I’ve been thinking a lot about goal setting in the past few days. What has me intrigued is whether it’s somewhat different for those of us who are “After 55.” We are at a very different place in our lives–our timeline for achieving success is shorter. I am talking about the taboo of aging.
Starting a business now will require more time and resources than it would have three years ago. The critical questions we must ask ourselves are: Do I have–or want to expend–the energy it will take to give this idea wings? How much of my personal resources am I willing to risk to give this idea a chance to flourish? Every entrepreneur has to answer these questions whenever she starts her business. The difference for us is that if the business doesn’t meet our expectations, our potential recovery period is shorter and the downside could have much more severe ramifications.
On the other hand, research indicates that only 37 percent of retirees want to simply sit back and relax. Being a business owner is the most direct way for an After 55 to soften the blows of the current economic whipsaw. One of the biggest requirements of running a business is dealing with reality. Does your business idea meet your financial requirement–present and future? Until you can answer this question affirmatively and honestly, keep researching, planning and building up your reserves.
This entry was posted on Sunday, December 14th, 2008 at 10:05 pm and is filed under Finance, General Business, Personal Growth. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.2 Responses to “Getting Ready for the New Year”
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January 2nd, 2009 at 10:46 am
I agree with your comment that the most biggest requirements of owning a business is dealing with reality by taking a look at your current and future needs. However, I think this perspective is important at any stage of your life whether you are over or under 55. It is never too early or too late to build up your reserves and prepare for the future ahead.
January 2nd, 2009 at 12:10 pm
Sharon,
I totally agree with you, but I think planning ahead for future needs had fallen out of favor for a good while because we have been in a boom economy. Many didn’t like the negative possibilities they were seeing and put their head in the sand. Hard to breathe with your head in the sand! Hopefully, one of the positive results of this recession is a return to realistic planning.