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With the deadline of August 31 quickly approaching, people 50 and older are encouraged to submit their story to the Center for Productive Longevity’s (CPL) Later-Life Story Contest as soon as possible. The contest has two categories: (1) Entrepreneurship Success Stories and (2) Inspirational Life Stories, with one winner in each category who will receive $1,000 and a specially designed display trophy. CPL has selected a panel of three independent judges who will choose one winner in each category, and their selections will be announced on October 1, 2012.

“We have received a number of fascinating entries and are excited to share these stories with people of all ages,” says William Zinke, 85, founder and president of Center for Productive Longevity. “However, we know that there are more people out there who are moving the needle, making a difference, inspiring others and bringing new businesses to life. We want to hear from you, too!”

With 30 years added to longevity in the 20^th century, people are leading active and fulfilled lives into their 60s, 70s, 80s and beyond. The goal of this contest is to demonstrate that older people in America can continue to lead successful and inspirational lives. Once the contest deadline has passed, CPL will select a variety of entrepreneur success stories to post on its website, highlighting the stories of the two winners.

Entries should be under 1,200 words and are easy to submit. Visit www.ctrpl.org/laterlifestorycontest to complete a submission form. Entrants must be 50 and older and be willing to have their story posted on the CPL website for viewing and for possible publication. Stories may also be sent to James Hooks at jhooks@ctrpl.org.

For more information on CPL and the Later-Life Story Contest for older entrepreneurs, visit www.ctrpl.org or Facebook at www.facebook.com/CTRPL.

CPL is also currently working on the finishing touches for the next meetings in its “Spotlight on Entrepreneurship Opportunities for Baby Boomers” series. The meetings are designed to contribute to a national momentum for new-business creation, which enables Baby Boomers to remain productively engaged and also facilitates national economic growth.

The meetings, designed for people 50 and older, are being held at Babson College in Wellesley, MA on September 14, Northwestern University/Kellogg School of Management in Chicago on October 11, and the University of Denver on November 15. To register and view preliminary agendas, visit http://www.ctrpl.org/entrepreneurship-meeting/overview.

The Center for Productive Longevity (CPL) has decided to expand the Later-Life Story Contest to include entries from people 50 and older, down from the 55+ age requirement, due to substantial interest expressed by people in that younger age bracket. While CPL generally focuses on people 55 and older, many people are also starting businesses and living inspirational lives within the prime years of 50-55. Over the course of the contest, CPL has received feedback asking for the age qualifications to be lowered and so CPL decided to honor that request.

A panel of three influential, highly regarded judges will select one winner in each of the following two categories: (1) Entrepreneurship Success Stories and (2) Inspirational Life Stories. The winners will each receive $1,000 and a specially designed trophy. From the entries, CPL will select a variety of entrepreneur success stories to post on its website, along with the stories of the two winners.

The essential purpose of this contest is to demonstrate that older people in America can continue to lead successful and inspirational lives. With 30 years added to longevity in the 20^th century, people will be doing so into their 60s, 70s, 80s and beyond.

The deadline to enter the contest is coming up quickly, August 31, 2012.  CPL will announce the two winners on October 1, 2012.

To submit a story, visit www.ctrpl.org/laterlifestorycontest and complete a submission form. Entrants must be 50 and older and be willing to have their story posted on the CPL website for viewing and for possible publication. Stories may also be sent to James Hooks at jhooks@ctrpl.org.

For more information on CPL and the Later-Life Story Contest for older entrepreneurs, visit www.ctrpl.org or Facebook at www.facebook.com/CTRPL. 

The Center for Productive Longevity (CPL), which serves as the bridge between people 55 and older and opportunities that enable them to continue in productive activities, recently wrapped up its last meeting in the “Spotlight on Entrepreneurship Opportunities for Baby Boomers” series. These meetings attracted more than 400 participants 50 and older to the four meetings in Kansas City, Mo., Boston, Chicago and Denver.

There are 78 million Baby Boomers (one-quarter of the total U.S. population) reaching the traditional retirement age of 65 at the rate of 4.2 million each year from 2011 through 2029. With unemployment high and economic growth low for the foreseeable future, new-business creation is a bright spot on a gloomy employment horizon for older people. A survey sponsored by AARP in 2011 indicated that 80 percent of the Baby Boomers surveyed intend to continue working after leaving their regular career jobs. This series of meetings is on the leading edge in encouraging Baby Boomers to consider the benefits and opportunities of new-business creation as they consider how to remain productively engaged.

This interest in entrepreneurship as a career after retirement is reflected in national research as well, with increasingly more people 55 and older creating their own businesses than people 20-34. In fact, according to Kauffman Foundation research, the relative percentage of entrepreneurs has increased by almost 7 percent for people 55-64 from 1996-2011, the largest increase among all age groups. By contrast, the percentage dropped about 5 percent for people 20-44.

