Encore entrepreneur is a term that has come into use only recently. It denotes men and women who start a business in their 50s, 60s, and 70s as an encore to a previous career. According to the Census Bureau and the Small Business Administration, these encore entrepreneurs currently launch more than half of the 400,000 business startups each year in the U.S.
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People generally have a highly inflated picture of small business revenues and profitability. Now, if this is true for people in general, it’s safe to assume that encore entrepreneurs may slip into similar miscalculations. They can easily launch a startup with unrealistic expectations, both in terms of income or of the work required to reach that income level.
Continue readingAre your personality traits conducive to entrepreneurial success? It’s risky to start a business without asking yourself that question. As much as anything, your success in building a small business will depend on your personality and how well it is suited to the task.
Continue readingWhat percentage of American businesses have no payroll? Would you guess 15%? Or 30%? How about 75%? Surprising as it may be, that 75% figure is closest to the truth. About three out of every four businesses in the U.S. are operated solely by their owners .These statistics tell you that the U.S. is a nation of micro-businesses.
Continue readingIf you asked me to isolate a single compelling reason for business startups to keep good records from the beginning, I would offer the following. A recent survey by the National Small Business Association confirmed that the IRS is not … Continue reading
A few years ago, while launching a startup, I was struggling to find a good name for the business. When I took my struggle to a respected friend and mentor, he surprised me with his first piece of counsel. "Choose … Continue reading
Track Four of our LeaderTrack Small Business Coaching Series emphasizes the interpersonal and communication skills that are vital for anyone who owns a small business.
Continue readingTrack One of our LeaderTrack Small Business Coaching Series is ideal for encore entrepreneurs in the earliest stages of starting a business. It assures that the fundamental elements of your business are put together soundly from the very beginning.
Continue readingA recent study released by the Association of Retired Persons (AARP) gives us a snap shot of self-employment among older adults. In effect the self-employed are business owners, even if they are the only employee in the business. The study … Continue reading
In the May 2013 issue of Inc Magazine Meg Cadoux-Hershberg reports on her study of the personal impact that entrepreneurship has on people. Her findings are summed up in the sub-title of her article: "Entrepreneurship changes people — and not … Continue reading