The dictionary defines maturity as “the state of being fully grown or developed”, which I guess is technically right, but sounds like it has an element of wish in it: I know many people who are fully grown and are anything but fully developed.

 

But perhaps the dictionary is trying to be inspiring. Certainly, it has synonyms for maturity that sound more real. For example, it lists words like completion, cultivation, experience, full bloom (I like that one!), mellowness, prime, wisdom, and my favorite, “readiness”.

 

Encore or boomer entrepreneurs generally make a living by being mature. The wisdom or experience that comes from maturity is usually their chief asset, which is in turn employed by either a company or themselves in a business. So it’s probably a good idea to understand what it means. To that end, here’s my riff on maturity:

 

Maturity means you have learned lessons and recognize you will continue to learn them. Life is a continual, informal and sometimes formal school and you’re always at your desk.

 

Maturity means constant growth and you can’t grow unless you screw up sometimes. If you’re mature, you understand that you will make mistakes, that you will make corrections, and that you will learn from the process.

Maturity means understanding that the most important time is the present. Yes, you have a past, and (it’s hoped) a future. But, while you may think about them, you can’t live in the past or the future. The only time you can live is right now.

Maturity means understanding that creativity is as important as pragmatism, and vice versa. Being purely creative all the time is the function of a child without responsibilities. Being constantly pragmatic is dull and lifeless. Even the most pragmatic dish needs a little creative sauce to be palatable.

Maturity means recognizing that you should do all things in moderation. And that includes being moderate. Kick up your heels once in a while.

Maturity means understanding that the grass isn’t always greener on the other side of the fence. But sometimes it is. You have to analyse and decide.

Maturity means recognizing that what you make of your life is up to you. Yes, you may have been shaped when you were immature by other, outside, forces, but there comes a time when you make the choices.  The philosopher Albert Camus said it best: “Alas, after a certain age, every man is responsible for his own face.” He meant women too. And I don’t think he was talking about cosmetic surgery.

Maturity means that if you love or hate someone that says more about you than them. You can’t love or hate something about another person unless it reflects to you something you love or hate about yourself.

Maturity means being less critical and more understanding. We all have foibles, bad habits, and annoying traits. Sure, we should try to change them, but sometimes we can’t.

1.    Believing that because you were somebody once, you’re somebody now. Many new Boomer entrepreneurs are guilty of the sin of pride. But the minute you walked out the door of that corporate gig, you became just another entrepreneur trying to start a business. You may not have changed how your see yourself, but the way the rest of the world sees you has. If you can’t start over with a new and clear sense of yourself, you’re in for a big letdown.

2.    Believing that your expertise is good enough. Highly educated people with much expertise can sometimes live in a bubble. But you have to recognize that because you are good at something, doesn’t make you good at everything. To your expertise, add education on entrepreneurial business operation, finances, working with people, and humility.  

3.    Believing you don’t have to market. This is a corollary to No. 2, and it also revolves around pride. Many Boomers who leave high corporate positions feel they can easily create a service and business will automatically flow to them. But even the most successful of businesses have to market somehow. If you think marketing means hard selling, and you’re too embarrassed to do that, give your head a shake. There are many ways to market that don’t involve the hard sell. Neither do they involve endlessly lunching with old colleagues.

4.    Believing that you can ignore your rolodex. It’s your best asset, but some boomer entrepreneurs want to make a clean break from their former lives and completely dump it. That means you’ll be all alone and friendless in the big new wide world. If the old life was really that bad, okay, but if it’s simply about starting a new one, then pick the best allies for your new business from your contact list, talk to them and learn from them. And don’t be embarrassed to ask for business. Some might even become clients.

5.    Believing you’re John Wayne. The strong, silent, and aloof persona might work if you’re a CEO, supported by a superstructure that allows you to occupy the ivory tower in the corner. But when you’re in your own business, you have to get involved – in everything. It’s been said that the entrepreneur has more than 40 different job descriptions, and yes, that includes cleaning up and taking out the garbage. Dignity has nothing to do with it: it just has to be done.

As we have said often, operating a boomer business is different than running a more traditional one.

Your business goals are usually different: You’re concerned as much with exploration and as you are with making vast amounts of moolah.

But you still have to make a little bit and that means you have to sell your services. The only way to do that is to generate leads – potential customers who might be interested in actually paying you for doing something you love.

