Boomer Entrepreneurs

Our friend, Marc Freedman,founder of Civic Ventures, recently published an article in The Harvard Business Review on Why Older Entrepreneurs Have an Edge. It is a hot topic these days with Boomers who have either exhausted themselves looking for a job without success or for retirees who want to do something cool, meaningful and profitable in their next act. Marc's beat is civic engagement....giving back to society...and entrepreneurship is one way for people to do something philanthropic or charitable. The article quotes studies and statistics on later life (over 50) entrepreneurship. It is reassuring to see that it is possible to open a new chapter of your working life based on what is referred to as "experimental genius." He states that, "...creativity and innovation spike for many in later life." We couldn't agree more. Intellectually it is possible to create something that can be turned into a successful business either for profit or not for profit. It can be done! But wait. Having the creativity and ideas to start something new is a wonderful thing. But becoming an entrepreneur regardless of age takes some other attributes that often mean the difference between success and failure. After all there are a bunch of great ideas that have failed and later life entrepreneurs who have lost everything including money and self confidence. That is just the prologue and in no way should discourage a budding grey entrepeneur. But it takes more than a good idea. Here are a few things to ask yourself if you are thinking of taking the "E" plunge. First of all, entrepreneurs take risks. What is your tolerance level for risk? If you have worked for someone else all your life, it is probably because you were successful at working for someone who provided the tools, resources and stability of a job and the perception of job security. We all know job security is a dream today, not a reality. If you had the appetitie for risk why would you have stayed? Secondly, Entrepreneurs always find out it costs more to start a business than they thought it would. Do you have the money to spend and possibily lose without jeopardizing your family? Another question to ask yourself, is do you have the stamina? Entrepreneurs work long hours with few days off. Yes, you take out your own garbage! Is that how you want to enjoy the next five years? The list of questions goes on. If you are serious about it, get cracking. Do your homework, count your money, analyze the competition and the marketplace. Opportunity may be in front of your nose. In the end you may decide to hold that nose and take the plunge! If you do, good luck. All entrepreneurs know you have to work hard and work smart and of course be lucky!

ARE YOU A CANDIDATE FOR THE 2009 PURPOSE PRIZE?

I am thrilled by some of the innovative and socially rewarding things that people 60 years and older are doing as "encore careers." (People under 60 are doing cool things too, but today I'm focused on 60+!) I am an advocate of people rewiring and when you see people doing things that are fulfilling their own needs and society's, you can't help but get excited.

Civic Ventures, the fantastic organization spearheaded by my friend, Marc Freedman, is looking for nominations for the next 10 winners of The Purpose Prize. The Purpose Prize is a $100,000 award for people over age 60 who have created new ways to solve social issues. From healthcare to education, to global warming to poverty reduction, winners of The Purpose Prize have been recognized for using their experience, wisdom, and skills to figure out new methods and/or organizations for improving communities both here and abroad. Click here to read about Purpose Prize winners.

I have met some prior winners, (who I consider to be great rewiring role models!) and have to admit that they are truly living fulfilled lives, while enriching the lives of others. I know that some of you are also doing great work, or know others who are so here is your opportunity to nominate yourself or another for the 2009 Purpose Prize award.

It's easy to do the nomination at www.encore.org/prize. The deadline is March 5, 2009.

So maybe you're not a candidate this year, but at least take a moment now and think---what issues are out there today that interest me? and that I would want to change? That is the beginning of the rewiring process that puts you on the pathway to your encore career!