Avoid These Mistakes to Achieve the Entrepreneurial Mindset
Baby Boomers are electing encore careers in record numbers and for various reasons. Some need to create an alternative source of income, some want to augment their current or upcoming retirement income and others just want to take the opportunity to explore and share their creativity and passion.
One thing required for any encore career is adopting an entrepreneurial mindset. While that may sound easy, it’s far from it. The following article presents some of the mistakes that can suppress the right mindset and suggestions on how to handle them.
Baby Boomer – 3 Mistakes That Suppress
Your Entrepreneurial Mindset (Encore Careers)
By Shallie Bey
Baby boomers are selecting alternative careers over conventional retirement in record numbers. These alternatives to conventional retirement are commonly called “Encore Careers”. One of the most exciting options being selected is starting a retirement business as an Encore Career.
Starting a retirement business requires acquiring a way of looking at the world from an entrepreneurial perspective… an entrepreneurial mindset. This varies significantly from the challenge of getting a job in a new industry, getting a part-time job, or doing volunteer work – other common ways of embarking on an Encore Career. By developing a strong entrepreneurial mindset, you significantly increase the prospect for success in your retirement business. You do want your business to be successful, don’t you?
3 Mistakes That Suppress Your Entrepreneurial Mindset
Mistake #1 – Seeking Permission – In education and in work… even in sports… you have been taught to be a team player and to get permission for what you want to do. As an entrepreneur, you have a new task, to give direction to your business rather than seeking permission to support the direction being set by your boss.
What to do instead – As the leader of your business it is now your turn to assume responsibility for issuing the marching orders, whether you are a solo-entrepreneur or are forming an organization with dozens of people. Even if you depend heavily upon specialists, you must approve the direction your business will take.
Mistake #2 – Failing to Set the Direction of Your Business – Often times, aspiring entrepreneurs desire to start a business but have no defined expectations for the business. The business without defined expectations could take you anywhere, including into financial or emotional ruin of your retirement.
What to do instead – Your business should support the direction and goals you have set for the next stage in life. There must be a reason “WHY” starting a business is the right thing for you to do. Secondly, your business must serve the needs of the market you have selected to serve. You must understand the problems of your market and how to provide the market with a solution that they are willing to pay for that generates a return to you for your effort… a profit.
Mistake #3 – Failing to Have an Action Plan – Once you have developed your direction, you have what is often called your Strategy. The most common next failure is not having a planned way to take action on your strategy.
What to do instead – Break up your strategy into implementation steps, projects that will be accomplished over time. For each project, break out milestones, time lines and measures of progress. By breaking your strategy into implementation steps you have specific plans for what must be done, in what order, and by when. This overcomes the problem that so often leads to business failure, death by a lack of proper action.
A strong entrepreneurial mindset is key for any business. The entrepreneurial mindset is the foundation of working smarter rather than harder… that is no less true for us baby boomer entrepreneurs as we start our encore careers.
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