“This is what built America! Individuality, capitalism, inventiveness, and the freedom to create your own business,” stated Karen Rose, a participant in the Denver meeting. “This meeting reignited passion in so many of us, along with providing educational avenues to turn passion into success.”

Tom Backhus, another participant in the Denver meeting, said, “The event has given me confidence in moving forward and ideas on the importance of writing my business concept.”

Each meeting had presentations by successful, highly visible entrepreneurs such as Jerry Kelly, CEO and Co-Founder, Silpada Designs, Doug Rauch, former President and CEO, Trader Joe’s, Larry Levy, Founder and Chairman of Levy Restaurants, and Alan Hall, Founder and Chairman, MarketStar.

Participants also attended interactive breakout sessions on topics relating to new-business creation and how to become an entrepreneur, including: risks and rewards, strategies for identifying and selecting potential business opportunities, developing a business plan or business concept statement, and exploring funding support.

Written evaluations from all of the meetings indicated that participants benefited and were even inspired by their experience. Almost all participants reported that it increased their understanding of the benefits and opportunities provided by entrepreneurship, and 74 percent stated they were now more likely to create a new business as a result of the meetings.

For more information on CPL, visit www.ctrpl.org or Facebook at www.facebook.com/CTRPL. 

All readers may be familiar with ESP–extrasensory perception.  I propose that we focus on EESP–experience, expertise, seasoned judgment and proven performance. This is what Baby Boomers can provide versus their younger counterparts. I like the old saying: “Good judgment comes from experience, and experience comes from bad judgment.”

Quoting from the Kauffman Index of Entrepreneurial Activity for 1996-2010, written by Robert W. Fairlie in March 2011: 26% of entrepreneurial activity was produced by people ages 20-34 versus 39% produced by people ages 55-64.  My view is that the disparity will not only be maintained but will increase because we have an aging and shrinking workforce.

More than five million Americans ages 55 and older (55+) have their own businesses or are self-employed, according to the Small Business Administration (SBA), indicating an increased interest in entrepreneurship opportunities.  And the SBA reports that the number of self-employed people ages 55 to 64 is soaring, climbing 52% from 2000 to 2007.  Here are some of the reasons why people are changing careers at 55, particularly at a time when unemployment is high and jobs are scarce:

• After years of working for others, acting in accordance with established policies and procedures, experienced workers are creating their own business, enabling them to “march to their own drummer.”

• Many people 55+ are attracted by the opportunity to create a business that is responsive to their own unique needs, interests, and desires.

• The need for additional income to maintain a standard of living or the desire to have additional income for discretionary spending

• The desire for continued interesting/stimulating/challenging work to maintain cognitive skills and abilities

• The desire to maintain self-esteem and self-fulfillment by continuing in productive activities that add value

• The desire to maintain relationships with the outside world and to remain socially connected

• Recognition that, with knowledge of their increased longevity and vulnerability of their financial resources through market fluctuations, it may be necessary or desirable to generate additional income

Let’s talk about the biggest driving force–the impact of demographic change in America.  When the Social Security Act was passed in 1935, few people lived past the established retirement age of 65.  The reality is that almost 30 years were added to longevity from beginning to end of the 20^th Century.  People are not only living longer but in substantially better health.  This, of course, depends upon three essential tenets: remaining intellectually engaged, socially connected and physically fit.  According to a recent study conducted by the Harvard School of Public Health, those who are committed to these tenets enjoy better health, report a greater satisfaction with life, and live at least four years longer than those who don’t.

With so many more years to live than people expected when younger, sitting on the sidelines with nothing to do for another 20-30 years doesn’t look so attractive.  Another factor is that we have moved in the U.S. from an industrial to a knowledge-based society, with more than 80% of the private, non-farm sector in knowledge-based services and only about 11% in manufacturing.

We still tend to think about the traditional two stages of adulthood: early adulthood from 18 to 40 and mature adulthood from 40 to 62 or 65.  Then, the traditional thinking goes, you are out of the game and the headlights are getting dim.  But the reality is that, with the advent of demographic change and people living appreciably longer lives in better health, there is a new and third stage of adulthood from 62-85.  And people are increasingly working into their latter 80s, 90s and even beyond.

Because we are still recovering from the global economic crisis, most companies have not yet begun to recognize that they will shortly be facing skills shortages. And there is another problem.  Because of a shrinking number of younger people coming into the workforce, they will be in even greater demand and will be changing jobs more rapidly. In 2010, the average job tenure for workers 20-35 was 2.3 years versus 9.9 years for older workers 50-65.  With the 78 million Baby Boomers reaching 65 in 2011 and each year thereafter through 2029 at the rate of 4.2 million per year, companies will be facing serious skills shortages unless they begin to utilize this large and growing talent pool of people with EESP.

