5 Daunting Challenges an Encore Entrepreneur Needs to Combat

Contrary to popular belief, new companies don’t have to be young companies. In fact, according to the Kauffman Index, around 53 percent of new businesses in 2013 came from entrepreneurs over the age of 45. That’s up from around 44 percent in 2003.

Our grandfathers had a good chance of working their entire lives for the same company and retiring with a pension and a gold watch, but that’s rare today. If you want to take charge of your own dreams, you can and should start a business no matter how old you are. But it does come with daunting challenges. Let’s explore some of the problems and learn how to overcome them.

1. Dealing with Ageism

Becoming an encore entrepreneur may be met with stereotypical reactions such as “It’s too late for that now!” Due to such reactions, many professionals above a certain age may experience a lack of faith in their stamina or skills. At times, you will be viewed as “out of touch” compared to your younger counterparts.

Don’t let attitudes on ageism discourage you from chasing your dreams. It’s important to show everyone that you’re committed to your business by acting professionally and treating everyone firmly but fairly. Let worrying about age be someday else’s thing, not yours.

2. Handling Criticism and Rejection

Many people will automatically begin to criticize your career choices. Sometimes they do it because they feel insecure and cowardly in the face of your conviction and innovation. Some may even try to persuade you to abandon your dreams by, for example, pointing out the consequences of failure. However, it’s important that you stay focused on following your own path.

Moreover, entrepreneurship can be lonely when friends and family are the ones who don’t understand the decision. It takes dedication to succeed, and being constantly on the go can be a strain on relationships. If you’re going to reach your goals, you will have to make sacrifices, but finding time for your loved ones is important for emotional health. Try to find the right balance.

3. Facing Young Competition

If you are an encore entrepreneur, chances are you will find yourself competing against twenty-somethings brimming with confidence. The younger generation has grown up in a fast-changing environment, so they’re used to adaptation. Adapting quickly to market changes may not be something you have learned in traditional job roles.

However, it only takes some research and analysis to see which trends are gaining momentum. Unlike younger people with limited experience, you understand better how your industry operates, and you have the wisdom of more life-lessons! In the end, trusting in your own abilities is key to realizing your ambition.

4. Not Being Tech-Savvy

The younger generation was the first to grow up already surrounded by smartphones and Wi-Fi. They have an edge through being more tech-savvy, while you may feel clueless on many new technologies.

To succeed, you need to understand the business systems and channels in use today. That includes not only computer hardware and software, but today’s internet – particularly social media. If you want to succeed and gain customers, you simply need to be aware of all the new marketing trends that take place online. If you have the disadvantage of having insufficient IT knowledge, don’t worry – commit to learning and soon you will catch up on everything.

5. Dealing with Stress and Self-Doubt

Although you might be empowered by a stable financial situation and years of experience, starting a new business always involves risk. Encore entrepreneurs might experience stress at every stage of growth. You will probably feel discouraged when things go wrong, and self-doubt can quickly sneak in.

It’s important to always regain a clear head as part of your practices. For example, developing a personal program of meditation and exercise can help reduce anxiety. One way to refocus is to keep an updated list of your goals and the steps to realize them. When you’re depressed and feel like giving up, look back at the goals you’ve already achieved, and tell yourself you just have to accomplish this next step to make progress. Life is never an easy journey – but you have to persevere to reap the rewards!

Conclusion

In conclusion, it’s vital that you don’t become discouraged by the ageism that sees young entrepreneurs as stars and encore entrepreneurs as dinosaurs. Everyone experiences some form of criticism and rejection in their career choices, so it shouldn’t discourage you.
You can measure up to young competition by becoming more tech-savvy and socially aware, while at the same time finding a means to reduce self-doubt and stress.

Even if you’re 60 years old and have been an employee your entire life, it doesn’t mean you can’t be a leader now – so go for your dreams!

This post was written by Natalie Smith, a Seattle-based freelance writer, enjoys writing about marketing, social media, brand building and customer service. She is also an ardent follower of the new trends in the business world, as well as on the Internet. You can reach her on Twitter.

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3 Technologies That Make Working From Anywhere Easy

I have been exploring to see how easy it would be to move my business anywhere. As a solo-entrepreneur, my goal is to eventually have a location-independent business.

Last week was my first experiment in working outside of the U.S. as an independent business. My wife and I just returned from San Miguel de Allende, Mexico, and I discovered that by using three different technologies I could be location-independent.

Let me tell you about the technologies that made it so easy.

Skype

My wife and I arrived in San Miguel on Wednesday afternoon, March 1st. We had arranged to rent a one-bedroom unit through AirBnB.  After we arrived I quickly connected to the Wifi because I was scheduled to be interviewed on the Criminal Justice Evolution podcast that evening.  The Wifi connection was not great – but good enough.

My wife and I went out to eat and returned home around 7:30 PM. I got out my Apple MacBook Pro, attached my Audio-Technica ATR2100-USB microphone and I was ready to go. Patrick Fitzgibbons interviewed me for about 45-minutes and it proved to me that I could have been anywhere. Listen to the interview here and let me know what you think.

Most podcasters use Skype for their interviews. It is free, mostly reliable, and the audio easily recorded. I use Piezo from RougeAmoeba to record my podcast.

When we explore Ecuador in May, I will get a U.S. phone number for my Skype account, and forward my Google voice telephone number (you will find that number at the top of this page) to my Skype account. That way I can use my Mac, iPhone, iPad or any other platform that has the Skype app.

This was easy!

DropBox/Google Drive

I use DropBox and Google Drive to share files with my podcast vendor, PodFly Productions, my virtual assistant, my co-author, and anyone else I work with.

While in San Miguel, I was able to edit a podcast recording, record the intro and outro, and share those files with my folks at PodFly. All I needed to do was copy them to a directory on my Mac, and automatically those files were replicated to the audio editor, and the show notes writer could access them.

PodFly uses Google Drive for show notes. On Monday, I opened a Google Doc file and copied the show notes to my website. I have no idea where in the world the show notes editor or the person who proofreads the show notes works or lives.

I could have been anywhere. It is so easy.

Google Translate

I used Google Translate for the very first time on this trip. WOW!!!

I have been all over the world and I have a collection of foreign language dictionaries. 

Google translate will translate a text you type into the app.

You can see some of the words I typed in like:

• exit
• small coffee (Yes, I went to a Starbucks)
• wow
• Onion soup

Now if I wanted to translate the word “good”, I would see the translation of Bueno.

The cool thing is if I click on the little speaker next to SPANISH, Google translate will pronounce the word or phrase.

The next cool feature is if you tap the microphone and speak into the phone, Google Translate will give you a decent translation.

Tuesday at lunch our waitress was trying to explain to us, in Spanish, about the dish my wife had ordered, a type of taco. She spoke no English and we were at a loss on what she was saying. I had her speak into Google Translate app and we learned that the tacos were wrapped in lettuce rather than tortillas. Boy! Was that easy!

 

 

The last feature is using the camera. I found the following sign in the airport.

I then displayed the same sign in Google Translate looking through the camera lens.

The translation is not perfect but it sure helps!

I used this on restaurant menus, traffic signs, package labels, etc., …. all with similar results.

Conclusion

Technology is making working from anywhere easy. All I need is a good Internet connection and I am good. Will this technology affect your job or career?

Probably!

Our next adventure will be going to Cuenca Ecuador in May.

Marc Miller  

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