After55:

“You don’t have to put an age limit on your dreams.”
–Dara Torres, 2008 Olympic champion

Oh, how right she is! Torres again competed at the 2008 Olympics at age 41 and won! I am always reminded of the woman who wanted to go to med school when she was 40 and was afraid she was too old to start at that age. A friend told her that in seven years she could either be a 47-year-old or she could be a 47-year-old doctor. Fortunately she chose Door No. 2.

Just think! You could be a 55- or 61- or 70-year-old successful entrepreneur–with many years left to enjoy your business. Age has little to do with running a business–get started . . . NOW!

My policy is to learn from the past, focus on the present and dream about the future. I’m a firm believer in learning from adversity. Often the worst of times can turn to your advantage. My life is a study of that.
– Donald Trump

I am not the greatest fan of the Donald, but these are true, wise words.  Many times the future is what we dream it to be, no matter our circumstances now.  Rather than say, “Woe is me!”  try asking, “What is the benefit here?  What is the opportunity?”  You’ll be amazed at the extraordinary results that come from asking the right question.

OK, I am assuming you have done your homework from the last post–oh, my! It was 10 days ago!  Time really flies when you are running a business, doesn’t it?

My point exactly. . . just because you’re in the midst of starting or running a business doesn’t mean you don’t take time to think about your business and what the value proposition is.  This week’s assignment is to take those three unique qualities of your business that you last identified and write every wonderful thing about them from your customer’s point of view!

No matter how in love with your idea you are, if your customer doesn’t understand why she should love it, too, you will be soon putting up your “closed” sign.  That’s right. Write a paragraph for each of the three qualities as if they were testimonials for your business.  Do they really ring true to you or, deep down, do you think your reaction indicates you need to do more work on the concepts? Better to go back to the drawing board now, when you don’t have a ton invested and are not carrying a lot of inventory.  Listen to your gut–are you on target or missing the mark?

“Life is either a daring adventure or nothing. Security is mostly a superstition. It does not exist in nature.”

- Helen Keller

 I hope you have now identified an area you would like to address by starting your own business. For entrepreneurs, there is a lot of activity between the two pillars of Helen Keller’s statement, and that is where success begins–with a lot of planning and hard work. Talk to any entrepreneur and you will find she is always thinking about her business.  Entrepreneurs love the “product,” and the intricacies and challenges of bringing it to market. Here is this edition’s question:

What three features or qualities make my idea/product/service different from what is already out there?

This may seem like a pretty simple question, but it will be the foundation for your sales and marketing efforts.  Don’t slide over this step.

When Pat Henriques started her corporate relocation service, she knew that the important components of a successful corporate move were organization, a solid plan and strong communication with the client.  Doesn’t sound like rocket science, does it?  How many times have you had questions about a large project you were heading–corporate organization to redoing your kitchen–only to lack a firm grasp of the schedule and work progression, yet you had trouble contacting your point person?  Now you understand what Pat brought to the table.  Her experience managing a law firm taught her volumes about precision, accountability and anticipating needs in a stressful environment.  She didn’t need to reinvent the wheel; she made sure the wheel  moved smoothly.

A good place to start thinking about a business is: “What can I do just a little bit better?”

“Innovation distinguishes between a leader and a follower.”
–Steve Jobs

As we start the journey of exploring ways to replenish our retirement (and day- to-day) accounts through entrepreneurship, let’s look at this quote.  What business should you start? Here’s one idea. How many times have you struggled with getting something done and thought there has to be a better way to do this? If you’re like me, it’s not a rare occurence. Probably one of those “burrs in your saddle” bothers you more than others.  Your assignment is to identify one item or process you think can be done better and give some serious thought to exactly how to make it better.  You’re on your way to innovation!  As always, keep in touch.

I came across an inspiring article on The New York Times website about a couple in Indiana who were six years from retirement with a pension and decided to take the leap and start a business based on their highly praised salsa.  There were several important things to consider:

1. Don’t quit your day job, if you have one.
2. Go with your passion.
3. Start with what you know.
4.  Try to have some financial bench strength.
5. Be prepared to work at it every day.

If you’re thinking about starting a business on the side to pursue when you hang up your track shoes, this is a good place to start.  Get going.

You know I love quotes.  I get two or three daily to keep my spirits in top form. This one came through As a Man Thinketh.

Perhaps the most valuable result of all education is the ability to make yourself do the thing you have to do, when it ought to be done, whether you like it or not.  Thomas Huxley

One of the rewards of being After 55 is we know the value of discipline–though I confess I struggle with it all the time.  Go back to your goals and your plan, and approach and accomplish them with discipline.  Believe me, the muscle gets stronger the more you use it.

I was conducting an interview earlier this week with a woman who started her business in 1983. She mentioned that she had done all the preliminary groundwork two years earlier, but had held off because of the recession. She also spoke of the challenges her company, by then a national firm, faced during the S&L crisis. As I listened to her, I was amazed. I knew of both of those significant downturns, but they didn’t affect me financially. I was a commissioned sales rep at that time–really, I was self-employed and entrepreneurial.  I had no limits on industries I could sell to, no minimum or maximum sales. I had a product line and a territory–no expense account, no benefits.  Sound familiar?  Oh yes, I had two children to support with no help from anyone.

In early 1983, as the country was just coming out of a significant recession,  I bought a very large condo from cash flow. In the late 1980s, I had a daughter heading to college and a non-performing territory I had just taken over. I paid for college from cash flow.

So . . . what’s my point? If you are an entrepreneur, you can direct the future of your business.  During the above-mentioned conversation, I realized that I had changed my client base during those two economic upheavels. Originally, I had sold mostly to the financial sector; by the time the dust had cleared from the second downturn, the majority of my customers were in the health-care industry.

How can you turn these challenging times to your advantage? Can you turn your attention to new areas? Can you use this opportunity to reshape your business?  Yes, you can.

I was just listening to Rachel Maddow’s show.  Did you know she has a Ph.D. in political science?  Anyway, her opening was something worth commenting on in this challenging economy.  She recounted several potential similarities between Lincoln’s time and ours.  After connecting each similarity she said, “But Lincoln had it much worse.”  As we hear day after day of news that challenges our will to keep on keeping on, as we see CEO after CEO sitting before congressional committees not quite “getting” how things are out here in the real world, it is vital that we remember that we have been here before.  We have withstood challenges, perservered and even prospered.  We have done this individually and as a nation.  As entrepreneurs, we are the backbone of our economy.  We know that.  For that privilege we pay with taking the enormous personal and financial risks.  When you are sitting at your computer wondering what to do next–remember just how important you are and go back yet another time to solve your current dilemma.

Just because I am the only silver-haired columnist doesn’t mean I knew Abe personally, but I DO know that he would be proud of you.

The Purpose Prize awards up to $100,000 each to people over 60 who are helping to meet society’s biggest challenges.  The 2008 winner invented the Universal Nut Sheller that improved the lives of the women of Mali who previously hand-shelled peanuts.  It is now used by farmers in 17 countries.

Do you have a business, idea or invention that could help society or the world?  Do you meet the age requirement?  Check out encore.org.  Good luck!

At lunch yesterday, IP attorney Barbara Luther mentioned that she had just learned about a loan program available to members and former members of the military and their families to help them start businesses. It’s patriotloans.org. Needless to say, I thought of you. This is not in any way an endorsement (think of all the usual caveats) by either Barbara or me, but it’s definitely worth your time to go explore.  Happy hunting.