The American work force is rapidly shifting from working for a traditional employer to working as self-employed. About 61% of self-employed baby boomers will continue working after retirement, as their prime choice. Compared to Gen-Xers (45%) and millennial’s (45%) , the percentage of working after retirement is significantly higher for Baby Boomers. Thus, there’s many Baby Boomer Entrepreneurs. Based off FreshBooks second annual Self-Employment Report, it’s estimated about 97 million total Americans will be leaving the traditional workforce and converting to self-employment by the year 2020.
Though this swift change is beneficial to baby boomers wanting that entrepreneurship, many obstacles are present. Baby Boomer entrepreneurs will have to modify their work personalities to be able to stay current and reach success! There are various personality traits that are essential to becoming a successful entrepreneur, but below are some traits that are of utmost importance for baby boomer entrepreneurs.
1. Creativity and Strategy Go Hand-in-Hand
Baby Boomers have a relatively large set of experiences, as they have worked in various positions throughout their time in the workforce, and they have encountered different dilemmas, viewpoints, and solutions. Thus, Baby Boomers entrepreneur’s have great strategy traits, but lack to acknowledge that creativity is just as crucial. With that being said, creativity should never overshadow strategy, and vice versa. Necessary and practical decisions should also support out-of-the-box , imaginative, and original ideas. You must find that balance between the two in order to keep your goals on track and the target audience engaged. Let’s not forget about your workers! If they feel they are bringing more than just a “punch-in/punch-out” to the table, they will not only work for their success, but yours as well!
“Leadership is not about a title or a designation. It’s about impact, influence and inspiration. Impact involves getting results, influence is about spreading the passion you have for your work, and you have to inspire team-mates and customers.” –Robin S. Sharma
Passion is contagious. When you are passionate about what you are doing, others surrounding feel that enthusiastic energy! Employees and business partners alike, will reflect on and be influenced your passion . For the most part, Baby Boomer entrepreneurs that are starting up businesses to pursue a hobby or interest that they are passionate about. That passion is absolutely necessary for leadership, as it shows to your employees, your company, and the world that you are invested in your business. With this passion and respect for others, word of mouth will definitely spread. More people, customers, employees, and business partners will be drawn into the positive energy and attracted to the passion you have for what you created!
It’s no secret that Baby Boomer’s are further from their youth as the days pass. However, this doesn’t mean that Boomer’s shouldn’t retain their youth in their actions and hearts. With that being said, it is important to stay on-task and alert to the fine details when first starting up. It may become a little difficult to remain focused as the days pass, so you must covey your younger self to address these details. Remember that younger you, having endless ambition and hunger to get something done the right way. This doesn’t mean you must be at mastery level at everything you do, it just means you should do it as best as you can with that never ceasing PASSION!
4. Must Be Hard-As-Nails
Along with the business industry, you must be ruthless. Sometimes, your vision of success will be impaired by negative comments, thoughts, and rejection. Similar to most entrepreneurs, you will most likely get your innovation declined or rejected at first. I’m sure this is a cruel reality you already know. However, you need to be “tough-as-nails” to not dwell on the negative setbacks. In this day and age, social media is the biggest “word-of-mouth” that exists. No one is exempt of rejection, even celebrities have succumbed to social media criticism.
Remaining strong and keeping that thick-skin on sets the example for your employees. You can even use those negative experiences as an opportunity to provide constructive criticism and to teach a lesson to your team. This will permit your team to know their weaknesses (if they don’t know already) and strive to reach perfection. If you’re doing it right, they will look up to you and want to be like you. This is a perfect time to provide advice, and turn negative setbacks into positive productivity in your business. Like Walt Disney once said, “You may not realize it when it happens, but a kick in the teeth may be the best thing in the world for you.”
5. Be a Dare Devil
Like Walt Disney, you learn from each setback to take bigger risks. Let the Dare Devil inside you take over from time to time, without the fear of failure halting your dreams. The business industry is all about taking risks, and no successful entrepreneur has climbed the success ladder without taking at least ONE big risk. Playing it safe should never be your Plan A or Plan B, no matter your age. Therefore, be the dare devil you need to be in order to get your business leaping in the right direction and fulfilling all the dreams you envisioned.
These 5 essential traits are what distinguish success and failure. Much like you, Empire Executive Offices’ owner, Thomas Fallarino, has had his fair share of setbacks. Thanks to the above personality traits, Thomas was able to make his dream a reality. Click HERE for Mr. Thomas Fallarino’s full story!
At Empire, not only do we build our success, we will also help you build it, providing affordable executive office spaces for start up businesses, conference rooms for your very important business partners/clients, and much more! Build Your Empire and Join Our Empire! Push to make all your dreams come true with that entrepreneurial spirit!