Phil's Personal Finance Tip of the Day:
10 tips for boomers to become entrepreneurs
By Andrea Coombes/MarketWatchSAN FRANCISCO (MarketWatch)—The urge to strike out on their own and start a business strikes many mature workers, but all too often missteps put startups on the wrong side of the statistics.
Only about half of new companies make it past their fifth year, according to the Bureau of Labor Statistics. See the BLS data here.
“People should not buy the myth that all they need is a good idea,” said Nancy Strojny, chairwoman of the Portland, Maine, chapter of SCORE, a nonprofit that offers free mentoring to aspiring business owners.
“In reality, it’s never the idea, it’s always the execution,” said Strojny, who is also principal of her own business, Beauty Vantage Consulting, a marketing firm focused on the hotel industry.
The good news is older adults often have the unique skills needed to start a business.
“They know how to get information, connect with people, ask good questions. They come with experience and wisdom, know-how and focus,” said Helen Dennis, a writer and consultant focusing on aging and employment. She is co-author of “Project Renewment: The First Retirement Model for Career Women.”
To read the entire article from Andrea Coombes/MarketWatch:
http://www.marketwatch.com/story/10-tips-for-boomers-to-become-entrepreneurs-2013-01-14?pagenumber=1
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