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Sunday, September 15, 2013

Baby Boomer - Do You Have The Disposition To Be An Entrepreneur?

Baby Boomer - Do You Have The Disposition To Be An Entrepreneur?

My dictionary says "tendency or inclination"...perhaps a natural inclination. I wonder if you and I have a disposition toward being a baby boomer entrepreneur.

The world around us is changing

As we face the issues of retirement, many of the choices we made earlier in your lives may not support the reality we face today. Does the fact that we worked for someone in earlier times of our life keep us from adopting the solution that may work better as we face new times in our life?

Does our disposition about financing our living need to change too?

Many baby boomers are retiring at the end of the era of defined pension plans. They have established pensions that will meet their income needs and insurance plans that cover their health needs. May others have saved enough to cover these two big fears of baby boomers: 1) having enough money to cover their living expenses and 2) having a way to meet their healthcare needs.

The next tier of baby boomers face these same two problems and hope to cover them with an encore career. This might come in the form of working longer before retiring, working either full or part time. It might include becoming an encore entrepreneur in a more traditional business where they provide products or services that depend upon their personal efforts to meet the needs of their customers.

The third tier of baby boomers look to approach the problem differently. They look to create an income generating asset that will not ultimately depend upon them being able to be healthy to work to produce income. The asset will be able to provide for their needs. This is more typically another form of baby boomer entrepreneurship. This is creating a business that does not depend upon you to run the day to day operations. This may well be your best solution if you don't already have a defined pension plan or have not saved enough assets to cover your retirement.

This third tier depends upon developing a business where you work smarter rather than harder. You create a business as an organization apart from you that meets both your needs and the needs of the organization. The needs of the organization are basically the needs of your employees and the needs of your customers.

Many people believe this this is not possible, however we see examples of this around us every day. The most common example is that of the fast food franchise. Franchise owners do not set out planning to work behind the counter all their lives. They develop systems to run the business and hire managers to run the systems. That is how we hear about people who own hundreds of stores. Secondly, the asset they own can be sold to someone else to fund their future needs.

A second example is the corporation for which you may have been working for years. Do the shareholders, the owners of that corporation, show up to work everyday? Generally, the answer is "no". People are hired to produce the results that are defined by the shareholders.

Do you have the disposition to be that special type baby boomer entrepreneur?

Is your disposition fixed? Do we have the opportunity to change our disposition to become something we have never considered before? Can you reinvent yourself or is it too late?

This video is a Minute With Maxwell. In it, legendary personal coach John Maxwell shares his thinking about our dispositions. I think that if you watch it you will hear him tell you that you can change your disposition. Not only can you put on an entrepreneurial mindset, you can put on a mindset that will allow you to accomplish far more than you think you can accomplish as you read this post. I believe the answer is yes, you can. 

What's  the next step?

Watch the short video by John Maxwell and decide about your disposition. If your disposition is to begin shaping your entrepreneurial mindset, join our mailing list. My Baby Boomer Business Dream.

Brought to you by Shallie Bey, Founder - Smarter Small Business Blog
 ~ The Business Dream Weaver
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