how (8)

How to tell your most difficult stories

Lafayette, Colorado- June 3, 2013 - What if you knew that your darkest moments could help your loved ones in immeasurable ways?  Springtime may seem like an odd time to focus on this difficult topic, but is there ever really a perfect time to tackle our toughest stories?  This month’s tips focus on how you can tell the more complicated or difficult moments in your personal narrative to your kids and future generations.  

 

Denying that we've lived through difficult times doesn't help anyone.  In fact, in his new book, "The Secrets of Happy Families," Bruce Feiller shows compelling research that "the more children know about their family's history, the stronger their sense of control over their lives, the higher their self-esteem and the more successfully they believed their families functioned."

Whether it be guilt, illness, or addiction, telling your most painful stories will bring about great transformation for you and your loved ones.  It is important that our kids hear about both the good and bad times in our lives, so that they see and understand our ability to bounce back and live through even the most extreme of painful circumstances. Here are some ways that may make it easier for you to share your difficult stories.  

1.  Lead with what you've learned without being preachy.

One trick to getting your listeners to open their ears (and their hearts) is to not come across as a know it all.  In order to do this, make sure you've gone through the important step of deep reflection before you try to share what you think you've learned. If you want it to be a bonding experience, it shouldn't feel like you are unloading onto them. If you've done the work either on your own or with a professional to uncover the lessons in your hardships, your experiences are more likely to resonate with your listeners and to help them work through their own difficult times.   

 

Bernice Robertson survived breast cancer and a double mastectomy when she was in her 40s. She is now in her 90s and grateful to have survived but also to have been able to help others women going through their own battles with breast cancer. She was a  volunteer for years, using her experience to inspire while at the same time fully aware that not everyone would have the miraculous outcome she had. She was able to help countless other women because she shared her story while being aware that we all have our own paths to walk.  If you begin with something you learned during or after your pain, it may just be easier for you to talk about it and for your loved ones to listen.   

 

2.  Focus on the facts rather than your feelings.

When I interviewed Frances Coraz for her life story movie, she was so scared to talk about her childhood she avoided meeting with me for months. When we finally met, she admitted she was afraid because her mother had died suddenly when she was a little girl and she never talked about it.  

 

We decided to focus on the facts, and as she began recounting where they lived, what her father did for work, it became easier for her to go back there. When we got to the part of her mother's death, she did get choked up of course, but it wasn't nearly as terrifying as she'd imagined it. She even remembered a tender long-forgotten detail, her father making her hot cocoa the day her mother died and every day thereafter for a long time.  

 

By breaking down the story into facts, she was able to distance herself from the strong emotions, and talk about what had happened. This gave her family who later watched her movie real insight that they'd never before had about her early life experiences. And in the end it was a relief for her to be able to share the stories and to remember her mother.

 

3.  Give your loved ones context.

Since your difficult stories can run the gamut of topics, it helps to set them up with some context, whether that be historical, personal, or emotional. Standards, customs, and culture are constantly shifting.  

 

When giving context, it's also important to remind your listener that situations and people in life aren't usually all one way or the other. When Jennie Pikur remembers her father, Paul, a farmer with a drinking problem, she acknowledges he had a terrible temper but also that he had a gentle side. She fondly recalls how he brought her berries or flowers from the fields when she was ill as a child. Her sister, Mary Balasa, backs her up saying, "You could make this a horror story, but there was a lot of love there."   

 

It may have been tempting for some to paint Paul as a monster, but that wouldn't have been true, just as painting him as a saint wouldn't be either. Acknowledging other sides of your story is just as important as telling the stories themselves. The positive details Jennie shares with her family about her father doesn't change the horrible things he may have done, but it does make a difference in how he is remembered him. It shows his humanity. If you want to make the most impact with your stories, especially the hard to tell ones, make sure that you set them up with a clear and simple context.

 

4. Remember you are you because of what you've lived.

Whether your difficult stories have to do with divorce, addiction, abuse, loss, or choices you made that you feel guilty about, acknowledging that they happened and sharing them with people you love will both deepen your bond and remind you of your own strength in overcoming them. You know Nietzsche's famous quote, "what doesn't kill us makes us stronger," your most difficult experiences are proof positive of this.  

 

Add to that the tons of research about the damaging, even crippling effects that secrets can have on our relationships and our health, and you will see why it's even more important to share all kinds of stories, not just the rose colored ones.  

 

But before you go telling all, remember that the point is not just to unburden yourself, but to create a sense of belonging to something greater and to demonstrate that you have overcome great obstacles and come out ahead. Because when you reflect on your life, there are surely examples you can find of challenges you've faced and gotten through the wiser for it. Make sure the people you care most about, know these important accomplishments in your life.  After all, if you don't tell you stories now, chances are someone else will for you one day.  Wouldn't you rather be the narrator of your own experience? 

 

Arielle Nobile, Producer/Director and Legacy Connections’ Films Founder, has been helping people tell their stories in the medium of narrative cinema since 2005.  She has produced and directed over 100 films.  She also gives talks and teaches Legacy workshops all over the country.