Meanwhile, with unemployment slated to remain above 8% and economic growth low for the foreseeable future, there is one bright spot for retired workers on a gloomy employment horizon–the entrepreneurial path. Through a non-profit organized by my firm in 2006, the Center for Productive Longevity (CPL), we are substantially involved in organizing four meetings in 2012, the first of which was held on March 27 at the Kauffman Foundation in Kansas City.  Other sponsors were AARP and the National Association for Community College Entrepreneurship (NACCE).  The title for all four events is “Spotlight on Entrepreneurial Opportunities for Baby Boomers.”

Our goal was to attract 100 Baby Boomers 50+ for this event (reduced from 55+ because AARP was a sponsor and this is their threshold membership age) for which there was no charge. When I left for a quick trip on February 8, we had attracted 50 participants. When I returned to the office on February 13, the number had climbed to 141 and we promptly closed registrations.  We actually had 130 participants at the meeting, including 20 spouses, and there was a waiting list of more than 35.  This provides you with some idea about the growing wave of interest in Baby Boomer entrepreneurship.

We anticipate the same or a greater degree of interest in the major metro areas for the next three meetings:

• Babson College in Wellesley, MA (near Boston) on September 14
• Kellogg School of Management/Northwestern University in Chicago on October 11
• University of Denver on November 15

We have carefully selected academic institutions with a major focus on entrepreneurship because they are training the entrepreneurs of tomorrow, and I believe we will see substantially larger numbers of older entrepreneurs as we move away from the more traditional forms of employment.  After all, new-business creation has been the backbone of the American economy since Paul Revere, with his own silversmith company, went on his famous ride to warn that the British were coming.

Back to thinking about becoming an entrepreneur, here are the factors that need to be considered:

• Risks and rewards
• Strategies for identifying and selecting potential business opportunities
• Desirability of taking skills and aptitude tests to ascertain your professional and personal strengths
• Importance of developing a business plan or at least a business concept statement
• How to evaluate a business plan or concept statement
• Creation of a personal vision
• Exploration of funding support
• How to overcome fears and concerns/real and artificial barriers
• Importance of conducting research on the competition
• Importance of developing an Advisory Board or Planning Committee to meet several times a year to provide counsel and guidance on your new venture     

Finally, another acronym I like is the three Ps: passion, purpose and perseverance.  These are critical qualities in pursuing the entrepreneurial path, and I would add a few others:

• Courage/willingness to take risks
• Positive attitude and optimistic spirit
• Strength of character/integrity
• Vision/ability to see things as they might be
• Self-confidence and assurance
• High energy level
• Resourceful and resilient
• Ability to accept rejection and turn failures into learning opportunities

You won’t need all of these qualities for changing careers at 55, but it would be desirable to have many of them.  Having created my own consulting firm more than 40 years ago and found it to be a great way to go, I have one more quote: “You don’t stop having fun when you grow older. You grow older when you stop having fun.” Good luck and godspeed for the growing number of senior entrepreneurs!

Note:  I have three books for suggested reading:

• Barreto, Hector V., The Engine of America: The Secrets to Small Business Success from Entrepreneurs Who Have Made It!  Hoboken: John Wiley & Sons, Inc., 2007.
• Price, Robert W., Roadmap to Entrepreneurial Success: Powerful Strategies for Building a High-Profit Business.  New York: AMACOM, 2004.
• Murphy, Bill Jr., The Intelligent Entrepreneur: How Three Harvard Business School Graduates Learned the 10 Rules of Successful Entrepreneurship.  New York: Henry Holt and Company, LLC, 2010

The Center for Productive Longevity (CPL), which serves as the bridge between people 55 and older and the opportunities that enable them to continue in productive activities, today announced the results of the first in a series of four meetings, “Spotlight on Entrepreneurship Opportunities for Baby Boomers.” During a time of high unemployment and low economic growth, CPL initiated the 2012 series to stimulate the interest of Baby Boomers in new-business creation.

The first event was held at the Kauffman Foundation in Kansas City, MO, a focal point for entrepreneurship in America, and attracted almost 100 participants to engage in interactive discussion and dialogue about entrepreneurship. Sponsors of the event included the Kauffman Foundation, AARP, the National Association for Community College Entrepreneurship (NACCE) and CPL.

Written evaluations from the event indicated that almost all participants have a strong desire to start a new business; 97 percent stated they are more likely to create a new business as a result of attending the daylong meeting. 

