Recognize Opportunity

This week my wife and I finally went to see the movie “Social Media;” the story of FACEBOOK Billionaire, Mark Zuckerberg.  This story features the young 20-year-old college student, in the early days of his blockbuster internet career.

Today, FACEBOOK has surpassed Google in internet traffic and Mark, in his mid-20s, is the youngest Billionaire in history!  Like all Hollywood box office hits, drama sells!  The allure of youth on the verge of a colossal triumph certainly caused even the slightly curious to pony up the money to purchase tickets to view this version of the Zuckerberg saga.

Now for a reality check; the truth is that the burgeoning success of a kid in an adult world has some “sex appeal,” yet it is very, very rare.  In fact, quite the opposite is happening in business today.  The crowd of new Entrepreneurs today comes from the Baby Boomer demographic, and why not?  Boomers are best equipped to start a new venture because of the seasoning that years of living has brought us.

This is the first in a series of articles in which I will explore the nuances of becoming an Entrepreneur in your 40s, 50s, or 60s.  As I mentioned, the majority of new businesses nowadays are started by Boomers.  That fact alone should bestow confidence in the possibility of making a career change at your age.  Thousands of folks with your circumstances are making the move these days.

As my friend, Jeff, says; “They won’t hire us, but they’ll sure buy from us.”  Thus, the key is to muster up the courage to see yourself as the next thriving Boomer start-up business in your community.  Thus, you must first recognize that opportunity is knocking for you, a Boomer.

As a leading Entrepreneurial Coach and Mentor, I want to suggest that we make our own economy.  For many, implicitly relying on our employer, government or other may not be the wisest course of action.  In light of the many disheartening reports we hear in the news, many Boomers are left disillusioned about the future and quickly conclude that things are hopeless.  That simply is not the case.  Now is a great time to look at starting your own business options.

Remember that Bill Gates started Microsoft during a recession.  I have enjoyed making millions in profits from Real Estate Investing and today I mentor students internationally.  In my opinion, this time is the “perfect storm” for new and experienced Entrepreneurs alike.  So take heart.  You’re actually in the right place at the right time!

Decide to Make the Move

In my last article we discussed the importance of recognizing the opportunities for Boomers contemplating starting a business.  You are, in fact, in the right place at the right time.

Today we will discuss the idea of overcoming the initial fear of breaking out of the mold.  Are you an employee?  Have you been one for decades, perhaps?  Entrepreneurship is a whole different ball game, and not for the faint of heart!  For many, implicitly relying on an employer, the government or other may not be the wisest course to take.  In light of the many disheartening reports we hear in the news, many Boomers are left disillusioned about their financial future and quickly conclude that things are hopeless.

That kind of thinking can be erased with a good Mentor.  Fear can be paralyzing and fear of the unknown, funny enough, is most common.  There may absolutely NOTHING to fear, yet without a guide, we are left floundering and absorbed in our anxiety.

So, would you like to start your own business?  Is it in an industry you have experience or are you looking at a complete career change?  Reports continue to pour in about corporate downsizing and “ageism,” which is just another word for age discrimination.  Some savvy Boomers have taken their layoffs as a sign that they should move on.  They proactively use that “opportunity” to make the move into entrepreneurship rather than stand on the unemployment line.  I commend them.

It’s that initial step that is the toughest.  It is much like when my friends were all swimming in the pool and I was outside dipping my toe in the water.  After much trepidation, I finally overcame my anxiety and simply jumped in.  “Hey, it wasn’t so bad after all, was it?”

Likewise, deciding is the next step after recognizing an opportunity.  Remember that “opportunity knocks.”  You still have to get off your butt and answer the door!  Don’t let fears of the unknown stop you.

Making the decision is the most crucial part of the equation.  Once you have decided, however, you must follow through with a plan of action; otherwise you’re just revving your engine while in neutral.  And you know that those who do that never arrive at their destination.  All you must do at this point is be resolved to move forward and prepare to educate yourself adequately in those areas where you need assistance.

Do Your Homework

In past articles we have discussed the plight of so many Boomers who have either been laid off or simply feel unfulfilled in their present career.  Whatever the situation, many Boomers have decided to pull the trigger on their careers and branch out into the exciting world of business ownership.  I say exciting with my tongue in my cheek as so many have shied away from entrepreneurship for fear of the unknown.

For centuries, employers have provided a seemingly secure environment for their employees by covering all of the bases.  Thus, many who have learned a trade working for their employer for many years may conclude that they could run a business ‘just as well as their employer, maybe even better’…maybe.  While that is always a possibility, it is sheer folly to conclude that being a skilled craftsman qualifies one to operate and manage a business.  There simply is more to it than what meets the eye.

