Never say never! Maybe you’ve tried starting a business or changing careers before, and it hasn’t worked out. Or maybe you’ve considered it, but talked yourself out of it because of your responsibilities, the risks, the time involved…who knows? One thing is for sure, unless you approach it with a plan of action, just like any other business endeavour, you’re doomed. The first part of the plan is to figure out what kind of chance you want to make. Here are five tips to get you started on the right path again:
1.Envision the future. Give yourself a long runway, maybe five years. Where would you like to be? What will you be doing? Who’s with you? What’s your message? Who’s listening? Painting a clear, detailed picture will let you get a handle on what you want and need from the change. This will help you focus on what you’ll get, and that’s important to keep yourself going when the hard parts of the change begin (because they will).
2.How did you get there? Look backward from the success you’ve achieved. What skills or talents did you use to get there? These are the tools in your toolkit that you want to use. It’s important to know whether you’ve got everything you need – or whether you’ll need to build regular learning into the picture. (Hint: if you’re not learning and stretching, you’re not thinking big enough – and it won’t feel like you’ve changed anything when you arrive).
3.Why did you want to go in the first place? Author Simon Sinek recommends that you start with “why”, and then work on what and how – but sometimes it’s difficult to get your brain around the motivation before you figure out what it is that you are motivated to do. If you’d rather start with the purpose, because you already know you want to educate kids or save kittens, go for it. Start here, then backtrack to Step One.
4.If you tried before, what didn’t work? Don’t do that. Seriously, evaluate what it was about your first effort that failed. You’ve probably done plenty of thinking about that already. Now figure out the actions and attitudes that did work – and work on those. You’ll get a much clearer picture of actions that were helpful and harmful than you had, the last time.
5.If you’ve never tried, start now. Honestly, start anywhere. Work on your business model. Interview some people in your ideal role. Profile a customer. It doesn’t matter. As soon as you break them logjam and start moving toward the change you’ve been looking for, you’ll start to pick up momentum. Make time to commit to a few steps every day, and just keep going. Eventually, it will all come together. Just dreaming about it won’t get you anywhere.
I'm Megann Willson, and I'm one of the Founding Partners here at PANOPTIKA. Are you experiencing a specific challenge with your new business, or your dream business? Let’s talk. We help our clients find, know, and keep customers - so they can build strong businesses that stand the test of time. You can find more advice from us on Twitter, LinkedIn, or Facebook. Subscribe using the button below for special news and offers from us.
When you think of startup founders, what do you think of? Do they look something like this?
There seems to be a perception lately that "startups" are only:
1. Tech companies
2. Mostly young men
3. Looking to scale exponentially and strike it rich.
In fact, this couldn't be further from the truth, and if you're over 50, an immigrant, or a woman, the next business to launch in Canada might be yours. In 2016, over 6.6 million Canadians over age 50 were in the labour force - about a third, and the number of self-employed persons of all ages was about 2.7 million. If a third of those are self-employed, that's 900,000 over-fifty entrepreneurs. A 2012 CIBC study noted that over-50s were the fastest-growing segment of the start-up market. While women don't make up the lion's share of business starts, their share is consistently growing. Immigrants, too, are finding that if they are struggling to find employment for others, building a business lets them create a job for themselves, and for others. So why not you?
As for the money, there's nothing to say you won't strike it rich. There are some late bloomers who went on to have very successful enterprises. Entrepreneurs also identify many other reasons, such as values alignment, more purposeful work, providing necessary but "missing" services in their communities, and employing others in their communities.
There are tremendous advantages to being an entrepreneur when you've already logged some career and life experience. Among these, you may have assets you can leverage for start-up capital, so you don't have to hand over part of your business to venture capitalists, but can retain control for yourself. You've also had lots of time to observe a wide variety of business models that work (and don't), and you've built valuable skills that can form the basis of your new enterprise.
Given the high number of workers over age 50, and yet an increasing youth bias in the workplace, there are plenty of mature workers who are (in the words of one columnist we read recently) "disappearing" themselves - doing everything they can to disguise or hide their age. Wouldn't you think that at age 50 you had finally earned the right to be yourself? So if you've reached the half-century mark, we'd like to encourage you to consider the "platinum pivot© " - think now about how you're going to take ownership of your career and rely on your own talents for your next 20, 30 or more years of your work life. Sure, there are plenty of youthful startups out there, but they'll all get older eventually, if they survive. You've just got a head start.
We're Megann and Steve Willson, and we're the Founders and Partners at PANOPTIKA. We started our business in our 40s, and we're still going strong, nearly 20 years later. Let us help you build a business that's just right for you. You can find us on Twitter, on Facebook, and on LinkedIn, and we'd be glad to have you join our inner circle and subscribe for weekly insights using the orange button, below. Let's get growing, together.
Megann and Steve, Partners in PANOPTIKA, are working for our clients every day to help them see everything they need to know to make better decisions in their complex business environment.
Want useful advice for better business decisions, delivered direct to your inbox? (It's like a free coach who comes to you!)