By Laura Reed When seniors go see financiers about making an investment in an idea they have for a business, they can face some hurdles. T...
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.
Most older entrepreneurs have weighed the risks associated with starting a business and decided it is worth it. They don't have as much to prove as their younger counterparts, and they are often more single minded. Their goals tend to be shorter term and more realistic. These are people who would like to get back into the working world, but they want to do something they love. It isn't just for the paycheck.
Money is important to boomers, and some of them are faced with not enough money to get them through the last part of life. For these people going back to work may be a necessity. Others are more concerned with the quality of their life and getting back the sense of accomplishment they felt before retirement.
Seniors have the advantage of being more single minded than younger workers. Their children have grown and are no longer the cause for time and attention away from the job. Many have gotten into the habit of going to bed and getting up early in order to get a fresh start on the day.
As an investor in a senior owned business, you want to feel assured your concerns are taken seriously. Boomers know all about budgeting, paying back loans with interest, business plans, and quarterly reviews. Many of them have been through it all before. You will have a partner who understands your bottom line and will appreciate your participation and interest in this new venture.
Some seniors would shudder at the idea to returning to the workforce. They feel they have earned the right to sleep late and putter in their gardens or catch planes flying to the far corners of the earth. Another segment of this group loves the challenge of creating a viable business that stimulates their creativity.
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.
Most older entrepreneurs have weighed the risks associated with starting a business and decided it is worth it. They don't have as much to prove as their younger counterparts, and they are often more single minded. Their goals tend to be shorter term and more realistic. These are people who would like to get back into the working world, but they want to do something they love. It isn't just for the paycheck.
Money is important to boomers, and some of them are faced with not enough money to get them through the last part of life. For these people going back to work may be a necessity. Others are more concerned with the quality of their life and getting back the sense of accomplishment they felt before retirement.
Seniors have the advantage of being more single minded than younger workers. Their children have grown and are no longer the cause for time and attention away from the job. Many have gotten into the habit of going to bed and getting up early in order to get a fresh start on the day.
As an investor in a senior owned business, you want to feel assured your concerns are taken seriously. Boomers know all about budgeting, paying back loans with interest, business plans, and quarterly reviews. Many of them have been through it all before. You will have a partner who understands your bottom line and will appreciate your participation and interest in this new venture.
Some seniors would shudder at the idea to returning to the workforce. They feel they have earned the right to sleep late and putter in their gardens or catch planes flying to the far corners of the earth. Another segment of this group loves the challenge of creating a viable business that stimulates their creativity.
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