Tuesday, July 27, 2021

Never Too Old to Get Rich (Book Notes)

 As I start thinking more about what to do when Olivia goes to college in Fall 2022, I keep revisiting the idea of being an entrepreneur. There are certainly advantages and disadvantages to being an entrepreneur. However, having founded and ran a non-profit in the late 1990s-early 2000s, it is something I enjoyed doing and it was a good fit. 

The book Never Too Old to Get Rich - The Entrepreneur's Guide to Starting a Business Mid-Life by Kerry Hannon had a lot of great information and ideas. 

There were also activities to do to help determine and/or prepare you for that career path. Some of the key points are below. 

- 10 tips for mid-career entrepreneurs:

- Be clear about your goals

- Start early to prepare

- Learn business basics

- Build your network

- Surround yourself with positive people

- Offer and seek help

- Create a social media strategy

- Define and promote your brand

- Listen to your customers

- Learn to be motivated

- 3-part fitness program: become financially fit, physically fit, and spiritually fit. 

- Prepare for a change and network with people doing those jobs.

- Connect with a mentor either in person or online.

- Volunteer - network in any associations or organizations devoted to your passion or hobby. Get invovled. Attend meetings. 

- Reach out to your alumni network.

- Look at many different busienss models for ideas.

- Do one thing daily to work toward your goal.

- Intergenerational pairings are energizing and represent a great blueprint for future success.

- Take the time to plan and create a strong financial base to start.

- Start slow - it takes about a year to lay the groundwork to start a nonprofit. Invite a well-known speaker for an event.

To-Do List

- Begin a journal in a notebook or computer file for your "Be My Own Boss" program. Write your professional and personal goals for your potential business

- Create a list of the type sof businesses that might be possible for your to launch in the orbit of your passion or hobby.

- Make a list of people who have started businesses from their passions or hobbies and ask them what their challenges were. Ask for advice.

- Write down your goals for working with a mentor.

- Set up a routine exercise program.

- Do a budget. See where you can trim costs and pay down debt. Keep saving for retirement.

- Take a class in mindfulness or meditation.

- Separate business and personal accounts to simplify bookkeeping.

- Start small as a side gig. A soft launch gives you time to work through the unexpected challenges.

- Look for advice through a local chamber of commerce, the SBA's Women Business Centers, and women's business owner associations.

- Take courses on entrepreneurship at a local community college.

- Focus on what it is you want to sell or a service you want to provide. Discover the essence of what you want your business to represent. Keep it simple initially.

- Write down what activities you are passionate about - especially those from childhood. Is there a business concept hidden there or a path for self-employment?

- Can you monetize your passion? What do your potential competitors charge for their goods and services? Do you need a storefront or office, or would an e-business that is home based be sufficient? 

- How many years until you really plan to retire? Does the business concept have time to grow and prosper?

- Check to see what regulations your town has for home-based business.

- Look for ways to self-promote on various social media platforms.

- Write about how you might make a difference with a small nonprofit start-up. What causes do you wear on your sleeve?

- Volunteer your time at similar organizations that you would like as a model for your venture.

- Create a vision board to inspire you.

- Write your nonprofit-oriented resume and LinkedIn profile.

- Look into educational opportunities to ramp up your knowledge of the nonprofit worl.

- Consider if crowdfunding is a viable path for your to raise cash.

Websites to Explore

- PivotPlanet.com

- Score.org

- "How I Became an Entrepreneur at 66" - TED Talk

- Idealist.org - provides direction, lays out initial steps for launching a new nonprofit, and has resources. 

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