One of the perks of retirement is having the time to pursue new interests. If you’ve always dreamed of starting your own business, retirement could provide the perfect opportunity.
It’s a good idea to get a financial checkup before you go full bore into entrepreneurship. We’re happy to help clients review their current retirement income situation and offer strategies through the use of insurance products to help with future retirement income needs. Please give us a call if you’d like to discuss this further.
What are the qualities of a successful entrepreneur? According to one angel investor, you don’t have to have an MBA. The following are three primary characteristics:1
1. 1. Talent. You need be able to get things done and have fanatical dedication to your cause.
2. 2. Technology. This should never be an after-thought. If you need tech to fund, produce, market, sell and/or distribute your product, then it’s just as important as your product itself.
3. 3. Traction. Your product is only “a great idea” if people are willing to pay their hard-earned cash to buy it.
Marketing is key to selling your product, and networking at trade shows and conferences is often seen as a great way to spread the word. Here are tips to help maximize these networking opportunities:2
Don’t just sell your product; market yourself. Let those you’re talking with know what you’re good at and what drives you.
If you hate networking, just smile. Look like a friendly person. Think of it as simply meeting new people, not as a make-or-break event. It may take a while to get your pitch down, so view every conversation as an opportunity to practice.
You might form a wonderful bond with another attendee, but if you can’t help each other professionally, exchange contact information and move on. Don’t waste a marketing opportunity to form a new friendship; you can do that later.
Warren Buffett once gave this advice to a 24-year-old budding entrepreneur:3
Before you go to sleep each night, ask yourself if you learned something new that day.
Pick up the phone. Don’t run away from problems; instead, confront them head-on.
No matter how successful you become, stay humble.
The following are three bits of wisdom from the recently departed Stephen Hawking that can help entrepreneurs problem solve and not get frustrated when they experience setbacks:4
1. 1. Always be grateful. Even when things go wrong, there are always positives to appreciate.
2. 2. Imperfection leads to opportunity. It gives us problems to solve, and therein marketable ideas.
3. 3. Never give up. Once you do, there’s no chance of success.
Perhaps you’ve been a successful entrepreneur and have sold your business for a healthy profit. You’re all set for retirement. What now? What can a person with that “go get ’em” spirit do to stretch his entrepreneurial muscles without taking on the burden of another company?5
Consult. Help other entrepreneurs get the coaching they need for success.
Freelance. Take on temporary gigs or projects that interest you.
Volunteer. Devote your ability to fundraise, market and manage to a cause close to your heart.
Content prepared by Kara Stefan Communications.
1 Ryan Holmes. Inc. Nov. 10, 2017. “3 Ways to Test Your Next Business Idea.” https://www.inc.com/linkedin/ryan-holmes/3-word-test-tell-youve-got-million-dollar-business-idea-ryan-holmes.html. Accessed March 16, 2018.
2 Alyssa Satara. Inc. March 16, 2018. “How to Avoid Wasting People’s Time — and 2 Other Networking Tricks I Learned at SxSW.” https://www.inc.com/alyssa-satara/3-networking-tricks-i-learned-at-sxsw-that-every-entrepreneur-should-know.html. Accessed March 16, 2018.
3 Karen Gilchrist. CNBC. March 14, 2018. “Warren Buffett rejected this entrepreneur’s dinner invitation — but he did give her 3 pieces of advice.” https://www.cnbc.com/2018/03/14/warren-buffett-rejects-dinner-invite-gives-3-pieces-of-advice.html. Accessed March 16, 2018.
4 Serhat Pala. Inc. March 16, 2018. “4 Lessons for Entrepreneurs from the Amazing Life of Stephen Hawking.” https://www.inc.com/serhat-pala/4-lessons-for-entrepreneurs-from-amazing-life-of-stephen-hawking.html. Accessed March 16, 2018.
5 Rob Walker. The New York Times. February 16, 2018. “When Early Retirement Turns Into a Total Bore.” https://www.nytimes.com/2018/02/16/business/early-retirement-a-total-bore.html. Accessed March 16, 2018.
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