Now, there are thousands of marketing operations around that will give you advice on how to go about this. That advice ranges from the latest whizz-bang social media technique, to the very loud and usually ineffective advertising or direct sales message.
I’m not saying you should ignore it all, but I do suggest you pick whatever is relevant to your business, and put the rest far into the background.

Generally all this marketing advice is a waste of time for a boomer business, because it’s aimed at the mass. You only want to talk to a few of this big herd.

So, top lead generation techniques for the boomer entrepreneur include:

1.    Working the Rolodex: By your age you’ve probably amassed a wide network of contacts in all areas of business. Even better, they know you, if only distantly. So why not market directly to the group where you have the best chance of success? Prepare a summation of what you can offer and go have a visit with long-time friends. You have to ask for the business, but try to keep the hard sell pitching to a minimum. If they can’t use your services, ask them if they know anyone who can.

2.    Social Media: I’m not saying you should plaster yourself all over every social media website out there. But you might want to pick one or two popular blogs or websites where your prospects are most likely to be, and start having conversations (again, not hard sell pitches). It is after all, free, except for your time. But be careful to manage it and not get caught up in the trivia.

3.    Speaking/Writing: Your’s is probably a business based on your expertise, so you have to find only the customers who can use it. There’s no better way to do that than to speak on the subject or write articles for magazines, newsletters, or blogs that focus on your area. It’s called expertise marketing, in which you show your stuff as an expert to potential customers. Your goal should be to become the answer person in this area.

A study by the Ewing Marion Kauffman Foundation points to an explosion of Boomer entrepreneurship in the coming years.

In fact this explosion is so prevalent that the foundation postulates that Boomer entrepreneurs will actually lead the US to economic recovery.

The foundation’s Dane Stangler writes that the US population is rapidly aging, which would normally point to a tentative and sluggish recovery because of the large numer of people expected to “retire” in the coming years.

But, says Stangler, mid-life workers have been changing for some time and have outpaced younger workers in business formation. Research has shown that in every single year from 1996 to 2007, Americans between the ages of 55 and 64 had a higher rate (about one-third more) of entrepreneurial activity than those aged 20–34.

Combine that trend with increasing health among boomers, changing views of the  “lifetime job” concept, recession-led layoffs of older, knowledgeable workers, new technology that makes it easier to get into business, and a larger appetite for risk among older entrepreneurs, and it’s likely that we will see increasing entrepreneurship among people well into their 70’s, the foundation says.

Countering this optimistic view are other economic opinions claiming that while entrepreneurship may increase generally, it is unlikely to lead a recovery because it will not result in much new hiring of workers. Entrepreneurial businesses rarely hire more than one or two people, they point out.

It seems to me, however, that these are not opposing views, but an example of the changing nature of the labor force from employment to self-employment, a reversion in a sense to the US employment picture at end of the 19th Century when most Americans were self-employed or operated businesses of some sort.    

Under old scenarios, recovery was measured by how many people were “employed” by companies. But new measures might have to look at how many people are employed by themselves.

Under that measure, the millions of Boomer entrepreneurs who are moving into the marketplace, will likely rapidly boost “employment” numbers.

Change can be a frightening thing, especially for “experienced” people who have established habits over many years. Experience is all about constructing habitual and mental frameworks in order to process information quickly. Without such frameworks, you’d be overwhelmed.

But these frameworks can also form a trap, a kind of mental straightjacket that restricts the ability to change when it’s required. It is for this reason that mature or older people are often viewed as hidebound, inflexible, and unwilling to entertain any other viewpoint than the one with which they’re familiar.

But if you’re thinking of starting a retirement business, or have already done so, you’re probably already caught up in a massive wave of change that’s upset the comfortable frameworks that ruled your thinking for so long.

At the same time there is an outside change that is probably also affecting you. The savage recession has had a destabilizing effect, attacking financial cushions, toppling iconic landmarks, and for all intents and purposes, turning the familiar world on its head.

Put these together and anyone making a major life shift such as is occuring among many baby boomers should be almost paralyzed. But many aren’t because they have learned the secret to conscious living.

This secret is simple: Conscious living is living in the here and now, not in the past with all its patterns, or in the vague and undefined future. It’s separating reality from real or imagined fears. It’s planning for the future, but living in the present.

