Entrepreneurial Whiz, Or Just Another Crazy Old Man?

Aug 8, 2008 9:18 am Since raising my family gobbled up what little extra money I had early in my life, I never had the resources to learn to play golf very well; plus my lack of patience with a worm and a hook left me a pretty mediocre fisherman. So when I retired at age 58, I decided I was going to do what I knew how to do best: continue working. According to a survey conducted in 2000 by the AARP (American Association of Retired People), this seems to be an increasing trend among baby boomers. It states that 80% of people planned to work beyond retirement age, and 17% of these planned to start their own business. In fact, a recent article in the Kansas City Small Business Monthly entitled “Starting Over,” indicates that my age group (55-64) is the fastest growing entrepreneurial group at 34%, according to the Kauffman Index of Entrepreneurial Activity. So in 2003, I retired and formed GameDaySigns, a company that manufactures and markets licensed, lighted, college logo, spirit signs. It is marketed through the online store, and also through other virtual and brick and mortar stores scattered around the country. I knew that my one-of-a-kind idea would fit in nicely with the college sports tailgating and watch-party phenomenon now spreading across the country. I just needed to get my products out in front of people. I was very excited. But the reality of being 60 years old and not 30 changed the rules for my entrepreneurial game somewhat. Here’s what I learned: First of all, I had to overcome an age-old belief that “Senior Entrepreneurship” was an oxymoron. It was recently indicated by the AARP that, “…although self-employment was falling for almost every other age group… it was expanding among those 55 and up.” The wealth and variety of experiences an older person brings to the table can’t be measured strictly in college degrees or income statements; it takes a punch or two of reality square on the chin to know how to cope with start-up setbacks. I chose a business that is passion-driven; passions are perpetual motivators. My company, having been my hobby as well as my part-time business for nearly 10 years prior to my retirement, provided me a pretty fair idea from the git-go of what I was going to do and how I wanted to get it done. I have learned to pace myself when I work. My mind wants to tell me that I am only 30-years-old but my body always tells me the truth. Good health is a must in running a successful business. “Slow but steady,” must be one’s mantra. In my sign business, I’m pretty much everything: marketer, machine operator, painter, assembler, general labourer, and janitor. And I can assure you that each of these require time and much energy. Patience, perseverance, and often times, resignation will ultimately pay off. I have better results when I address one problem at a time, resolve that problem and move on to the next. I try to solve each one to a point that allows the business to function. If required, I keep revisiting the problem until things are running the way I want. If you try tackling all the problems at once they become overwhelming and self-defeating. Next, I don’t direct all of my attention to the future. I like to look back occasionally and take pride in what I have already accomplished. It’s refreshing and helps prepare me for what’s to come. As a senior, let me remind you that it is more important that the “ride” be as much, if not more, fun than arriving at the final destination. I also try to maintain a good sense of humour. This applies to every aspect of my life. I laugh at myself. I laugh at other people. I like to have other people laugh at me. I just relax and, being a senior, know I have an excuse to do funny things. Besides, a good sense of humour is good for the digestion and helps you sleep better. Additionally, I try to use the resources available to me, most of which are free. There are a myriad of small business development centres offering seminars and literature. I know that without their help in the development of my business plan, I don’t think I would have ever been able to find funding for my company. A wealth of inexpensive information also lies as close as your keyboard. If you have a partner, make sure he or she is always on the same page as you and is totally aware of your intentions. In my case, I’ve lived with my partner for 35 years and know her pretty well by now. Even though I work alone most of the time, we consult regularly on all major decisions. She’s as close as my telephone. She also shares all of my highs and helps me through my lows. A retrospective understanding of where one is in life allows the entrepreneur to rationalize and better handle the financial, emotional, and intellectual experiences of starting a business. Age provides this opportunity. And when I turn in at night I smile and think, “there’s always room in this old world for one more successful, “crazy old man!” Ooops–gotta go–there’s the phone ringing again.

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Entrepreneurial Whiz, Or Just Another Crazy Old Man?

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Aug 8, 2008 9:18 am

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