Studies of thousands of business startups indicate that there is a significantly higher success rate among those founded by men and women who are 50 or older. In addition, as compared to businesses begun by younger entrepreneurs, those launched by encore entrepreneurs survive in much larger numbers when the economy is in retreat.Continue reading
Only a fraction of the people who consider starting a business actually follow through and launch one. Many factors hold them back. But none is more daunting than fear.
Fear itself is inevitable. We never know when some unforeseen event may trigger it. This leaves us but two choices. We will either manage our fears. Or our fears will manage us. Success with your business startup depends largely on which choice you make.
Here then is a seven-step process for managing the fears which may come with owning a small business.
Last week two of my clients launched a product which was immediately the buzz on sports blogs and news sites all over the web. This week television shows are calling, asking for interviews.
The product, called Schutt Vision, is the first point-of-view camera that is small enough, light enough, and rugged enough to be incorporated into a football helmet and provide fans with an opportunity to see the action from the perspective of players on the field.
Any business startup can profit from four lessons taken from the rollout success of the company that created the helmet camera.
The Single Greatest Factor in Entrepreneurial Success Mike Armour On a flight to New York this month I found myself seated beside a veteran entrepreneur. Now retired and headed to Europe for a vacation, he was the founder of two … Continue reading
Lots of people say that they want to start a business. Few of them do so. Why not? What holds them back?
One of the greatest impediments, I’m convinced, is fear. In business, as elsewhere in life, fear is always lurking in the wings, eager to seize center stage, if we let it.
For encore entrepreneurs and all other business owners, therefore, courage is the single most important virtue. Courage is even more important than integrity, persistence, and will power, because without courage undergirding them, none of these other virtues can thrive.
Is Your Personality a Good Fitfor Your Business? Mike Armour Statistics tell us that the majority of encore entrepreneurs will start businesses in which they are the sole provider or the primary provider of services. The business itself, then, becomes … Continue reading
There seem to be far more ways for them to go bad than for them to succeed. Not that I would discourage anyone from entering a partnership. But you must do so with your eyes wide open. VERY wide open. I’ve spent much of my career as a business coach trying to salvage partnerships that were in trouble. From that experience I can truthfully say that having a dysfunctional partnership is a curse that I would not wish on anyone.Continue reading
For encore entrepreneurs, who often have a short time horizon for making their business fortune, buying a franchise is an attractive option. As a rule of thumb, properly chosen franchises cash flow much quicker and provide a faster return on investment than a business which you start on your own.
There are downsides to owning a franchise, however. And the cost of entry is often rather steep. So is buying a franchise right for you? And if so, what kind of franchise is your best choice?Continue reading
People start businesses with a dream of the freedom the business will give them. Then they find themselves a few years later frustrated, exhausted, and on the verge of burnout. One of the primary reasons that this happens to small business owners is that they never shed an employee mindset to assume an entrepreneurial mindset. Had they done so, they would have structured their time and their business much differently.Continue reading
The reasons for choosing to base your business out of your home typically revolve around three issues: reducing the cost for office space, having more time for interaction with the family, and eliminating the commute. Another consideration is convenience. Convenience is a biggie; for me. Based on your personality and self-discipline, however, convenience can be a two-edged sword..Even though people often start a home-based business to have more time with their family, the very convenience of having an office down the hall frequently works against that goal. It’s just too easy to have dinner with the family, then slip back to the office to do a little more work.Continue reading