Some suggestions for boomer entrepreneurs who are facing the analysis paralysis that can come from too much change include:

Make a plan. There is nothing that forces you to examine under a realistic light like making a plan that maps out a direction for a business, or just simply for living. For example, all plans demand a situational analysis which forces you to do some self examination, which in turn will lead to recognition of your strengths and weaknesses.

Examine your bad behaviors. Over time bad behaviours creep into the consciousness of all of us. We find a well-defined and familiar groove in being critical, dour and gloomy, constantly sour, or squelching all ideas because they’re different. These self destructive behaviours can be changed if we practice. If you find yourself being a sourpuss, start practising this minute on how to be open and receptive. Slap a smile on your face even if you don’t feel it inside. Eventually, it will become familiar.

Create goals. If you have defined behaviour you want to change, set a clear and tangible objective for that change and map out a plan, with goals, to achieve it. This goal setting exercise should be detailed, with checkmarks that indicate you are on course or need to correct. For example, if your objective is to get in shape and lose 20 pounds, you might set up an exercise program with the goal of running a half marathon. Your achievement plan would include all the training that would go into that.

Among my many pursuits as a reinvention consultant and coach, I write a blog called Retrain the Brain. 

It’s about training yourself to examine old habits and knowledge and apply it to new situations.

It’s very apropos to Boomer Entrepreneurs, who are essentially reinventing themselves, often after spending decades in other careers.

When boomers leave those careers and go out on their own as contractors or business operators, does this mean they have to forget everything they learned in those careers?

Not on your life. In fact, it’s quite the opposite.

After years of work in the trenches, you’re an expert in some aspect of business. When you leave that career and embark on a new one, you don’t suddenly lose that expertise. You just apply it differently.

Metaphorically, the structure might change, but the foundation remains intact. Your new job is to build a new structure on that foundation.

For example, if you managed a department at some company, you probably have two areas of expertise – the domain knowledge as the venture capitalists like to call it (your deep knowledge of a particular area, such as manufacturing or software development) and your knowledge and experience as a manager, which involves a more interpersonal, or human, dimension.

Both are valuable skill sets that can be applied in many different ways, combinations, and settings. For example, if you were the sales manager for a manufacturer, perhaps you could apply that knowledge of sales and management to another area as a consultant. Your understanding of the rigorous manufacturing process might be valuable in the services field, which is often much looser and could probably use some rigor.

So what if you don’t know anything about selling services? You can research it and get up to speed quickly. You will probably also have to determine the nuances of your new field, and shed some of the ingrained habits from your old career that don’t apply.

Can this be done? Certainly. Almost everyone can retrain themselves with an open mind and a little effort.  

You simply have to learn new ways to do old things.  

Some demographic statistics in Canada point to a glowing future for boomerpreneurs in that country as well in the U.S.  

The age wave that’s coursing through North America means that in less than 20 years, Canadians over 65 will account for 22 per cent of the population.

Canada has a slightly higher concentration of Baby Boomers than the U.S. but the trends are similar in the two countries. In all, there are roughly 90 million boomers in North America.  

Statisticians look at these numbers and worry immensely about the future labor force. They’re predicting that the proportion of the population aged 15 years and more in the Canadian labor force will decline to about 58 percent in 2031 (from 67 percent in 2005). While there are four people working for every “retired” person today, there will be two in 2031.

Note the use of the word “retired”, however. It skews these alarming statistics considerably because it relies on the traditional assumption that these boomers will stop working after “retirement”.

Most won’t. In fact, several surveys have shown that around 70 per cent of boomers say they’ll continue working after normal retirement age. Many will do so in their own businesses. In fact, more than 30 per cent plan to be consultants after they leave their careers.

So while these statistics frighten those who study economic growth patterns, they spell enormous business opportunities for boomerpreneurs.

If there aren’t enough workers, there will be a corresponding high demand for those who can supply services that require knowledge. And, because of the increased connection power supplied by the Internet, they’ll be able to supply these services as part time contractors, often by working from home.

The Youth Quake of the 1970s and 1980s is turning into an Age Quake of the 2000’s. And, as always in the midst of massive change, opportunities will abound for those who want to seize them.

Elsewhere on this site, there is a blog by Matthew Young about reinvention through fitness. Excellent concept, and it is one method of creative reinvention.

 

As an entrepreneur reinvention coach, I have to point out that there are many methods of reinvention. Most of these involve reinvention through ingenuity, which can then be applied to entrepreneurship.