Once you have decided to pull the trigger on a career shift, it is always wise to first do your research.  Face it; a little extra education cannot hurt you.  The caveat is that, education alone isn’t enough.  The right education, though, includes attitude adjustments so your mindset is prepared for the uncertainties and sacrifices that await you.

Among the items you should research, you will want to make sure of:

• Market conditions (supply & demand)
• Your competition (Will you be engaged in a battle of price cutting to stay afloat?)
• Networking resources (Are there plenty of accessible complementary businesses)
• Is this what I really want to do?

Of course, once you decide to make the move, you will need to commit.  Your commitment will be aided by having first done quality research.  This doesn’t mean, however, that you must complete your education before proceeding with your start-up plans.  In fact, you should plan on allocating time and a budget for continuing education in your field.  Most successful professionals do this regularly.

Remember that each time you leave your home, you don’t wait for the all traffic signals to show green before proceeding.  Do you?  The same applies with your research.  Some things, while not presently acceptable, will simply have to get worked out in time.

Commit Once you have done your research, you must follow through.  This calls for commitment.  Commitment is manifested in a variety of ways, one of which includes determination.  Once you’ve committed to your business, you must be unwavering.  With this mindset, you won’t vacillate back and forth.

Sadly, this is a very easy thing to do.  The world is full of negative opinions with its naysayers and haters.  You must not waver and allow these inclinations to get the best of you.  Commitment calls for maintaining mastery over your own destiny, not allowing trials and set-backs to cause you to pull away from your own personal mission.

As time goes by, you will encounter situations where you may have doubts about the advisability of continuing with your venture.  This is completely natural.  I have discovered, much to my dismay that the world really doesn’t care if I make it or not, thus, I must take responsibility for sustaining my own inner drive to succeed.

It can feel awfully lonely when you are blazing a new trail.  Think, though, of the alternatives.  That rumination in itself can temporarily cure you of all of your doubts!  You could: 1) be back working for that cantankerous boss whom you loathe; 2) find yourself sitting across the desk from an employer interviewing for a job with a kid half your age; 3) be looking down a dark tunnel and realize that’s your financial future or; 4) be contemplating becoming a financial burden to your children as you grow older.

All of the above are less than you want or deserve.  Take charge and charge ahead!  What do they say the “tough” do when the “going gets tough?”  That’s right.  The tough Entrepreneur remains true to his/her resolve and keeps moving ahead!  Some risks are well-calculated and well worth taking.  Starting your own business as a Boomer can very well be one of those savvy moves.  You will not always know what lies ahead of you, but if you’ve done your homework and made all the necessary preparations, go ahead.  You may be surprised how far your commitment takes you!

Get a Mentor

Historically, a young man was mentored by his dad in the family business, while a young lady worked closely alongside her mother.  Today, while secular values have changed, the need for mentorship has not.  We can all benefit from skilled, accomplished Mentors.

Since 2008, I have taken my 25 years of experience and applied it to mentoring Boomers internationally.  Having seen first-hand the trepidation of new business owners in my field; Real Estate Investing, I have become an even stronger advocate of mentorship.  As I mentioned in a former article, fear of the unknown can be paralyzing.  With a Mentor, fears can easily be allayed since he/she has likely been there before.  There are consistently awkward moments in business and without someone with real-world experience behind us, we can quickly assume that we’re on the wrong track, losing days, even weeks of time trying to figure out our next move.

Today, the word “mentor” is getting used a lot and I am a little uncomfortable with some who claim to qualify as such.  For example, in my industry, we often see young men in their early 30s claiming to be “Real Estate Gurus.”  What the h@*%!!!  This is ludicrous as these kids can hardly qualify as seasoned professionals, especially when most of them have merely had a few-year-run in an UP market (during the “bubble).  Truthfully, it takes seasoning in all kinds of markets and includes learning some humility from encountering a few losses along the way.

One thing about youth is the tendency to be a little reckless.  With age and experience we learn to slow down and do it right the FIRST time.  Sound familiar?  Therefore, look for a little grey hair on your Mentor.  It will serve you well.

Next is the motivation of your Mentor.  In bygone times our dear parent might have been our Mentor and they were driven by love. I do not recommend “Mentors” who get paid up front without any vested interest in the success of their protégés.  I recommend looking for a program that is structured around some type of joint venture in which the Mentor makes a small percentage when you succeed.  It’s naturally more motivating.

I heartily promote mentorship for most Entrepreneurs.  Shop around, though.  Make sure they are good listeners and teachers.  Experience alone doesn’t cut it.  They must convey information in a manner that is easily digested and applied.  Once you have your due diligence and choose the Mentor you trust, prepare yourself to follow directions closely as you apply what you’re taught.

