Tips for entrepreneurs over 50
If you're 50 and older and thinking of becoming an entrepreneur, you may benefit from this advice from Randal Charlton, executive director of the TechTown business incubator in Detroit:...
If you're 50 and older and thinking of becoming an entrepreneur, you may benefit from this advice from Randal Charlton, executive director of the TechTown business incubator in Detroit:
--Play to your strengths. You may dream of opening a restaurant, but if you have no background in food preparation, maybe you should think about something else. Analyze your strengths as honestly as you possibly can.
--Stay physically and mentally sharp. Running your own business will be demanding. Consider changes in your diet, cut back on alcohol, lose weight. "You can't do the sort of things you did when you were young and believed you were immortal," Charlton said.
--Take only intelligent risks. You'll need to invest in your dream, but you also need to safeguard your savings and your home. "By all means take risks, but don't bet the house," Charlton advised. "Bet money you can afford to lose."
--Keep the endgame in mind. Do you want to create a lasting company that will survive you? Or do you simply want to have some fun and create a temporary source of income? There's a big difference.
--Know when to quit. Don't get discouraged easily, but sometimes the timing is wrong for even the best ideas.
--Keep up with technology. This doesn't mean to you need to turn yourself into a geek. Just be able to hold your own with basic computer functions such as writing and presentation programs, e-mail and Internet searching.