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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