Ep ~ 6 Finding Your Entrepreneurial Edge

How to Find Your Entrepreneurial Edge As A Baby Boomer

Finding-Your-Edge

There is no doubt that age is becoming an increasingly important factor in entrepreneurial success, as baby boomers find success in retail, electronics and other industries. In 2016, almost 25 percent of thriving entrepreneurs were aged between 55 and 64, an increase of about 10 percent from just 20 years earlier. And over 16 percent of Americans aged 65 or over are self-employed. If you consider yourself a baby boomer and like the idea of becoming a middle-aged entrepreneur, you probably have more reasons to succeed than someone half your age.

Show Notes – Baby Boomer Podcasterguy.com Episode # 6

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Photo by: Timon Studler on unsplash.com
Timon Studler on unsplash.com

Networking Is Important

As many baby boomers know, who you know is just as important as what you know, and acquiring and keeping relevant contacts, including potential investors and business partners is one of the most effective steps you can take. And if social media isn’t your thing, don’t worry too much about it – just over 80 percent of older entrepreneurs feel that face to face networking is more effective, according to research carried out by the Wall Street Journal.

It’s clear that most professionals will gain more contacts the longer they are involved in their particular industry or area of expertise. However, because online networking is now so important, if you haven’t learned the in’s and out’s of connecting online, it may pay you to partner with someone who perhaps has a better grasp of how the Internet can help with making and maintaining business contacts.

For myself, I am very bad at keeping up with my contacts on social media. Logging into Facebook and reading about peoples lives in ways I really do not want to know. For a time I worked at a mental hospital and one of the patients had attacked one of the nurses. I happened to mention it on Facebook and how this particular patient was a really bad person. The patient ended up getting arrested for the attack. I don’t think anything ever came of the charge. Anyway, I was called in on the carpet for mentioning the incident on Facebook. Even though I never said the patients name, I was still written up for this. Seems like I got more in trouble about the incident than the actual patient who caused bodily harm to the nurses aid.

So you have to be careful what you post on social media. Since I am obviously not very good at it, I just don’t post on Social Media any more. However, that is just who I am. And this podcast is about you and how important it is for you to maintain contact with the people you have known and have come in contact with over the years.

Photo by: Eric Didier on unsplash.com
Eric Didier on unsplash.com

Use Your Experience

Let’s face it – although a younger entrepreneur may have enthusiasm and technological know-how, they just don’t have the years of invaluable life experience that older entrepreneurs have acquired. And when it comes to asking for funding, perhaps not surprisingly most investors would rather work with those in their 50s and 60s who have the experience and the confidence to impress potential investors. Financial stability, inside knowledge of the industry and a feeling of confidence and optimism, also comes with age.

Mikael Kristenson on unsplash.comPhoto by:
Mikael Kristenson on unsplash.com

Own Up to Your Age

Aging is inevitable, and one of the best ways to deal with it is to acknowledge that in many areas of life, being older and wiser can be a distinct advantage. Most companies hold older employees in high regard and admire and trust them especially if they have worked their way up through the ranks, or have accumulated knowledge. A 20-year-old simply is not going to have the confidence, experience or accumulated knowledge that a 50-year-old has, and most investors recognize this, even if, as a 50-year-old, you struggle to see it for yourself. A 55 to 65-year-old has a greater potential to come up with innovative and original ideas than a 25-year-old, according to studies carried out by the Founder Institute.

it has been said many times that age is just a number, although thinking that way can be a challenge sometimes. But when it comes to becoming a successful entrepreneur, finding contacts and securing funding, it really is a case of the higher numbers having the advantage.

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How to Find Your Entrepreneurial Edge As A Baby Boomer
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How to Find Your Entrepreneurial Edge As A Baby Boomer
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There is no doubt that age is becoming an increasingly important factor in entrepreneurial success, as baby boomers find success in retail, electronics and other industries.
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The Podcaster Guy
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