These responses mirror a national trend where increasingly more Baby Boomers are starting their own businesses. In fact, according to the Kauffman Foundation, from 1996 to 2011 the number of Baby Boomers starting a business increased by nearly seven percent, the largest increase among all age groups. For people 20-44, the number of people starting a new business actually fell about five percent during that same time period.

“There is a wide range of individual, economic and societal benefits for the Baby Boomers to start new businesses,” says William Zinke, 85, founder and president of CPL.  “People are living longer, yet often retiring earlier, and recent AARP studies confirm that 80 percent of Baby Boomers indicate their intent to continue working after leaving regular career jobs.”

Additional feedback from the meeting found that 87 percent of attendees stated that the event increased their awareness and understanding of the benefits and opportunities provided by entrepreneurship “very much” or “a great deal.” Seventy-seven percent indicated that they were “a great deal” or “very much” more likely to pursue programs or courses on entrepreneurship as a result of attending the event.

Speakers from the March meeting included Benno C. Schmidt, Jr., Interim President & CEO, Kauffman Foundation and former President, Yale University; Bruce Merrifield, former U.S. Undersecretary of Commerce and Chaired Professor of Entrepreneurship, the Wharton School; Mary Beth Izard, author of BoomerPreneurs; Jerry Kelly, CEO and Co-Founder, Silpada Designs; and Danny O’Neill, President and Founder, Roasterie.

Human Resource Services, Inc. (HRS) created CPL as a non-profit to serve as the bridge between people 55 and older and opportunities that enable them to continue as productive contributors. The economic benefits of enabling people 55+ to continue working include providing them with needed income, contributing to–instead of drawing from–entitlement programs, reducing unemployment and increasing national economic growth.

The next “Spotlight on Entrepreneurship Opportunities for Baby Boomers” meetings are scheduled to be held at Babson College in Wellesley, MA on September 14, Northwestern University/Kellogg School of Business in Chicago on October 11, and the University of Denver on November 15. To register, visit

http://www.ctrpl.org/entrepreneurship-meeting/overview. Follow the Center for Productive Longevity on Facebook at facebook.com/CTRPL.

As people continue to live longer and retire earlier, the term “Third-Stage Adulthood” has more relevance than ever before. Referring to people 62-85 years old, this stage of life is chock-full of senior workers who are qualified and ready to continue working after the traditional retirement age of 65 or sooner. This means that there is a large and growing talent pool with experience, expertise, seasoned judgment, and proven performance (referred to by CPL as EESP), to meet the workforce needs of the 21st century.

The concept of “Third-Stage Adulthood” was first conceived in a paper, “The Evolution of Adulthood: A New Stage” co-authored in 2000 by Dr. Elliott Jaques, who conceived the mid-life crisis in 1965, and CPL Founder and CEO William Zinke. Zinke created CPL, which is based in Boulder, Colorado, to stimulate the substantially increased engagement of people 55 and older in productive activities, paid and volunteer, where they are qualified and ready to continue adding value.

Now in 2012, the concept of Third-Stage Adulthood is even more important than when the term was coined. CPL urges everyone to recalibrate their thinking for this new reality because the results could be dire if action isn’t taken. If Baby Boomers are pushed to the sidelines, the nation’s entitlement programs (e.g. Social Security and Medicare) will become unsustainable even sooner than projected. To prevent this crisis, the country should tap the talent pool of retired workers in Third-Stage Adulthood and put their knowledge, skills and abilities to use.

“Embracing ‘Third-Stage Adulthood’ can be a positive life-changer as people enter this next phase,” says William Zinke, 85. “The concept urges society to recognize that older people can continue to add value for significantly longer periods of time and that they should be viewed as individuals, instead of all being lumped under the clichés of being ‘over the hill’ and ‘out of the game.’  The result will be that millions of older people with EESP can continue contributing to, instead of drawing from, the national economy and society.”

CPL subscribes to a concept of adulthood that falls into three stages, described as follows:

First stage of early adulthood (18-40) – the time to build experience and expertise; to decide whether to work in the private, public, or non-profit sectors and perhaps even gain some cross-sector experience; to decide whether to develop a career in a company or to become an entrepreneur; to focus on the development of particular skills and abilities; to build a solid foundation for the next two adult stages.

Second stage of mid-adulthood (40-62) – the time when experience and expertise produce problem- solving capabilities and sound judgment (CPL likes the saying that good judgment comes from experience and experience comes from bad judgment) and perhaps even the beginnings of wisdom. Any mid-life crises have been traversed and assurance and self-confidence have become more firmly established as a result of learning how to function more effectively. There is also continuing growth and development during this stage.