 

To invent is to produce or create something by using the imagination. To reinvent means to make over completely, also through ingenuity and imagination. Ingenuity and imagination always involve an element of passion.

 

So boomer entrepreneurs are all about reinvention. Almost all of them are leaving one life and reinventing themselves in another. Most often this is manifested as leaving a corporate gig and striking out in your own business.

 

Boomers do this because they want to be more creative with the last decade or two of their working lives. They have probably been stuck in a rut – even the most exciting task becomes the same old, same old after it’s done a thousand times – and want to rekindle some passion in their work.

 

For example: Recently, I ran across a former real estate developer who now promotes health and wellness services. He makes a fraction of the money, but he’s much happier because he’s doing something he’s passionate about.

 

And so it is with most boomerpreneurs. Making money is only one goal, and often a low priority one. Often, the high priority goal is to work again with a passion, with a belief in something.

 

It’s like when you first started your working life and you were willing to spend many hours at something because you revelled in it. When you’re in the throes of creativity, time and “return” lose meaning.

 

This doesn’t mean mid-life entrepreneurism is a piece of cake. Like all new pursuits, it can be hard at times.

 

But the hardships are easier to weather if you have a purpose rooted in passion.   

Experts say the economic crisis that’s affecting most of the world is putting retirement plans on hold for most people over 50.

There may be some truth to that: After all, if your plan was stop working and live off your savings, which have likely been hurt considerably,  you’re probably seriously rethinking that strategy. Suddenly, you’re going to have to wait around much longer than you thought while your portfolio recovers to the point where it can fund that life of leisure.

But many Boomers aren’t planning to retire in the traditional sense. Instead, they plan to leave one career and start another, probably as entrepreneurs. And that’s an entirely different scenario that seems to be missed, or ignored, by all the experts out there who are in the business of selling financial products that fund retirements.  

If you’re looking forward to or have just started a second or third, or maybe even a fourth career, as so many boomers are today, economic turmoil won’t necessarily put your plans on the shelf. In fact, it might do the opposite and spur them on.

Most Boomerpreneurs have some particular skill or expertise that they plan to sell as independents after they leave the corporate world. But another important skill they possess is dealing with hard times, which in the long boom that preceded this downturn was never learned by today’s emerging corporate workforce.

Boomers are familiar with the downturns of the early 90s, and the early 1980’s. They know that harder times require adjustments, but don’t end everything. They can keep their head when everyone else thinks the sky is falling.

This is a valuable skill in today’s paralyzing climate of fear, and when combined with other skills, will make a boomerpreneur a prized commodity.

In troubled times, people often turn to sages, or people who hold wisdom, for guidance. So there’s no better time for a boomer to become that sage.

If you’re aiming to be a mid-to-later life entrepreneur, or maybe you are one already, you’ve probably heard a lot about business planning.

Forget most of it.

Business planning is a big industry that operates on the principle of mass:  Everyone gets the same methodology training, no matter what their individual circumstances.  Planning consultants (Full Disclosure: I’m one) may customize a business plan for complex individual businesses or sectors.  Generally though business planning follows the same structure.

The main purpose of this plan is to generate financing.  Some also use the process to force careful examination of a business ahead of time in terms of functions such as marketing, operations, and IT.

But, if you’re a 50-plus entrepreneur, much of this is irrelevant.

You’re not building Acme Manufacturing Corp. here so your situation is considerably different. Your venture is likely based on some skill or knowledge; you’re probably in a micro business to finance a lifestyle.  Exploration and adventure may be as important to you as “success”.  

This isn’t to say you don’t need to plan at all. You do – every venture, whether going out for dinner or pursuing a business idea, needs a direction and some planning. Without it, you’ll be very frustrated and probably fail.  

However, what you probably need isn’t a traditional business plan, but some form of strategy (mission, definition, and direction setting) and strategic plan (a list of tactics to achieve that vision.)

One way to plan this kind of business is to answer three basic questions:

1. What do you do?  Example: I deliver specific financial advice. This is an outline of the service you’re going to deliver.
2. Who do you do it for? I deliver specific financial advice to retiring workers. This is your market, and guides your marketing efforts.
3. How do you do it? I work with human resources departments to deliver financial advice to retiring workers in groups, one on one, online (or whatever). This is your method of operation.

Put more flesh on these answers, and you’ll have most of what you need to operate your business.