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The Great Exodus … Or Influx
By Richard F.
Gerson
Published: April / May 2008
Every year, for the next 20 years or so, we will see a
tremendous exodus of baby boomers from the workplace.
The boomers will be retiring (due to age), taking early
retirement (due to a variety of reasons) or voluntarily
retiring (to pursue something else). In any case, an
inordinate amount of business knowledge will walk out
the door when the boomers leave the workplace.
Many of these boomers are interested in starting their
own business. They have seen how their employers have
done it (and many times have thought they could do it
better), and they have seen friends and colleagues start
their own businesses. Some have succeeded while others
have failed. Regardless of the outcome, many boomers now
have enough money saved to give entrepreneurship a shot.
The problem is not in how to run a business, or how to
select which business to run. The main obstacle that
would hold a baby boomer back from starting a business
is psychological. That’s right. It’s in their heads. All
sorts of thoughts go through their minds when they
consider venturing out on their own. There is a great
deal of fear, uncertainty and doubt. Remember, they will
be working without a net now (no regular paycheck).
Simultaneously, there is a great deal of excitement,
optimism and enthusiasm. There will probably be even
more passion for this individual venture than they had
for their jobs. That’s because the new business will
sink or swim based on their efforts.
Boomers, Start Your Engines
What I really mean is for the boomers to start their
mental engines first. Before going into any business
venture, they have to get their heads right.
Entrepreneurs must have the proper mindset and
motivation to get the job done. They require a healthy
dose of optimism, a high level of self-confidence and
self-esteem, and enough skepticism to know that things
can go bump in the night.
While boomer business start-ups will dot the corporate
landscape for the next 20 years or so, and many will
have great product or service ideas, much of their
success will depend on the mentality they bring to the
business. An insecure or uncertain business owner can
derail a company faster than anything or anyone else. A
“Pollyanna” owner can do the same thing. While boomers
will have to overcome their fears, uncertainties and
doubts to make their new business work, they will also
have to temper their optimism and enthusiasm with good,
sound business practices. The combination of a positive
mindset with a plan to run the business is an excellent
formula for success.
The Psychology of Boomer Business Owners
What I can guarantee you is that if you doubt your
ability to succeed, you will not succeed. In addition to
having a positive mental attitude, you must also set
written goals for your new business venture. Goals
should have a descriptive statement of what you will
achieve and how you will measure it, and by when you
expect to achieve the goal. Goals motivate people to
action and your business goals will motivate you to
succeed as a business owner. From there, set up metrics
for everything you will do in your business. This
includes sales, hiring, production, etc. You should be
able to measure and analyze every aspect of your
business. If “scoreboarding” is not your strength (maybe
it’s operations instead), then get some help. The more
you measure, the more you will improve.
Finally, understand that it is okay to feel fear,
uncertainty and doubt. Entrepreneurs, even experienced
or serial entrepreneurs, always have them when they
start a business. So, if you get these feelings during
your “boomer business start-up”, don’t be afraid of
them. Determine how to best deal with them and derive
energy from them. Let them fuel your passion and desire
to be successful. Overcome the negative emotions and
replace them with positive beliefs and emotions.
Remember, sometimes the only obstacle to your success as
an entrepreneur is not customers, the marketplace or
competitors. Sometimes, it is simply what you think,
feel and believe.
With that in mind, there really will be no great exodus
of knowledge as boomers retire. They will start their
businesses, put more value into the marketplace, grow
their knowledge, help others learn more and do better,
and create more jobs than ever before. The corporate
exodus will become an entrepreneurial influx.
Richard Gerson, Ph.D., CMC, is President of Gerson
Goodson, Inc., a coaching, consulting and training firm
specializing in the psychobehavioral aspects of
individual and organizational performance improvement.
He is the author of 22 books and can be reached at
www.richgerson.com,
Richard.gerson@richgerson.com, or
727-726-7619.
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