New-stage of mature adulthood (62-85) – the time when many individuals, although not all (e.g. people who have been engaged primarily in physical labor, who have not maintained a commitment to physical fitness, or who have debilities or disabilities), can continue to be significant contributors. They have had about 40 years to gain experience and expertise, to develop seasoned judgment and proven records of performance and to build their intellectual and social capital. While documented research indicates that cognitive capability may have plateaued for some, the intellectual growth curve continues to move upward for people who have continued to remain productively engaged.

CPL launched the Later-Life Story Contest on June 1 to solicit empowering stories from people 55 and older. The competition has two separate categories: Entrepreneur Success Stories and Inspirational Later-Life Stories. A panel of three independent judges will select one winner from each category who will receive $1,000 and a specially designed trophy. CPL will post the best stories on its website (ctrpl.org) throughout the contest under “Success Stories.” The contest runs through August 31, and winners will be announced on October 1, 2012.

To submit a story, visit www.ctrpl.org/laterlifestorycontest and complete a submission form. Entrants must be at least 55, have a compelling story to share, and be willing to have it posted on the CPL website for viewing and for possible publication. Stories may also be emailed to James Hooks, CPL’s Director of Marketing and Technology, at jhooks@ctrpl.org.

For more information on CPL, the contest and Entrepreneur Success Stories, visit ctrpl.org or Facebook at facebook.com/CTRPL.

The Center for Productive Longevity (CPL), which serves as the bridge between people 55 and older and opportunities that enable them to continue in productive activities, is organizing a nationwide competition to select the best entrepreneur success story and inspiring life story from people 55 and older.

The Later-Life Story Contest begins on June 1, 2012 and ends on August 31, 2012 with the winner in each category selected by a panel of three independent judges. Each winner will receive $1,000 and a specially designed trophy. The best stories will be posted on the CPL website throughout the duration of the contest. The winners will be announced on October 1, 2012 and will be posted on the CPL website (ctrpl.org) under “Success Stories”.

CPL created the contest to stimulate discussion and dialogue about how people 55 and older can continue adding value to their extended lives in an era when they are living 30 years longer than people did at the beginning of the 20th century. The Later-Life Story Contest is intended to achieve three objectives:

1) Stimulate people to continue leading meaningful and rewarding lives after reaching the age of 55. Baby Boomers were acculturated to believe that when they reached a certain age (55, 60, 65), they were over the hill and out of the game. Many of them need to understand that, with their increased longevity, they have the opportunity to become entrepreneurs or lead inspirational lives.

2) Demonstrate that older people can remain productively engaged and live inspiring lives into their latter 60s, 70s, 80s, 90s and beyond. There are 78 million Baby Boomers who began reaching traditional retirement age of 65 in 2011 and will continue to do so each year through 2029 at the rate of 4.2 million per year. These are people with experience, expertise, seasoned judgment and proven performance (referred to as EESP). Many of them have also acquired some accumulated wisdom. At a time when unemployment is high and economic growth low, creating a new business is a bright spot on a gloomy employment horizon. Stories about how older entrepreneurs have successfully taken the new-business route may stimulate others to do so. Stories about how people 55 and older have led inspirational lives may have a similar impact.

3) Change the pervasive national mindset that when people reach a certain age, they should move to the sidelines. This thinking encourages older workers to shed the wrinkles, hide the years, and pretend to be younger than they are. With people living substantially longer lives, Americans must recognize and find ways to enable this large and growing talent pool to continue adding value.

“We look forward to learning about the trailblazers around the country and to celebrating their stories,” says William Zinke, 85, Founder and President of CPL. “We believe that this contest can achieve these three objectives and look forward to sharing success stories with the public.”

We have selected three highly qualified judges for the competition:

• Helen Dennis is a nationally recognized leader on issues of aging, employment, and retirement. She has conducted research on these issues for organizations such as The Conference Board, AARP, UC Berkeley, and the U.S. Administration on Aging. Nationally, she has lectured extensively to the business community, professional groups, non-profit organizations, and government agencies.
• Greg Merrill is President and CEO of the National Older Worker Career Center (NOWCC) and former Chairman of the NOWCC Board of Directors. The NOWCC is a national non-profit organization dedicated to promoting experienced workers as a valuable and critical component of the nation’s workforce. Since its establishment in 1997 NOWCC has, through hundreds of workers ages 55+, provided over 13 million hours of dedicated, experienced labor to federal agencies.
• Fred Mandell is a catalyst for personal change and co-author with Kathleen Jordan of Becoming a Life Change Artist: 7 Creative Skills to Reinvent Your Life at Any Stage. Fred’s life and work has been featured in the Public Television Series “Boomers: Redefining Life After 50.” Fred currently serves on the Board of Directors of both the Life Planning Network and Discovering What’s Next.

