with a significant picture of what he wanted out of his retirement.”  Read the full story here.

You can become an Entrepreneur!

Kauffman Sketchbook Illustrates the Six Essential Skills of Extraordinary Entrepreneurs:

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