Aspiring Baby Boomer Entrepreneur- Are You Frozen In Time?

Aspiring Baby Boomer Entrepreneur- Are You Frozen In Time?

Aspiring baby boomer entrepreneur, from where you stand it may seem that you are frozen in time, unable to see a bright future. But that is merely an illusion. You can build a future by having a business as the foundation for your encore career. The key is in developing your entrepreneurial mindset.

Your entrepreneurial mindset lets you see the world with a different set of eyes.

• It lets you spot needs in a special way.
• It lets you see opportunities in solving those needs.
• It lets you plan solutions to realize those opportunities.
• It helps you to execute your plan.

In this video, magician David Blane freezes himself in time, within a block of ice. He exposes himself to great risk and manages to survive. He saw a need for people to be entertained. He saw an opportunity to create a special way to address that need for entertainment. He developed a genius plan to deliver upon that need. He executed his plan. Not only did he survive, he added to his fame and fortune.

What will your entrepreneurial mindset do for you? Can it keep you from being frozen in time? 

What you should do next.

Please play the video and see how the magician got unfrozen. Then work on your own entrepreneurial mindset to create your own magic.

For more tips on developing your entrepreneurial mindset, join our free mailing list. Go to My Baby Boomer Business Dream.

Brought to you by Shallie Bey, Founder - Smarter Small Business Blog

 ~ The Business Dream Weaver

Entrepreneurship In A Word: Part 3 – Advisers

No matter how experienced you are as an entrepreneur, you depend upon growing by having good advisers. The challenge is making sure that your advisers are supporting your goals and dreams and not just selling you their own.

Joan Magretta, strategy editor of the Harvard Business Review during the 1990s and author of the delightful book, What Management Is: How It Works and Why It's Everyone's Business, has an interesting insight. She calls it “advice without context”.

She observed that the number of books and major articles on management has grown to over two thousand per year. Most of these focus upon a single idea in isolation and often out of context. But the practical reader wants ideas they can quickly use, so most literature is full of lessons learned and concrete to-do lists – the ten things you can do today to be effective or savvy.

The problem is that 10 things from each of 2000 sources suddenly turns into an overwhelming twenty thousand suggestions to you each year. This doesn’t even include the advice from friends, relatives, business consultants, customers, other successful entrepreneurs, and in today’s age the Internet. This is the problem of advice without context. Every piece of advice must be placed in the context of your personal goals and your business plan. This is the reason that you design your business plan to be your tool for designing your business. You must know not only what to do but why the advice supports your goals. So, as an entrepreneur, make sure you understand the motives of your advisers.

EXIT STRATEGY - The Small Business Owner's Ideal Outcome

Business exit strategy…"What is that?", you might ask. It is the general direction that you want to follow that will prepare the business for you to leave when your objective is achieved. If you are like many small business owners, your strategy might be simply to provide you with income until you reach the point that you want to retire.

You might want to pursue the strategy of building an asset, that will appreciate in value, you can sell in the future. For some that sale might be through a public stock offering. For others, it might be a company that operates smoothly enough that it can function without you, making it something worth buying by a future private owner.

A third popular strategy is to create a business that will run effectively without you that you will continue to own. Many business owners are beginning to recognize the value of this strategy.

If you currently draw $100,000 per year from your business to support your lifestyle, you have a couple options. If you sell your business and invest the principle at a 10% return, you must have $1,000,000 to sustain a $100,000 a year income contribution. On the other hand, if you can design the business to require a minimum amount of your personal time and attention, you can continue to draw the $100,000 from the business for as long as you want.

Perhaps, one of the most exciting examples of the third strategy being explored in the business community today is Tim Ferriss’ discussion of the 4-Hour Workweek. He explains how he went from Working 80 hours per week to earn $40,000 per year to earning $40,000 per month working 4 hours per week. His book titled “The 4-Hour Workweek” describes his journey.

If you would like to hear Tim live, he will be interviewed by famed business marketing expert, Joe Polish. You can listen in on your phone for free:


*The 4-Hour Workweek: Secrets of Doing More with Less in a Digital World*

Date: This Wednesday, May 30
Time: 10 a.m. Pacific/1 p.m. Eastern
PHONE: 620-294-4005
PASSCODE: 0530#


Make sure you hop on the call early!
You're about to find out what a world-record holder in tango, a national champion in Chinese kickboxing, and the owner of a multi-national supplement business have in common...and how he has so darn much free time!

If you read this message after that date, you have a couple other options that I can suggest. John Jantsch of Duct Tape Marketing did a great podcast recorded interview dated April 23, 2007.

Or see Tim's Blog.

Doing Small Business In A Smarter Way

Small business owners face some of the toughest challenges on the planet. Like many of the top performers in various works, small business owners need executive coaches to help them polish their game.

Unfortunately, many small business owners are not aware of coaching and the value it offers. For others there is the fear that the cost of coaching will be more than they can afford. Business Rebirth is about making a place where you can get information to help you better understand coaching and get some help in a financially feasible manner.

As a small business coach, I am constantly searching for ideas that can help my clients. Business Rebirth will be a place to share some of my best findings with my virtual clients. We will discuss ideas on this blog and will flesh them out on the main web site www.businessrebirth.com. That site only has a place holder for the moment and will be constructed soon. In the mean time, share with me your questions about your biggest challenges as a small business owner. I will respond to those questions that have the widest appeal. Given time, I will also respond to you by private e-mail. You can e-mail me at shallie@businessrebirth.com.

See you soon!