All have had substantial experience regarding the productive engagement of people 55 and older.

To submit a story, visit www.ctrpl.org/laterlifestorycontest and complete a submission form.  Entrants must be over the age of 55, have a compelling story to share, and be willing to have it posted on the CPL website for viewing by the general public and for possible publication. Stories may also be emailed to James R. Hooks, Director of Marketing and Technology, at jhooks@ctrpl.org.

For more information on CPL, the contest, and Success Stories, visit www.ctrpl.org or Facebook at facebook.com/CTRPL.

The Center for Productive Longevity (CPL), which serves as the bridge between older people and opportunities for them to continue in productive activities, is hosting its fourth meeting in the “Spotlight on Entrepreneurship Opportunities for Baby Boomers” series on Thursday, November 15. This meeting, which is the final stop in the series, will be held at University College on the University of Denver campus. To register and view the agenda, visit http://www.ctrpl.org/november-15-2012. Participants must be 50 and older (50+).

The meetings are designed to contribute to a national momentum for new-business creation, which will help Baby Boomers remain productively engaged while reducing unemployment and increasing national economic growth. AARP, the National Association for Community College Entrepreneurship (NACCE) and CPL are sponsors of the meeting, along with other organizations.

The day will include presentations from three successful entrepreneurs 50+ and two rounds of interactive breakout sessions on topics relating to new-business creation and how to become an entrepreneur.

The featured speakers include:

• Jody Holtzman, Senior Vice President–Thought Leadership, AARP, has more than two decades of experience helping companies develop and implement competitive strategies and achieve their strategic market goals. At AARP he leads AARP's new Thought Leadership efforts, which support the new brand positioning around a focus on living, not just aging, and for people 50+ to live their best lives.

• Courtney Price, President & CEO, VentureQuest Ltd., in the early ‘90s, founded the Entrepreneurial Education Foundation in Kansas City, MO, and co-founded FastTrac, which was selected to have the best materials for entrepreneurship training in the U.S.

• Alan Hall is Founder and Chairman of MarketStar Corporation, which is a global, outsourced sales and marketing company. MarketStar assists technology companies by increasing sales through the small to medium business sector. Omnicom Group (OMC) now owns MarketStar. He is also the Founder and President of Grow America, whose focus is on stimulating the growth and development of entrepreneurship throughout the U.S.

• Ding-Wen Hsu, President, Pacific West Technologies, has more than 30 years of MIS and managerial experience. A native of Taiwan, she has been very active in the Asian-American communities in Denver since she moved to Colorado in 1978. She is one of the founders of Colorado Dragon Boat Festival, the largest Asian American festival in the Rocky Mountain region. In addition, she is the co-founder of International Multi-Cultural Institute, a nonprofit organization that promotes understanding and interaction among various cultures.

• Adam Swiecki, President, Swiecki Enterprises, founded Swiecki Enterprises in 2003 after serving as an Army Officer and financier. Focused on the action sport market, he has built leading ecommerce businesses in skate (SkateboardsEtc.com), surf (SurfboardsEtc.com), and snow (SkiGogglesEtc.com).

This meeting focuses on the reality that, with unemployment high and economic growth low for the foreseeable future, entrepreneurship is a bright spot on a gloomy employment horizon for Baby Boomers 50+.

Space for the meeting is limited, and people are encouraged to reserve a place as soon as possible. The charge of $35 per person covers a spouse, if desired, and a post-meeting workshop on the “how-tos” of creating a new business. Registrations should be made by November 1 at http://www.ctrpl.org/november-15-2012/registration.  They will be accepted thereafter on a first-come basis.

For more information on CPL and the senior entrepreneurship meetings, visit www.ctrpl.org or Facebook at www.facebook.com/CTRPL. 

The Center for Productive Longevity (CPL), which serves as the bridge between people 55 and older and the opportunities that enable them to continue in productive activities, today described “The 3 Important Ways to Defuse the Ticking Time Bomb of our Aging Workforce”. With 77 million people in the United States 55 and older, we are at a tipping point: we can either watch them sit on the sidelines, drawing from unsustainable entitlement programs and the general economy, or we can enable this growing population segment to continue working and contribute to the country’s economic growth and prosperity.

Recent surveys by AARP indicate that 80 percent of the Baby Boomers intend to continue working after leaving their regular career jobs, more than half on less than a full-time basis. Many need or want the additional income, particularly because of their wealth reduction from the recession in 2001 and the global economic crisis that began in the U.S. in late 2007. Other reasons to continue working include the desire to maintain cognitive skills, continue adding value, and remain socially connected.

