An argument for entrepreneurialism.
If you conduct an internet search about becoming an entrepreneur you will definitely see a lot of nay saying posts about the rigors of business ownership. It’s true Starting a business can be extremely challenging. Many people fail. I’ve failed. But consider this-you have the benefit of years of experience, time and you as a mature adult reflect on your purpose versus reflecting on the needs of a growing family.
As a person who is either already retired or approaching retirement you can decide if your endeavor is primarily an exercise in earning, or an exercise in joy, or a combination of both.
Clearly I’m making a few presumptions. Firstly, that you are in a position that includes some income from retirement accounts, savings accounts, social security and investments. If you must work to earn, beginning a business without an income is a mistake. Only take on entrepreneurial efforts if you can manage with the resources you already have.
If you think you won’t be able to survive on the resources you have, start with paring down your “needs”. I put the term needs into quotes because so many of us live beyond our means. A great strategy for all eras in our life is to live below our means. I wrote a book about living frugally called, “Never Worry About Money Again: Gain Financial Freedom By Becoming Better At Managing The Money You Have” in which I detail the concept of living well with less. Being a frugal person is liberating. No longer will you have to keep up with the Jones’, you live a full and gratifying life with less and you’ll be happier. Because stuff never makes you happy, only actions, experiences, and relationships make you happy.
When you consider your motivation, consider the following-
· Do you have a passion you want to share with the world?
· Would the sharing of your passion build your social network?
· Would building a business engage areas of your brain that have been underutilized over the past several years?
· Would bringing in a few extra bucks be a boost to your self esteem?
· Can you imagine in detail what it would take to start a business?
· Do you have the wherewithal to overcome obstacles with grace?
· Are you interested in meeting with a lot of other people who share your interest?
· Will your energy level be up to the task?
All of the items in the above list can be massive challenges, but ultimately having the time to work on your challenges is something you have in abundance as a retired person or will have if you are in the preparation stages of a pending retirement. Let’s break down each of the items on the list above to consider the actual barriers and actual benefits.
· Sharing your passion will require proactive outreach which is hard. You have to look for others who love what you love, and you have to have the courage to reach out directly. Overcoming the fear of rejection is real. But once you find one person who is open to engaging in a conversation about your passion the door will open to meet others. Plus you’ll have the benefit of the relationship and the exchange of ideas.
· Building a social network of like minded individuals is critical as we age. Making friends as a mature person is hard. Often we simply don’t have time or don’t want to make time. People can be demanding and not well aligned with our values. When you were young these barriers didn’t exist because young people don’t need their friends to have all the same values. They just want to have fun. Adult values are much more hard set. In almost every circumstance once you get to know someone you learn to like them over time. Giving relationships time to develop is okay. You may find that even though a person doesn’t have your same values they are still fun to be around. They can become one of the people you look to when you are seeking an alternate perspective. That has value.
· It’s really hard to learn new things. Every day I have to learn something I never thought I would have to learn and often it is an exercise in frustration. Conversely I can have a conversation about AI, or social media marketing, or writing, and many other topics that I’m learning about. I’m actively engaged in subjects that didn’t exist when I was younger. I feel as though I am more interesting and I’m sure taxing my brain to learn the crazy new concepts of our changing world is good for me and my ability to grow intellectually.
· Earning money is a measurement of success in our society. The amount you need to earn is different as a retired person. Supplemental income can be the difference between going to Bora Bora this year or going camping at the state park. You can plan your earning to be what you need, pressuring yourself to become a late in life millionaire or billionaire is a great fantasy, but to be practical you can earn a little extra and it can go a long way in supporting your lifestyle.
· Being able to clearly imagine what it takes to start a business is a good way to visualize how you will reach your strategic goals. If you can’t imagine what a day of entrepreneurial work looks like to you, building a business will be difficult. Visualizing what your day to day life looks like is a great way to start your journey. I have a workbook, a podcast and a YouTube channel to help you with visualization.
· Often I find myself incredibly frustrated when I’m trying to learn a new task. More often than not it’s because I don’t give myself enough time to go through the steps necessary to learn what I’m trying to do. Taking a step back and giving myself more time works well. There are times I will go through an entire process, master it, then I don’t have to do it again for several weeks and in that time I forget all I learned. That is frustrating. But I step back, take my time and eventually I’m an expert again, even if it’s just for a short time. You can do this as well.
· Loneliness as a retired person is real. If your social group was primarily made up of co-workers you’ll find that once you are out of the work force you won’t have much in common with the folks you adored when you worked together. Building a peer group of individuals who are passionate about what you love is a great way to build a network of like minded people. Socializing will keep you young, give you purpose and enhance your day to day life.
· Building a business takes time and energy. I work part time. I don’t want to commit all my time building my business. I don’t care as much about the money as I do about sharing my ideas. If you want to build a massive money earning business it will take a lot of time. No high earning professional created wealth by working part time. Evaluate your motivation. If you want a lot of money, be prepared to work most days of the week, long hours and be prepared for your business to occupy most of your thoughts most of the time. If you are looking for a few extra bucks be prepared to commit to a few hours each day. Being an entrepreneur will mean that you think about your business most of the time. There doesn’t seem to be any way to avoid that, but when it’s your passion it will be fine to be preoccupied.