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Are you the Next J.K. Rowling?

Looking for the next J.K. Rowling

Broomfield, Colorado—On March 2, 2013 Three power-house literary agents will team together to help aspiring children’s book novelists discover how to break into publishing.  Those who register for the event will enjoy a rare opportunity to move beyond the veil of the internet and meet three agents: Sara Megibow from Nelson Literary, Kate Schafer Testerman of KT Literary, and Terrie Wolfe of AKA Literary.

J.K. Rowling, the popular author of the Harry Potter series, was rejected twelve times before she found her publisher.  Furthermore most publishers won’t engage with authors who don’t have an agent representing them. The Rocky Mountain chapter of the SCBWI (Society of Children’s Book Writers and Illustrators) has arranged for the three agents to offer a workshop at the Broomfield Public Library.  Aspiring children’s book novelists will learn the in’s and out’s of publishing including how to pitch their project. This is a quick way to move past the slush pile. After learning the art of the pitch, each writer will be afforded the valuable chance to pitch directly to an agent, and then receive immediate feedback on what works and what doesn’t.  Furthermore, the agent panel will read the first page of each participant’s manuscript in a session called “First Pages” and again participants will receive immediate feedback. This is an incredible opportunity to meet executives in the industry, and it’s a valuable chance to ask questions and learn.

The event takes place on Saturday March 2nd from 9:30am-4:30pm at the Mamie Doud Eisenhower Public Library located at 3 Community Park Road in Broomfield, Colorado. Space is very limited and pre-registration is required (registration deadline is February 25, 2013).  The cost is $79 for SCBWI members and $100 for non-members.

PRE-REGISTRATION REQUIRED:  This event is geared toward Middle Grade and YA Novelist.  To register please visit http://tinyurl.com/ak8j5b2 or contact the registrar, Carrie Seidel, at whispurr_s@hotmail.com.  To learn more about the Rocky Mountain Chapter of the Society of Children’s Book Writers and Illustrators, please visit www.scbwi.org more on Agent day at http://www.scbwi.org/Resources/Documents/2013%20AGENT%20DAY.pdf

 

 

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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. 

Read more…

 

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 20th 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
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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. 

Read more…

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 three more meetings this fall in the “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 events will be held for people 50 and older 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. Sponsors of upcoming meetings include AARP, CPL, and a number of other organizations.

   

Each of the meetings will have presentations by three successful entrepreneurs. The meetings will also include two rounds of interactive breakout sessions on topics relating to new-business creation and how to become an entrepreneur, including: risks and rewards of being an entrepreneur, strategies for identifying and selecting potential business opportunities, developing a business plan or business concept statement, and exploring funding support.

 

The first meeting in the series was held March 27 in Kansas City, MO at the Kauffman Foundation, a focal point for entrepreneurship in America, and attracted 95 participants. The written evaluations indicated that the meeting was extremely successful: 87 percent of the participants reported that it increased their awareness and understanding of the benefits and opportunities provided by entrepreneurship, and 97 percent stated they were now more likely to create a new business.

 

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. In fact, according to Kauffman Foundation research, the relative percentage of entrepreneurs has increased by almost seven percent for people 55-64 from 1996-2011, the largest increase among all age groups; by contrast, the percentage dropped about five percent for people 20-44.

 

The minimum age level is 50, and qualified people can register now for one of the following meetings at http://www.ctrpl.org/entrepreneurship-meeting/overview: 

 

  • September 14, 2012: Babson College, Wellesley, MA

Babson College has been selected for each of the last ten years as having the best post-secondary school program on entrepreneurship in the country.  Leonard Schlesinger, the President of Babson College, and Ralph Sorenson, past President of Babson College and founder of its Center on Entrepreneurship, will be the opening speakers.

  • October 11, 2012: Northwestern University/Kellogg School of Management, Chicago, IL

Dr. Paul Magelli, Senior Director, Academy for Entrepreneurial Leadership, University of Illinois at Urbana-Champaign, and James Shein, Professor of Entrepreneurship, Kellogg School, will make the opening presentations.

 

  • November 15, 2012: University of Denver, Denver, CO

The details for the Denver meeting are still being finalized, but will include Courtney Price, President of VentureQuest, and one other speaker.  Go to http://www.ctrpl.org/november-15-2012 for the latest information.

 

The number of participants will be limited to 125 on a first-come basis. The cost of $35 per person covers inclusion of a spouse, if desired, and a post-meeting workshop on the “how-tos” of creating a new business. Payment to the Center for Productive Longevity must be received by the first of the month in which the meeting is held to confirm participation.

 

CPL has also initiated a national competition, the Later-Life Story Contest, for people 55 and older. The competition has two 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) under “Success Stories.” The contest deadline is 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 55 and older, 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 sent to James Hooks at jhooks@ctrpl.org.

 

For more information on CPL, the meetings and how to submit entrepreneur success stories, visit www.ctrpl.org or Facebook at www.facebook.com/CTRPL.

Read more…

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 20th 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
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