“We have been aware of this ticking time bomb for years without taking effective action.  Now it’s really getting louder with the growing retirement of Baby Boomers at the rate of 4.2 million each year from 2011 through 2029, compounded by high unemployment and low economic growth for the foreseeable future,” says William Zinke, 85, founder and president of CPL. “We can defuse this time bomb by creating a wave of entrepreneurship across the country and stimulating employers to take a more flexible approach in providing employment opportunities for older workers.”

According to CPL, we can defuse the ticking time bomb of our aging workforce in three important ways:

1.            Baby Boomer Entrepreneurship

Create awareness and understanding among the Baby Boomers about the benefits and opportunities of creating their own businesses. Entrepreneurship remains a critical factor in the country’s economic growth and vitality, with a spirit of pioneering and self-reliance still a part of America’s DNA. 

2.               Flexible Workplace Options

Stimulate employers to develop phased retirement programs and other flexible workplace options that will retain and attract Baby Boomers 55 and older who want to continue working but on a part-time basis.  A movement is developing in this direction, but a recent survey by Harris Interactive indicates that only 24 percent of Fortune 1000 companies provide such options.

3.            Greater Talent Pool Utilization

The reality is that America has a large and growing talent pool of workers 55 and older with experience, expertise, seasoned judgment and proven performance (EESP). Research shows that older workers have a higher level of commitment, reliability and motivation; have better overall skills and abilities than younger workers; and have much lower absenteeism and turnover. This talent pool must be tapped to a substantially greater degree.

“Economic growth and our standard of living may be reduced if older workers are not provided with opportunities to continue working, yet there is no real recognition of the need to do so,” adds Zinke. “It is CPL’s purpose to change the national mindset about aging and retirement.”

One way CPL is highlighting the benefits of senior entrepreneurship is by organizing a series of four meetings titled “Spotlight on Entrepreneurship Opportunities for Baby Boomers”. The first meeting was held at the Kauffman Foundation in Kansas City, MO, the focal point for entrepreneurship in America, on March 27 with almost 100 participants and excellent feedback. The next three meetings will be held at Babson College in Wellesley, MA on September 14, Northwestern University/Kellogg School of Business in Chicago on October 11, and the University of Denver on November 15. To register, visit http://www.ctrpl.org/entrepreneurship-meeting/overview.

By: William K Zinke

Founder & President of the Center for Productive Longevity

All readers may be familiar with ESP–extrasensory perception.  I propose that we focus on EESP–experience, expertise, seasoned judgment and proven performance. This is what Baby Boomers can provide versus their younger counterparts. I like the old saying: “Good judgment comes from experience, and experience comes from bad judgment.”

Quoting from the Kauffman Index of Entrepreneurial Activity for 1996-2010, written by Robert W. Fairlie in March 2011: 26% of entrepreneurial activity was produced by people ages 20-34 versus 39% produced by people ages 55-64.  My view is that the disparity will not only be maintained but will increase because we have an aging and shrinking workforce.

More than five million Americans ages 55 and older (55+) have their own businesses or are self-employed, according to the Small Business Administration (SBA), indicating an increased interest in entrepreneurship opportunities.  And the SBA reports that the number of self-employed people ages 55 to 64 is soaring, climbing 52% from 2000 to 2007.  Here are some of the reasons why people are changing careers at 55, particularly at a time when unemployment is high and jobs are scarce:

• After years of working for others, acting in accordance with established policies and procedures, experienced workers are creating their own business, enabling them to “march to their own drummer.”

• Many people 55+ are attracted by the opportunity to create a business that is responsive to their own unique needs, interests, and desires.

• The need for additional income to maintain a standard of living or the desire to have additional income for discretionary spending

• The desire for continued interesting/stimulating/challenging work to maintain cognitive skills and abilities

• The desire to maintain self-esteem and self-fulfillment by continuing in productive activities that add value

• The desire to maintain relationships with the outside world and to remain socially connected

• Recognition that, with knowledge of their increased longevity and vulnerability of their financial resources through market fluctuations, it may be necessary or desirable to generate additional income

Let’s talk about the biggest driving force–the impact of demographic change in America.  When the Social Security Act was passed in 1935, few people lived past the established retirement age of 65.  The reality is that almost 30 years were added to longevity from beginning to end of the 20^th Century.  People are not only living longer but in substantially better health.  This, of course, depends upon three essential tenets: remaining intellectually engaged, socially connected and physically fit.  According to a recent study conducted by the Harvard School of Public Health, those who are committed to these tenets enjoy better health, report a greater satisfaction with life, and live at least four years longer than those who don’t.

With so many more years to live than people expected when younger, sitting on the sidelines with nothing to do for another 20-30 years doesn’t look so attractive.  Another factor is that we have moved in the U.S. from an industrial to a knowledge-based society, with more than 80% of the private, non-farm sector in knowledge-based services and only about 11% in manufacturing.

