Seniors, who want to go into business for themselves, face a lot of hurdles. If they need venture capital, the lenders they contact are often reluctant to offer assistance. They sometimes question the retiree's age and stamina. Bankers may believe that the global marketplace is too competitive for seniors, and they worry they won't get their investment back before the senior is permanently out of the picture. Underestimating baby boomer entrepreneurs however, can result in missed opportunities.
Seniors have decades of business experience to fall back on. Lenders may be concerned a boomer is starting a brand new career late in life, but the knowledge gained from one career can extend itself to another. Boomers remember when people had to work hard to do things the younger generation expects technology to do for them. Most seniors consider a good work ethic to be a virtue.
A lot of boomers looked forward to retirement. They loved the idea of plenty of extra time to do whatever they wanted. Many of these same seniors looked around after a few months and decided they were going to die of boredom if they didn't find something useful and mentally engaging to do. They want to get out of the house and back into the workforce, on their own terms.
Boomers, who are thinking about starting a business, tend to be more realistic than younger entrepreneurs. They have seen other business owners come and go and have formed opinions about what works and what doesn't. Seniors are able to set short term goals and tend to be realistic about achieving them. Most have nest eggs, paid off mortgages, and grown children. They may not be as reliant on a paycheck as their young counterparts.
Some seniors have found that retiring means downsizing and budgeting in areas where they never had to before. These older individuals may feel some pressure to bring in extra money. Others just want to feel a sense of accomplishment and self-worth. They are less concerned about the paycheck than the excitement.
Potential investors should consider the fact that boomers don't have the distractions that younger entrepreneurs often face. Seniors have already raised their families and been through all the childhood ailments and problems that keep young parents away from work. Boomers are ready to focus on the job at hand without having to worry about children and house payments.
Once they get the capital a lot of young entrepreneurs ignore the concerns of their investors. Older business owners understand those concerns and go out of their way to address them. These are people who have spent years in budget negotiations, annual planning meetings, and have learned how to deal with money partners. Repaying loans on time with interest is nothing new to them.
Some seniors would shudder at the idea to returning to the workforce. They feel they have earned the right to sleep late and putter in their gardens or catch planes flying to the far corners of the earth. Another segment of this group loves the challenge of creating a viable business that stimulates their creativity.
Seniors have decades of business experience to fall back on. Lenders may be concerned a boomer is starting a brand new career late in life, but the knowledge gained from one career can extend itself to another. Boomers remember when people had to work hard to do things the younger generation expects technology to do for them. Most seniors consider a good work ethic to be a virtue.
A lot of boomers looked forward to retirement. They loved the idea of plenty of extra time to do whatever they wanted. Many of these same seniors looked around after a few months and decided they were going to die of boredom if they didn't find something useful and mentally engaging to do. They want to get out of the house and back into the workforce, on their own terms.
Boomers, who are thinking about starting a business, tend to be more realistic than younger entrepreneurs. They have seen other business owners come and go and have formed opinions about what works and what doesn't. Seniors are able to set short term goals and tend to be realistic about achieving them. Most have nest eggs, paid off mortgages, and grown children. They may not be as reliant on a paycheck as their young counterparts.
Some seniors have found that retiring means downsizing and budgeting in areas where they never had to before. These older individuals may feel some pressure to bring in extra money. Others just want to feel a sense of accomplishment and self-worth. They are less concerned about the paycheck than the excitement.
Potential investors should consider the fact that boomers don't have the distractions that younger entrepreneurs often face. Seniors have already raised their families and been through all the childhood ailments and problems that keep young parents away from work. Boomers are ready to focus on the job at hand without having to worry about children and house payments.
Once they get the capital a lot of young entrepreneurs ignore the concerns of their investors. Older business owners understand those concerns and go out of their way to address them. These are people who have spent years in budget negotiations, annual planning meetings, and have learned how to deal with money partners. Repaying loans on time with interest is nothing new to them.
Some seniors would shudder at the idea to returning to the workforce. They feel they have earned the right to sleep late and putter in their gardens or catch planes flying to the far corners of the earth. Another segment of this group loves the challenge of creating a viable business that stimulates their creativity.
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