Did you know there are more entrepreneurs over 50 than under 30?
There are a few reasons for this:
1. Most hard-working employees have built a nest egg large enough to cover the costs of starting up a business without undue financial hardship.
2. It’s harder to find a job or extend a career later in life than in your 20s.
3. Older executives have a large network to tap into as well as the kind of life and professional experience that serves them well should they go out on their own.
Let’s be honest, it’s still very difficult to go independent without bankrupting yourself. Many, like me, are therefore more like solopreneurs than true entrepreneurs, having decided that building and managing an organization just wasn’t in the cards anymore.
But the truth is I didn’t really have the courage to go completely independent until I was 63 and I wish I had done it years earlier.
Here is what I think you need to have in place when you stop being an employee and become independent:
1. A pretty firm idea of what you want to do. Ideally, it’s not completely different from what you spent most of your career doing. I, for example, decided that I wanted to be a coach for C-level executives – I had already spent most of my career working with the C-suite as a strategy consultant. Although the work is quite different, I knew how to talk to and work with senior executives.
2. Enough cash (or a portfolio) to last you one to two years just in case you don’t make any money at the beginning and the upfront costs are higher than expected. (Don’t worry, most people start making money within two or three months of starting.)
3. Time and willingness to learn about using social media. Even if your existing network provides you with clients at first, eventually you’re going to have to start marketing to people you don’t know.
4. Get crystal clear on who you are. One of the hardest things for me was to strip off the many years of behaviors and mindsets I developed as an employee. I was great at acting but not great at being authentic.
5. Mental and physical health. It’s hard enough dealing with rejection and uncertainty, so make sure you’re up for it.
6. Be willing to face your fears. Every entrepreneur has had to deal with failure, embarrassment, looking stupid, making mistakes, etc. None of this will kill you so get used to it!
7. Celebrate your successes. Your confidence will take several hits so be grateful you are your own boss and that you are the cause of your success!!
Now – go out there and be great!!
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