Take Responsibility

While having a quality Mentor and acting on his/her advice is a key element, as a new Entrepreneur you must be willing to accept the consequences for every decision you make.  Most Small Business Owners are more than ready to accept the rewards of business ownership, yet there is so much more that goes on behind the glamour of success.  The point is that as the Owner of a business you must be prepared to make whatever sacrifices needed to keep the ship afloat.  We call this taking responsibility.

I was on the phone today with one of my students who recent took title to 2 duplexes.  Once she saw the other side of being a Landlord, she was disillusioned and called me for advice.  It seems that the famous Landlords like Donald Trump and the Queen of England never seemed to have personally dealt with broken water heaters and vacancies!  While there may be some truth to that, I explained that a true Entrepreneur is willing to stand on the corner with a “For Rent” sign, if necessary.  A restaurant owner, for example, may need to miss the family supper to wait tables or work in the kitchen in the untimely absence of the General Manager.

We live in an unprecedented litigious society in which many refuse to take responsibility for anything….yet they all want to be rich!  That’s like the typical lottery winner, who is broke within 5 years after hitting the jackpot.  Even possessing wealth is a responsibility and it requires diligence to keep it.  I suggest that this is part of the learned behavior that an aspiring Entrepreneur must adopt.  You simply cannot walk away from many problems.  You must face the music regardless of the sacrifices involved.  I love Covey’s definition of “responsibility.”  It is the ability to respond.

Years ago, as a young Landlord, I learned a lesson that I will not soon forget.  I remember observing some of my tenants who had very little materially and their surroundings dirty.  Some of these would spend their days sitting around complaining about how they had been wronged in one form or another. They could tell you why they didn’t have anything and who was responsible for that…even if the event was several years earlier.  They had a bag full of gripes with a variety of “responsible” parties.  Curiously, THEY were never the responsible party!

I believe with my whole heart that we are all presented opportunities regularly…some more than others.  Prosperity, however, is enjoyed by only a small part of the population.  One reason for this is our attitude.  If you have had some rough going; maybe someone has even absconded with your money; get passed it now!  Work hard to let it go and move on.  It’s not likely they will show up at your door with an apology.  It really doesn’t matter anyway.

Network Remember the statement; “No man is an island?”  Well, that is truer than ever in business today.  Thanks to the internet, the world is so connected today that it is virtually impossible to operate any gainful business alone.  Even the guy who details my cars has a beautiful website!

I always got a kick out of the expression “self-made millionaire.”  What’s that?  You mean that they didn’t need to connect with any other businesses to get where they got?  No way!  I became a millionaire several years ago and the credit is shared with about a couple dozen significant players.  We all need each other to some extent and it is important to recognize this fact early on in a new business.  In fact, your initial business plan should include factoring in your network far in advance of opening your doors.

As a Real Estate Mentor, I have noticed that some of our best clients are those who tried to do it all on their own…at first.  By the time they come to us, they are pretty bruised up and weary from their “dream” business.  It appears that the catalyst to their success was using the many resources around them instead of fighting to drive a square peg through a round hole.  Don’t fight it.  Networking is essentially the building blocks our economy is made of.

As a Baby Boomer you can make some great acquaintances with other like-minded Boomers who have said “goodbye” to their corporate jobs and are now running their own businesses.  Working with other Boomers will likely be easier as there is a growing comradeship among the many Boomers who have made the career shift.

One word of caution; avoid groups where negativity dominates.  “Misery loves company” and you don’t have time to dwell on pessimism and other unconstructive behaviors.  Look for, not only complementary businesses, but complementary business people who will affirm your entrepreneurship on multiple levels.  Always look to create win/win with any of your strategic alliances.  You will develop a reputation as one who looks after their partner’s interests and will have plenty of new business as a result.  If misery loves company then positive thinking people primarily seek out other positive folks…and that’s you!

I have enjoyed networking for many years and I personally developed a reputation for recommending other businesses in my circle.  This has gotten my house painted, my cars repaired and a host of other great perks all for free!  Personally, I don’t like asking for referral fees.  I never have.  However, my clients and associates have a green light to show their appreciation anytime they like.  I have made a lot of friends by remembering my associates.

Accentuate the Positive

You don’t have to peer very deeply to find negativity.  It is all around us.  This is especially so in a down economy.  Discouragement will raise its ugly head and you must decide how to deal with it!

If you are a Boomer, you encounter other special issues.  A recent report on formal EEO complaints revealed the following; “The amount of cases pertaining to age discrimination have increased dramatically over the past couple years to the point that these complaints are nearly as common as race and gender based claims.”

As Psychotherapist, Karen Chambre, states it; “Baby Boomers who are laid off, or whose jobs are being replaced by technology, tend initially to get very depressed. I have seen people work through their depression and become aware of their passions. As they become drawn to what interests them, I have seen people become creative with these passions and find a innovative way to make a living in a way that they truly love. Sometimes out of the depths of despair comes something more wonderful than someone had ever experienced.”  We call this accentuating the positive.

