A large focus of entrepreneurship development is on those under the age of 35, and rightly so, with the unacceptably high levels of unemployment among our country’s youth.
This forms 90% of the focus of my own business as well.
Yet the bigger question is how do we create an economic environment where many jobs are being created.
It is widely acknowledged that business and government will only contribute a small part to this desired future.
Yes, it is up to so-called small business to create these future jobs. Which brings up the question of the so-called “silverpreneur”.
Silver entrepreneurship has several definitions.
The idea behind this concept means individuals nearing retirement who launched a new business after a career as a salaried worker. Here’s a statistic to consider: 35% of businesses are started and run by people over 50.
Older people, and those returning to the work environment later in life, have a huge contribution to make to the small business community.
After serving and assisting approximately 500 small businesses in the past 20 years, I have started my own business in my silverpreneur years.
What lessons as a silverpreneur can I leave with you?
● Have purpose
Simon Sinek, in his business classic says, Start With Why.
The world of entrepreneurship beckoned me over 20 years ago and my fascination with it has not waned. It has, in fact, been the fuel for why I do what I do. When you know your why, the what and the how will follow.
Being clear on your why will reinforce your focus during seasons of disappointments and discouragements.
● Be unique
Tap into your years of experience to offer value to others in a unique and special way.
After all, if you stop adding value to others, why would they continue to support you?
Part of my unique selling proposition (USP) is a relentless focus on the entrepreneur or the “jockey”.
Research has demonstrated that 70% of the reason a business fails has to do with the entrepreneur or “jockey” and only 30% with the “horse”. By constantly reminding clients of their need to embrace the growth mindset, I believe I have kept myself current and relevant.
● Take your experience and passion further
Part of the reason for your silver hair lies in the deep and rich history of the experience you have within a particular field.
The trick lies in believing that you have much value to offer clients within that industry.
I am grateful for the 40-odd years of experience that I have had within community, corporate and a coaching context.
All of these have contributed to the business that I now run. How about you?
● Plan
In preparation for your new venture, I would heartily recommend that you make two lists.
The first is that which is obvious, like, what do I need to be compliant and what do I need to start and who will be my clients? This is where due diligence is key.
The second list is a more personal one. This list addresses what you need to become and what you need to overcome to lead your business.
All aspiring entrepreneurs will face different fears. It’s part of the journey. Yet the secret lies in pushing through your comfort zone through fears into the learning and growth zone.
● Keep growing
Starting your business is not that difficult but leading and growing it into two- and five-year time frames is far more challenging.
One of the factors that could accelerate your growth is embracing the so-called growth mindset.
Perhaps some people will say, you are too old to start.
“Don’t you know how difficult it is, particularly at your age?”
Your response could be, “aging is inevitable but growing old is a choice”.
My wife is a testament to the energy that I display above that of a silver-headed guy.
This is because of the choice I have made to fuel my passion consistently.
I am also consistently asking myself “where can I grow?”
How about you?
● Value partnerships
My own business has been running for nearly 30 months now.
One of the secrets I have discovered is using great outsourced service providers.
I make use of a digital marketing business and an accountant to ensure that these two key areas remain fresh, compliant and value offering.
It allows me the space to work more on my business than in my business and it is an investment I gladly make.
● Sweat your networks
I have “sweated my networks” deeply to build a growing sales pipeline (Remember your networks are your net worth).
During your 30 to 40 years of building within a corporate or government business, you would have built up links to a broad range of businesses and others in your eco system.
In fact, you may have built a confidence in and around your offering and who you are.
In starting your own business, don’t forget to leverage those many years of the past to help shape the years of the future.
● Steve Reid runs his own business in support of entrepreneurs, leaders and incubators.
You can contact him at steve@entreprenacity.com
