We take the networks and relationships we develop at work very seriously. If the new venture relies on drawing on this network, retirement may be a setback. There is nothing really personal about this network. Others won’t matter much, except for a small, strict circle of peers who share personal experiences. Others will move on with their work lives and may not be willing to move on with minimal courtesy. There are no more favors to give or take, nor is the power attached to the post alive. My friend will probably get an appointment to make his pitch; But getting customers and orders and actual revenue is another thing entirely. What every business sees as vital to its revenue and profits. Retired entrepreneurs tend to have a macro perspective that identifies what can be good for a business.
Many business ideas are not opportunistic at that stage of life; They have idealistic tendencies. They want to fill a gap; They want to make things better; They want to contribute to the society; They want to enable a new approach and so on. My friend was so absorbed in the nobility of his idea, that he was unable to see that his clients might not have the time, energy, or urgency to put money into his proposal. One can argue with the business chief whether he should do this or that. But B2B clients are the hardest to crack because they don’t easily allocate funds if the offer doesn’t make immediate business sense or can’t deliver what they need. It is also held against my friend that he may not have the energy or bandwidth for a B2C (Business to Customer) enterprise which may require massive investment in marketing, trade promotionequipment, location and so on.
This requires building and collaborating a large team, and requires business partners who bring various other skills to the table. Preparing ahead makes sense if the enterprise is large, specialized and needs a large team, capital and infrastructure. Taking advantage of years of work when one is able to access, investigate, test, and debate business ideas can help transition from work life to entrepreneurship. It can happen at any stage of one’s work life. The disadvantage of thinking about it after retirement is that this high-quality collaboration may no longer be of benefit.
There is also the problem of lack of display orientation. Many retirees get tired of chasing goals and targets and prefer to do work that does not require hard achievement of quantifiable goals. They want flexibility in their work life after many years of routine and routine. Entrepreneurship requires a long time, a focus on revenue, costs and profits, and a level of discipline that many people are not ready to invest in at that stage of their life. Not for lack of merit, but for a burning desire to succeed, perhaps. The stakes cannot be high. If one seeks entrepreneurship to fill the time that one has, it is not a sufficient condition to be successful.
what works for a retiree entrepreneur, Personal excellence is the capital that a retiree has. Where he started his career, he would end it. Beginning as an individual contributor and performer, a new employee begins to climb the ladder to learn to collaborate, execute with a team, lead and direct larger and larger teams, and hold positions of power and strategy. gives. Upon retirement, a better qualified, experienced and skilled individual returns to the contributor. With perspective, wisdom and knowledge and if the eagerness to contribute to a cause persists, our man is ready to seek opportunities.
For example, retirees thrive in mentoring, mentoring, mentoring, teaching and writing roles. As long as the businesses that engage them are able to pay for these specific services, there is money to be made. Professions such as medicine, research and writing that depend on personal excellence do not see retirement as a threat. They continue to be paid for everything they have done.
My friend complained that I was being harsh and probably generalizing and he was right. Not all doors close immediately; And not all offers end without finding customers. We decided to do a quick survey of our circle of recently retired friends and ask them to share their own experiences and those of others in their circles. We got some interesting stories.
Not surprisingly, many were approached to become an insurance and real estate agent. Some considered becoming financial distributors and Investment Advisor. Individual contributions: check. Relevant to business: check. Performance Based Pay: Cheque. A significant number took a toll for stock trading, which should fall into the bucket of individual performance. Some became advisors and mentors to vendors, clients, and others associated with their previous employers. Some people started teaching and were happy with the number of assignments and pay. Some wrote books, columns and materials.
My friend did not give up very easily. He is determined. So what was he planning to do? He likes to identify, recruit, train and certify entry-level candidates for his former employer. When I tell him that business is very high at that level and businesses won’t invest too much, he thinks I’m jealous and doubt he’ll be successful.
I recall a meeting with the HR head of a large bank who described the branch expansion spree. Does it depend on mushroom training occupations, I asked. As long as they get me as many people as I need, he replied. There is a distance between what a business really wants and what others think it needs.
(The author is chairperson of the Center for Investment Education and Learning.)