Business Magazine | BABM | Entreprenuership

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.

About the Author
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 727-726-7619.

The Great Exodus … Or Influx