By David Pasieka
In yesterday’s blog, I wrote about boomers emerging as entrepreneurs or boomerpreneurs.
A Boomerpreneur is a individual born between 1947 and 1966 who has started their own business. In Canada, this age group represents about a third of the total population and is estimated to control about 65% of the wealth in the country. A study done by Delta Economics (Dec 2008) suggested that over 30% of the Entreprenuers in the US were over 50 years of age. A formidable force indeed!
Here are things to consider.
1) Personal Inventory– Not everyone will be cut out to be a Boomerpreneur. Create a series of lists – What you like to do? What you hate doing? What are your core skills? What are you lacking? What puts a smile on your face? What would you like to do before your number is up? These lists will give you an honest assessment of who you are and what you could be passionate about.
2) “The Thing” – For some “The Thing” is something that they have always wanted to do perhaps a hobby that could develop into a business. For others it may be joining forces with another Entrepreneur who already has an idea and needs a partner.
3) Networking – Help for your idea will come from many sources including family & friends and other early stage Entrepreneurs trying to get their business off the ground. Input from all sources will help shape your thinking.
4) Build a Plan – You can’t jump into this without a “plan of action”. This plan may start out on a “cocktail napkin”, progress to a “two pager”, a PowerPoint and finally a 25-page business plan. Regardless of its form, you will need research, assumptions, validations, financial models, Go to Market implementation plans as well as risks and contingencies.
5) Brand – I am a big believer in creating your Brand (vision, mission, logo, website) and getting your messages out there. You will probably need some professional help in this regard.
6) Understand the Implications – Becoming your own boss has a significant set of implications on your time, quality of life, family, cash flow and personal being. Create a list of implications and associated stakeholders. Be sure to constantly review your progress and its associated impact. Be prepared to “course correct” a number of times.
7) Assess and Celebrate – Constantly review your progress to your “plan of record”. Celebrate the wins regardless of the size and revisit the reasons that things did not go according to “Hoyle”.
For those who have made the leap, I can truly say that they are in a better place then they were before. I plan on writing a lot more about this phenomena as my friends and clients gain traction as Canadian Boomerprenurs.