Different things can prompt you to ponder the question of whether or not to become an entrepreneur in the mid-to-late stages of a corporate career. An acquisition. A restructuring. An early-retirement buyout offer. A new boss who wants his or her own people.
Have You Seen This Movie Too Many Times?
There’s a cyclical nature to life in the corporate world that can be akin to the movie Groundhog Day. It’s easy to feel like you’ve seen all of this before. A commute doesn’t help – it’s only fun the first 500 times. Do you ever find yourself wondering Is this all there is?
Sometimes questions come from within. A sense that it’s time for a new challenge. A sense that you’ve accomplished all you can on the corporate side. A curiosity about what would happen if you struck out on your own. A desire to finally be your own boss.
Time To Go For It On Your Own?
I always wanted to own my own business. I wonder if I could do it now? Maybe you’re ready for more freedom and flexibility. Relatively few companies offer phased retirement options for people to gradually shift to retirement at a pace that’s right for them. Or perhaps you have a lot more to give and you feel like you’re being held back. You know you’re not done yet, but maybe that’s not how your company sees you.
A More Level Playing Field?
A recent New York Times piece profiled “Encore entrepreneurs” who’ve left the corporate world for various reasons and reinvented themselves by starting their own businesses. Many (like me) were triggered to pursue this route following the financial crisis ten years ago. What many of these people have in common is that they have found a way to use their skill set in their own business while doing something they truly enjoy. Some are also fulfilling a higher purpose. These stories show people who are finding that an entrepreneurial path is offering them a way to work longer than perhaps they would have on the corporate side.
The Advantage of Experience
Starting your own business is not easy. The statistics on failure rates of new small businesses are daunting. According to the Bureau of Labor Statistics, 20% of small businesses fail in Year One, 30% in Year Two – and half end up failing after five years. It’s not for the faint of heart
The good news is that experience does count. A recent article by Kerry Hannon in Next Avenue cited studies showing that older entrepreneurs (45+) tend to have higher success rates than younger founders. Why? Deeper industry knowledge and overall business experience can provide an edge.
An Important Caution
As one of our Twitter followers, Joseph Tomlinson, a retirement researcher/actuary, reminds us that people should be extremely careful not to tap any funds earmarked for retirement to start a business. While we focus on the non-financial side of retirement, this is a wise warning (and one that I have heeded in starting two coaching practices since taking early retirement 9 and 1/2 years ago).
Ho to Leverage Your Experience and Expertise
Dorie Clark joined us on our podcast The Retirement Conversation and shared her advice on how to leverage the skills and expertise you’ve acquired in your career as an entrepreneur – and her story of how she’s doing just that.
Listen to our conversation with Dorie Clark here
Why Secure Passwords Matter and How to Create Them
10 Ways to Celebrate International Women’s Day
Becoming a Great Podcast Host with Celeste Headlee
New Guiding Principles for Opportunity Zone Investors
Leaders: Do You Challenge Your Status Quo?
9 Marketing Trends That Will Dominate This Year
How To Keep Envy From Destroying Your Workplace
6 Tips to Help Your Journey to Retirement
Who Do You Sell to First
Business Owners Should Set 3 Types of Exit Goals
Forward-Looking Investing14 hours ago
Moat Investing: Powered by Morningstar
Market Strategist14 hours ago
We Are Not Convinced the Market Storm Has Completely Passed
Development14 hours ago
Advisors: How To Answer “What Do You Do?”
Markets1 day ago
Higher Mortgage Rates, Student Loans and Nike
Equities2 days ago
7 Stocks That Pay the Largest Dividends of All That Trade on Nasdaq – Or Do They?
Advisor2 days ago
The Wizards of Wall Street vs. The Selbees from Michigan
Markets3 days ago
The Chameleons Are on the Run
Compliance3 days ago
Regulators Focusing on How Firms Identify, Monitor and Test Custody Scenarios With Client Assets