{"id":1028,"date":"2016-02-29T08:45:09","date_gmt":"2016-02-29T13:45:09","guid":{"rendered":"http:\/\/ioadvisory.com\/?p=1028"},"modified":"2019-09-24T17:22:22","modified_gmt":"2019-09-24T21:22:22","slug":"encore-entrepreneurship-common","status":"publish","type":"post","link":"https:\/\/ioadvisory.com\/blog\/encore-entrepreneurship-common\/","title":{"rendered":"Encore Entrepreneurship – It\u2019s More Common Than You Think"},"content":{"rendered":"

For many people, the stereotypical entrepreneur is a casually dressed \u00a0‘millennial’ person who was born between 1981 and 1996. The fact is actually quite different. According to data from the 2014 U.S. Census, less than 2 percent of millennials said they were self-employed. That\u2019s less than a third of the rates of entrepreneurship among Generation X (7.6%) who were born in the <\/span>early 1960s to the early 1980s<\/span> and Baby Boomers (8.3%, who were born in the mid-1940s to about 1960<\/span>). As some research points out, older, more established and better-connected individuals are more likely to start their own business than younger ones, with self-employment rates peaking at age 53.<\/span><\/p>\n

 <\/p>\n

\"Making<\/a>Due to shifts in the economy, a desire for autonomy, and the need for some income in the 50s, 60s, etc. self-employment after age 50 is becoming more common as a second career option. In other words, entrepreneurship as an \u201cencore\u201d to a previous career(s) is becoming more common. <\/span><\/p>\n

What\u2019s the First Step?<\/b><\/span><\/h2>\n

Countless conversations have revolved around the topic of \u201cIn ___ years, I\u2019d love to leave this job and start my own business doing __________.\u201d As the barriers to entrepreneurship drop due to technology and shifts in the economy, these conversations are leading to concrete actions. Common questions to answer include: What type of business will you start? Will you provide a service or products? What about your product or service will be unique so that people will buy from you instead of someone else? Will you start it from scratch or will you buy a franchise? Will you pursue this alone or will you have partners? All of these questions, plus some basics about how you\u2019ll finance it, should be answered in a brief business plan. This brief business plan will form the basis of your roadmap.<\/span><\/p>\n

What\u2019s the Second Step?<\/b><\/span><\/h2>\n

Once you\u2019ve considered some of the important preliminaries, it\u2019s important that you take a sober look at your strengths and weaknesses and confirm that you <\/span>should <\/span><\/i>pursue entrepreneurship. I always say \u201c<\/span>just because you can do something doesn\u2019t mean that you should do it.<\/span><\/i>\u201d It\u2019s important to work with your strengths while finding ways to compensate for your weaknesses. This is something that I always address when working with career coaching clients<\/a> who are contemplating a career change. One way to offset personal weaknesses is to find partners, employees, and\/or contractors who excel at things that you\u2019re not good at. Another option is to develop systems and\/or procedures to offset those weaknesses.<\/span><\/p>\n

 <\/p>\n

\"encore<\/a>What Else Should I Consider?<\/b><\/span><\/p>\n

There\u2019s plenty to think about before making the leap from employee to entrepreneur. At the upcoming <\/span>Second Career \/ Encore Entrepreneurship<\/b> breakfast event scheduled for March 17th, I\u2019ll discuss three concepts that will help ensure a smoother start and more successful entrepreneurship. Specifically, we\u2019ll discuss:<\/span><\/p>\n

    \n
  1. The importance of planning <\/span>before <\/span><\/i>you launch, preferably while you\u2019re still working elsewhere. A key concept is starting early.<\/span><\/li>\n
  2. What\u2019s more important – branding your company or branding yourself? Which one should come first?<\/span><\/li>\n
  3. Consolidating your online and offline networks.<\/span><\/li>\n<\/ol>\n

     <\/p>\n

    Interested in Encore Entrepreneurship as a Second Career? <\/b>Register for the <\/span>Second Career Entrepreneurship Breakfast<\/span> in Ottawa on March 17th. Since this event is close to International Women’s Day, it will also include a short presentation about the Zonta’s presence in Ottawa,<\/a>\u00a0which is part of\u00a0Zonta International<\/a>. The goals of this series of breakfast events hosted by Ms. Sophia Jacob<\/a> are to share information and encourage the development of relationships within the business and non-profit sectors.<\/span><\/p>\n

    \"Women<\/a><\/p>\n

     <\/p>\n

    If you\u2019re <\/span>interested in next level Career Coaching <\/b>or HR Services<\/span> let\u2019s connect by email<\/a>, phone<\/a>\u00a0(free, no obligation 15 to 20-minute initial phone consultations)<\/em>, or via direct message on <\/span>Twitter,<\/span><\/a> \u00a0<\/span>Facebook<\/span><\/a>, or <\/span>LinkedIn<\/span><\/a>. <\/span><\/p>\n

    Note –<\/strong> Since publishing this article in 2016, another study has come out with a similar conclusion. Specifically, the Kellogg School of Management, at Northwestern University notes that in the tech sector, older founders are more successful. For details, read this<\/a>\u00a0<\/strong>article published in May 2018 and another 2018 article called ‘Encore Entrepreneurship – the Grey Edge of the Wedge<\/a>‘ that I’ve written on this topic.<\/p>\n

     <\/p>\n

     <\/p>\n

     <\/p>\n

     <\/p>\n

    More than career coaching, <\/span>it\u2019s career psychology<\/span><\/i>\u00ae.<\/span><\/p>\n

     <\/p>\n

    I\/O Advisory Services<\/span><\/a> \u2013 Building Resilient Careers and Organizations.\u2122<\/span><\/p>\n

     <\/p>\n

    Easily share this article using any of the social media icons below.<\/p>\n","protected":false},"excerpt":{"rendered":"

    As some research points out, older, more established and better-connected individuals are more likely to start their own business than younger ones, with self-employment rates peaking at age 53. This article shares some tips on where to start if you’re considering “Encore Entrepreneurship”, or self-employment as a second career.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,7,262],"tags":[33,317,326,128,90,37],"class_list":["post-1028","post","type-post","status-publish","format-standard","hentry","category-blog","category-career-advice","category-entrepreneurship","tag-career-change-career-transition","tag-career-coaching","tag-career-counselling","tag-encore-entrepreneurship","tag-franchise","tag-starting-a-business"],"yoast_head":"\nEncore Entrepreneurship - It\u2019s More Common Than You Think<\/title>\n<meta name=\"description\" content=\"Encore entrepreneurship - established and better-connected people are more likely to start their own business than younger ones, peaking at age 53 ...\" \/>\n<meta name=\"robots\" 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