baby-boomer-entreprenturial-mindsetBaby 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.

 

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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.

 

If you would like more tips on working smarter in your retirement business, subscribe to Smarter Small Business Blog. We will share with you more information on the resources that will help you build your entrepreneurial mindset in a smarter way. Just click this link: MyBabyBoomersBusinessDream. Brought to you by Shallie Bey, Founder of Smarter Small Business Blog – The Business Dream Weaver. Article source: EzineArticles.
 
Related Articles:
Will You Have Enough to Survive Retirement
Baby Boomers – Reinvent to Retire
Will You Work Until You Drop?

 

 

We’d love to hear your questions or comments below. Thank you.

 

 
  • I completely agree that having the correct mindset is essential for anyone setting up their own business, whether a babyboomer or not. I think that positive thinking plays a major role in bringing this entrepreneurial mindset about. I have written a number of blogs about this and how you can achieve it. My wife and I are boomer entrepreneurs and loving it.Good luck to all boomer entrepreneurs out there!

    • Welcome Abbas! Glad you enjoyed the post. Thanks for your comment. Your website has some very good info!

    • Thank you for taking time to comment on this article. You are certainly right that all entrepreneurs must have the entrepreneurial mindset. We pitch the baby boomer perspective to let baby boomers know that there are special situations we must consider as baby boomers new to being entrepreneurs or aspiring to become entrepreneurs.

      Best wishes to you and your wife, fellow baby boomer entrepreneurs.

      • Welcome Shallie! Thank you for stopping by and commenting. We are very happy to share your great article with our readers. It complements one of our biggest messages to Boomers: with the increasing financial difficulties for retirees, which we believe will get much worse before it gets better, now is the time to get ahead of the curve and start an online endeavor to augment or replace retirement income.