Are You a Midlife Entrepreneur?

Here's to a new beginning. You're off to a fresh start. You have new hope, new prospects, new horizons, a new vision. Your life is half over, you're dissatisfied with what you've accomplished, and here's your chance to get moving. No time like the present, you say. You look at what your boss does; you see so much wasted time; you know that you know more about your product than he does; you see what he's doing wrong, but you wouldn't dare tell him. There's got to be a better way to do all this, hasn't there?

Here's a thought . . . why don't you organize your little corner of this business (that you know so well and have so much experience doing) and strike out on your own. There's got to be a lot of people out there who would pay you (a whole lot more than you're currently getting) to do what you do best for them. What's more, you'd get to keep all the profits, rather than have so many other people take advantage of the proceeds from your work. Besides, you're feeling trapped: trapped at work; trapped at home; so trapped that even your time isn't your own. Here's your chance!

Taking your show on the road — particularly at midlife — very often seems to be a really excellent choice. My own father did it in 1955 (at age 49); I did it, too (at age 38). There are a few folks who start their own businesses in college (or even in high school). Even more of us start businesses after 'retirement' or after being laid off. When you look around us, most (actually, almost all) of the entrepreneurs you see are in their 40's or later. Are you aware of all the forces that are dragging at you as you struggle with these 'What's next?' decisions?

Being on the verge of taking that giant step into the entrepreneurial unknown can be a really scary place to be, and for good reason: you're about to walk that tightrope between business success and failure without a net. What's more, you're about to volunteer to be that net for other people: your spouse, your family, your customers, and anybody you may in the future hire. You're about to paint a target on your forehead, and invite the world to take a shot at it. Just hope that William Tell doesn't show up with his bow and arrow!

There's an old observation that notes that old sayings are often contradictory. While "He who hesitates is lost," shouldn't you "Look before you leap"? So there you stand (stood?) on the brink, wondering which choice to make: security vs. independence. Should you plan carefully, or seize the moment and build the bridge as you walk on it? The answer, of course, is just what you were most afraid of: 'Yes." Somehow, you've got to do both at the same time. How?

Now, that's the critical question for entrepreneurs, isn't it? How do you balance security with independence, planning with initiative, intuition with risk? For anyone embarking on an entrepreneurial career, what you most need is what you most lack: experience. When it's experience that you lack, and experience that you need, what's available to you to fill the gap? You need two very critical elements that should be the primary focus for your attention: gaining self-awareness and seeking exte
al advice and guidance. In my opinion, the single greatest reason for start-up business failures can be traced back to a combination of a deliberate sense of isolation and hubris in a new entrepreneur. The quickest road to failure that I know of is that of the solopreneur. No entrepreneur is an island, and, if that's your plan, I strongly suggest that you plan again.

Early in 2008, I interviewed a number of successful middle-aged male entrepreneurs. Each one of them told their story of how they came to build their business into a successful enterprise, often against daunting odds. Each one also told a story of how they overcame the old male stereotypes, learned to pay attention to their own intuition, learned to seek out and listen to those wiser and more experienced than they, and how they their openness served them well. They recognized early on that masculine rugged individualism was not their friend, and that sharing their thoughts, their feelings, their vision and their authority allowed them to progress farther and faster than they had ever imagined possible. They learned, indeed, to attribute their success to the contributions and support of others.

So, how about you, Mr. (or Ms.) entrepreneur-to-be? What's your plan? Who's on your team? Who do you have in your life that will share your passion and your vision? What are you prepared to give up — not only your time and your energy, but your ego — to make this enterprise a success? If, for whatever reason, this isn't your attitude; if you don't want to become expert at marketing and accounting and envisioning and planning; if you don't want anyone else to touch your vision; please reconsider your decision. Becoming an entrepreneur is all about these things, and not about the rebellion inherent in the midlife transition. Choose your vision and your goals carefully.

Regardless of which path you decide to follow, make sure that you've talked it out thoroughly with people who know . . . people who'll challenge you, not just give you the answers that you want to hear. Remember: a small disappointment today is a very small price to pay for avoiding a huge embarrassment later on!