We still tend to think about the traditional two stages of adulthood: early adulthood from 18 to 40 and mature adulthood from 40 to 62 or 65.  Then, the traditional thinking goes, you are out of the game and the headlights are getting dim.  But the reality is that, with the advent of demographic change and people living appreciably longer lives in better health, there is a new and third stage of adulthood from 62-85.  And people are increasingly working into their latter 80s, 90s and even beyond.

Because we are still recovering from the global economic crisis, most companies have not yet begun to recognize that they will shortly be facing skills shortages. And there is another problem.  Because of a shrinking number of younger people coming into the workforce, they will be in even greater demand and will be changing jobs more rapidly. In 2010, the average job tenure for workers 20-35 was 2.3 years versus 9.9 years for older workers 50-65.  With the 78 million Baby Boomers reaching 65 in 2011 and each year thereafter through 2029 at the rate of 4.2 million per year, companies will be facing serious skills shortages unless they begin to utilize this large and growing talent pool of people with EESP.

Meanwhile, with unemployment slated to remain above 8% and economic growth low for the foreseeable future, there is one bright spot for retired workers on a gloomy employment horizon–the entrepreneurial path. Through a non-profit organized by my firm in 2006, the Center for Productive Longevity (CPL), we are substantially involved in organizing four meetings in 2012, the first of which was held on March 27 at the Kauffman Foundation in Kansas City.  Other sponsors were AARP and the National Association for Community College Entrepreneurship (NACCE).  The title for all four events is “Spotlight on Entrepreneurial Opportunities for Baby Boomers.”

Our goal was to attract 100 Baby Boomers 50+ for this event (reduced from 55+ because AARP was a sponsor and this is their threshold membership age) for which there was no charge. When I left for a quick trip on February 8, we had attracted 50 participants. When I returned to the office on February 13, the number had climbed to 141 and we promptly closed registrations.  We actually had 130 participants at the meeting, including 20 spouses, and there was a waiting list of more than 35.  This provides you with some idea about the growing wave of interest in Baby Boomer entrepreneurship.

We anticipate the same or a greater degree of interest in the major metro areas for the next three meetings:

• Babson College in Wellesley, MA (near Boston) on September 14
• Kellogg School of Management/Northwestern University in Chicago on October 11
• University of Denver on November 15

We have carefully selected academic institutions with a major focus on entrepreneurship because they are training the entrepreneurs of tomorrow, and I believe we will see substantially larger numbers of older entrepreneurs as we move away from the more traditional forms of employment.  After all, new-business creation has been the backbone of the American economy since Paul Revere, with his own silversmith company, went on his famous ride to warn that the British were coming.

Back to thinking about becoming an entrepreneur, here are the factors that need to be considered:

• Risks and rewards
• Strategies for identifying and selecting potential business opportunities
• Desirability of taking skills and aptitude tests to ascertain your professional and personal strengths
• Importance of developing a business plan or at least a business concept statement
• How to evaluate a business plan or concept statement
• Creation of a personal vision
• Exploration of funding support
• How to overcome fears and concerns/real and artificial barriers
• Importance of conducting research on the competition
• Importance of developing an Advisory Board or Planning Committee to meet several times a year to provide counsel and guidance on your new venture     

Finally, another acronym I like is the three Ps: passion, purpose and perseverance.  These are critical qualities in pursuing the entrepreneurial path, and I would add a few others:

• Courage/willingness to take risks
• Positive attitude and optimistic spirit
• Strength of character/integrity
• Vision/ability to see things as they might be
• Self-confidence and assurance
• High energy level
• Resourceful and resilient
• Ability to accept rejection and turn failures into learning opportunities

You won’t need all of these qualities for changing careers at 55, but it would be desirable to have many of them.  Having created my own consulting firm more than 40 years ago and found it to be a great way to go, I have one more quote: “You don’t stop having fun when you grow older. You grow older when you stop having fun.” Good luck and godspeed for the growing number of senior entrepreneurs!

Note:  I have three books for suggested reading:

• Barreto, Hector V., The Engine of America: The Secrets to Small Business Success from Entrepreneurs Who Have Made It!  Hoboken: John Wiley & Sons, Inc., 2007.
• Price, Robert W., Roadmap to Entrepreneurial Success: Powerful Strategies for Building a High-Profit Business.  New York: AMACOM, 2004.
• Murphy, Bill Jr., The Intelligent Entrepreneur: How Three Harvard Business School Graduates Learned the 10 Rules of Successful Entrepreneurship.  New York: Henry Holt and Company, LLC, 2010