What holds you back from either creating your own business or marketing your skills outside of traditional employment channels? Readers of my posts likely know the answer. It is your mindset beliefs which either help or hinder you. Certainly economic events in the last seven years have made job security not all it was decades ago. Recently I read an article from the United Kingdom geared toward older workers, those defined as older than age 50 years. I found it interesting not just for older workers but for those so-called younger workers who still harbor many of the unhelpful eight mindsets noted below. To stay on top of your field you have to learn new skills. It is clearly part of the growth mindset (vs. fixed mindset) noted by psychologist Dr. Carol Dweck in her book "Mindset: The New Psychology of Success". One of those new skills is determining how to create your own business or market your skills differently.
In the United Kingdom the rise in self-employment in the years 2008 to 2013 (84%) came from those persons 50 and older, according to the Office for National Statistics. The Kauffman Foundation reported in 2009 that in the decade prior, the highest rate of entrepreneurial activity in the United States was in the 55-64 age group, sometimes referred to as the "silverpreneur" group.
However, the following eight mindset shifts should change anyone's outlook, whether younger or older, about considering a possible move from employee to your own business.
1. Having a job no longer offers security.
Having a job does not make you secure. That's the lesson many have had to learn in the last seven years of the economic downturn. Recent world events show how quickly things can change, often with unknown consequences. More companies are building flexibility into their business by taking on fewer permanent staff and looking to ensure they can shed jobs easily should the worst happen.
2. Your current job is disappearing.
Even if you are not being pushed out of your job right now, you won’t find it as easy to find a similar post, at a similar level, as you once might have. That’s because the role you currently perform is increasingly being replaced by new and different roles, or will be given to younger newcomers willing to work hard for less.
3. Technology innovations are arriving faster.
Increasingly sophisticated technology is performing many tasks which used to be done by highly trained and skilled professionals.
4. Knowledge and experience are an advantage.
It is estimated that in the near future as many as four generations will be working together. This means that your career ladder could be cut off prematurely by younger employees who might even become your boss.
However, your wealth of experience need not go to waste if you choose to start up your own business. Other Kauffman Foundation research noted that many founders of successful companies did not start them until they were 40 or older. So your age and experience may be an advantage.
5. Setting up a business is easier than in the past.
It’s easier today to set up a business, given the low cost of technology. You no longer have to set up a bricks-and-mortar business with expensive premises or lots of stock to buy. You can now succeed with an online business with just a good idea and a small budget to spend on IT equipment and software.
Lower startup costs mean less risk, so it should be easier to convince others that becoming an entrepreneur and starting your own business makes sense. The best time to get going is while you still have a job.
6. Raising capital is possible.
If you are older and need funding, you may well have some financial reserves to draw on or be in a strong position to borrow, as you have a financial track record.
With several crowd-funding platforms from which to chose, you can raise money even more quickly and easily. You just need a compelling pitch for others to believe in your idea and help you succeed.
7. A comfortable retirement is often just a dream.
Retirement is now an outdated concept that you need to revise. It’s not just a case that the retirement age is continuing to creep up or that many need to keep working to maintain a lifestyle. The fact is, you should be looking to make a contribution in some form throughout your life so as to make you feel younger for longer. As I have heard said many times, if you are not growing you are dying.
People are likely to change careers several times during their working life particularly as individuals work longer and can contribute. Why throw out all your knowledge and experience just because you have reached some arbitrary age?
8. Life is about continuous learning.
One way to improve your quality of life as you live longer is to keep your brains active through continuous learning. The day you stop learning is the day you start becoming old, independently of your biological age. This is consistent with the growth vs. fixed mindset concept mentioned earlier.
Some people may tell you that entrepreneurs are born and not made. This may be true for some but there are more than enough examples of mature professionals who successfully set out on their own in later years.
So, if you want to become an entrepreneur ("silverpreneur"), create your own business, or merely market your skills more effectively, what should you do?
As always, the answer is to change your mindset. You may think you're too old/young to make major employment changes. I want to reinforce the recognition that your life is the product of decisions you make, which are the product of the thoughts you have, both helpful and those less helpful.
Do not label or judge yourself based on what you have or have not done so far. Do not limit yourself by declaring yourself an accountant, manager, or even a psychologist (heal thyself!). By doing so you tell yourself that's all you are and it stops your change process and potential transformation.
If you need training or guidance (and you almost certainly will if you have only ever been an employee), find the right courses and programs that will give you the needed skills. Better still, find a mentor, someone with business experience to provide feedback about what you’re doing or intending to do. You’ll learn faster and avoid costly mistakes. Getting a coach or mentor is an efficient way to make progress quickly. By doing so you will be taking more control of your life. As always, change your thoughts and change your results. For additional information consult my website at www.successandmindset.com.