6 Amazing Tips About Senior Entrepreneurship I Learned From My Dad The entrepreneurial journey is a harsh learning curve many have softened by starting when they had a lifetime of wisdom accummulated.
By Chidike Samuelson Edited by Dan Bova
Opinions expressed by Entrepreneur contributors are their own.
My Dad never gives up, he never takes it lying down… he started his own blog at the age of 64, started a freelance writing career, alongside an NGO for empowering young people to pursue their dreams and succeed early on.
Yeah, talk about drive. Dr. Myles Munroe (of blessed memory) once made a very profound statement when he said; "The wealthiest place on earth is not the oil wells of Saudi Arabia, but the graveyard… because in it are dreams that never took flight, businesses that were never started, songs never written and goals never reached."
Whether you are a retiree or about to become one, I am certain you want to retire well. If you didn't quite follow the "dare it while you are young" mantra then believe me, you still have a choice and a chance. Senior entrepreneurship as it has come to be known is a growing phenomenon, with an amazing number of people having walked the path successfully already.
Related: Late Bloomers
As long as you have a second left… live. These tips will help you.
1. Leverage your relationships.
I had been blogging and freelancing for quite a few years before my dad decided to get in line, what shocked me was the support he received. I didn't have half of that support when I was just beginning. If there is one thing you have in your later years, it is relationships and quite often, your relationships will span through a vast spectrum of people, professions and expertise.
Leverage on this, get advice, some hand holding, some financial support, some input and some partnership. Don't think of braving it alone at this stage in life.
2. Leverage on your experience.
Reading my father's work always tasted like old wine. In all my professional experience, I realized my dearth of real life experience in watching him work. There was the discipline and focus of a man who had failed many times and succeeded many times as well. he knew how to navigate them both.
Being at the other end of your life is no disadvantage, it is rather an advantage you need to leverage, you know people, how they will response in certain situations, you have been a customer of various businesses even if you have never owned one. Trust your gut, even if the books don't agree… your guts are usually right.
3. Keep track of the trends and the news.
It is one thing to know what to do and a whole other thing to know how to do it, I remember my dad sending out a message to us younger folks to check out his work and get back to him with input. I believe this was the smartest thing he did at that stage.
Related: The KIND Founder's 10 Tenets of Entrepreneurship
While his overwhelming experience was clear for all to see, his target audience was not quite clicking with him. The reason was simple -- trends. For instance, style of writing articles have drifted from educational to conversational in the last decade. Customers have even started drifting towards features in products than durability.
Running a business successfully in this century is beginning to depend too much on market trends, government economic decisions and the actions of bigger businesses. You need to keep in step with the news and economic trends
Resources like iforex news, CNN money, Kiplinger and Bloomberg can help provide accurate news and valuable information for business people, investors in foreign exchange, property and real estate and even stocks. Such resources are also relatively inexpensive to leverage.
4. Leverage social media and the Internet.
My dad would sit down for hours on end, being lectured on how to use resources like Facebook, LinkedIn, Twitter and other online platforms. This was really inspiring to me as it should be to most budding senior entrepreneurs out there.
The internet is no longer the next big thing, it is already the hub of the 21st century, starting any kind of business without being plugged into the benefits of social media marketing and online visibility is like leading a herd to feed in a desert.
5. Leverage less burdensome financing ventures.
What do you do if your savings cannot quite swing it? There are less burdensome ways of raising capital or sustaining a blooming small business.
Related: 5 Predictions for the Senior and Boomer Market
The beginning will be just as hard as it would be starting anything, raising capital and funds to sustain a growing business is tough. there are some unconventional ways; applying for grants, try raising support from family and friends or get Angel investors involved.
Avoid bank debts as much as you can at this point rather explore schemes like invoice factoring to keep cash flow running, while avoiding debt totally. All you need is to look for a great factoring company that meets your business needs.
If you must take loans, consider schemes like a reverse mortgage, which is specifically tailored for senior borrowers who want to secure credit against their properties, but is less tedious in accumulated interest.
6. Turn your passion into profit.
My dad had been a writer for as long as I could remember, he had always been involved in training young people and human resource development. He already had over 14 published books before this time, so he wasn't necessarily stepping into new territory.
Businesses can be hard to sustain and at a certain age, it is best to do it only if you are passionate and skilled already in that area.
That being said, age is just a number. If you have one more second to live, then make sure you live it fully.
