12:17 AM
When seniors go see financiers about making an investment in an idea they have for a business, they can face some hurdles. Their age is just one of them. Bankers may fear that boomers, who are retired, may be out of touch with today's global marketplace. They certainly have to consider whether or not the seniors will live long enough to pay back a loan. There are good reasons however, why baby boomer entrepreneurs are good risks.
First of all they have a lifetime of experience. The business they want to start may not be at all related to what they did in their first careers, but seniors can take the knowledge from one enterprise and apply it to a new one. Even though they may be older, most of them are not afraid of putting in the effort necessary to succeed at their latest venture.
There are plenty of seniors who anticipated the day they were old enough to retire for years before it became a reality. Not all of them were expecting the boredom that can set in after the first few months when they have nowhere to go and nothing stimulating to do however. Getting back in the labor force begins to look better, as long as they can do something they love and in a way that suits them.
Before they begin a business venture, they think it through. Seniors will be realistic about what they can achieve and are glad for any success. They tend to have short term goals instead on long range plans. Most boomers care more about going into a line of work that involves something they are passionate about than making a lot of money.
Some seniors have found that retiring means downsizing and budgeting in areas where they never had to before. These older individuals may feel some pressure to bring in extra money. Others just want to feel a sense of accomplishment and self-worth. They are less concerned about the paycheck than the excitement.
Potential investors should consider the fact that boomers don't have the distractions that younger entrepreneurs often face. Seniors have already raised their families and been through all the childhood ailments and problems that keep young parents away from work. Boomers are ready to focus on the job at hand without having to worry about children and house payments.
Once they get the capital a lot of young entrepreneurs ignore the concerns of their investors. Older business owners understand those concerns and go out of their way to address them. These are people who have spent years in budget negotiations, annual planning meetings, and have learned how to deal with money partners. Repaying loans on time with interest is nothing new to them.
Starting a new business is not right for every senior. Many of them are happy to spend their retirement in the garden or traveling around the world. For a few however, this is a time to explore new business opportunities and see what comes of them.
First of all they have a lifetime of experience. The business they want to start may not be at all related to what they did in their first careers, but seniors can take the knowledge from one enterprise and apply it to a new one. Even though they may be older, most of them are not afraid of putting in the effort necessary to succeed at their latest venture.
There are plenty of seniors who anticipated the day they were old enough to retire for years before it became a reality. Not all of them were expecting the boredom that can set in after the first few months when they have nowhere to go and nothing stimulating to do however. Getting back in the labor force begins to look better, as long as they can do something they love and in a way that suits them.
Before they begin a business venture, they think it through. Seniors will be realistic about what they can achieve and are glad for any success. They tend to have short term goals instead on long range plans. Most boomers care more about going into a line of work that involves something they are passionate about than making a lot of money.
Some seniors have found that retiring means downsizing and budgeting in areas where they never had to before. These older individuals may feel some pressure to bring in extra money. Others just want to feel a sense of accomplishment and self-worth. They are less concerned about the paycheck than the excitement.
Potential investors should consider the fact that boomers don't have the distractions that younger entrepreneurs often face. Seniors have already raised their families and been through all the childhood ailments and problems that keep young parents away from work. Boomers are ready to focus on the job at hand without having to worry about children and house payments.
Once they get the capital a lot of young entrepreneurs ignore the concerns of their investors. Older business owners understand those concerns and go out of their way to address them. These are people who have spent years in budget negotiations, annual planning meetings, and have learned how to deal with money partners. Repaying loans on time with interest is nothing new to them.
Starting a new business is not right for every senior. Many of them are happy to spend their retirement in the garden or traveling around the world. For a few however, this is a time to explore new business opportunities and see what comes of them.
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