As owner of a business start-up, you must develop the proper entrepreneurial mindset.  This is the ability to reframe all input in a positive optimistic context.  American icon, Walt Disney is a prime example of this.   He experienced multiple bankruptcies along with a plethora of naysayers who did not have his vision.  They criticized his dream and pulled his lines of credit.  What would you do?

In this series we have examined a number of great entrepreneurial tips for the Boomer.  Early on I wrote about the importance of commitment to your business plan.  Negative emotions can quickly destroy any plan if not kept in check.  I recommend expanding your capacity for reframing each situation into a positive perspective.  This is an exercise that you should practice over and over again until you have adopted this paradigm.  Be patient.  It takes time, but is well worth the effort.  Your demeanor will improve and that in itself will attract business.  Try it.  You may be surprised just how this basic suggestion can make the difference between success and failure in your new business.  “Attitude is everything.”

Never Give Up!

Resiliency is a fine asset for the Entrepreneurs.  Regardless of the industry, there will be barriers that you will need to hurdle.  Being a business owner can be hard, but look at the alternatives.  You could:

• endure a cantankerous boss
• deal with office politics
• face age discrimination
• work with negative people day in & day out
• be under paid for your services
• give up control of your future

So, which will it be?  Once you taste the freedom of self-employment you will likely never wish to return to employment.  However, once you taste financial freedom no one will ever be able to convince you to return to the grind.

Nevertheless, sacrifice is a bridge that all Entrepreneurs must cross.  There will be trials.  There will also be the naysayers who will say discouraging things that may leave you guessing whether you made the right career choice.  What are you going to do?  Be determined to stay true to your commitment and not to waver.  Often, those daunting you are employees themselves, and they are only expressing their own fears due to inexperience.

An Entrepreneur may be cautious, but as a rule doesn’t “play it safe.”  Those who accomplish incredible feats forge ahead through and over obstacles regardless of the logic of the day.  One of the behaviors I teach my new students is to work through your fears.  Our fears can move us to quit just before we realize our goals.  You cannot allow that to happen.

Historically, those who have accomplished great things worked through their fears and often did what initially felt uncomfortable. I love the words of Eleanor Roosevelt; “Do one thing each day that scares you.”  Every day we are faced with a challenge that can make our heart jump.  Seize the moment!  Don’t let your fears paralyze you and stifle your growth!  Instead, choose what the extraordinary do and be a highly effective person.

As a Boomer you may have developed a pattern of thinking in your “comfort zone,” especially if you have been an employee.  “Thinking outside the box” involves dismissing our fears and jumping out of the “comfortable” into the deep blue sea of opportunity.  Winners never quit. Neither should you.

Here is an entrepreneurial tip that may be the ticket to your doing something great in your future.  Have you ever launched a new business only to close the doors sometime later?  Many Entrepreneurs have!  Perhaps you are now reaching an age where your fears of failure are magnified.  You are deeply concerned about outliving your income and perhaps becoming a burden to your family.  These fears are justified but don’t deserve the credence you may be giving them.

Did you know that many Entrepreneurs have been in your shoes and have decided to take a second, third or fourth run at starting a new business?  As a leading Real Estate Mentor, I work with many Boomers who have tried starting a business in the past.  They may have mortgaged the family home and thumbed their noses at the boss only to have to return a year or two later with ‘their tails between their legs.’   This can take a huge toll on one’s self-esteem and severely injure your confidence.  As a result many have lost their “spirit” and now drudge through a daily routine in which they find little to no fulfillment.

If you have recoiled from a failed business venture, ask yourself; “What did I learn from the failure of my business?”  Could you apply what you learned to maximize the likelihood of success next time?  If the answer is “yes,” how are you going to accomplish that?

Don’t forget the lessons you learned from the first go-around.  You should be better, sharper and less susceptible to discouragement this time.  Your skills are sharper and you are developing a conservative, less reckless approach to business ownership.  This time may be the right time.  Why not hedge your bets and seek out a qualified Mentor in your field?  As a real Estate Investing Mentor, I continue to get comments from my students to the effect that mentorship has been the deciding factor in their success.  I suggest that, while mentorship is essential, willingness to take action on the direction you’re given; that’s the key.  You must “follow the Leader,” not just watch him.  Likely your Mentor has made plenty of mistakes already.  Get your money’s worth and learn from them.

Remember that mistakes are merely a sign that you’ve tried a method and discovered it’s not the correct one.  It does not mean that YOU are a failure.  The failure is the one who refuses to try.  All the significant discoveries in history, for the most part, involved plenty of failed attempts before realizing success.  If we were perfect, this article would need to be rewritten.  However, we’re not, so learn to accept failures as a rite of passage and learn from them.  If you’re scared, you’re not alone!  That’s simply part of being an Entrepreneur.