Experts Weigh In: I’m an Entrepreneur in My 50s

Experts Weigh In: I'm an Entrepreneur in My 50sAfter spending three weeks with teen entrepreneurs, twentysomething ‘treps, and entrepreneurs in their 30s and 40s, we’re taking a look at savvy entrepreneurs in their 50s! Our 30 professionals profiled today have plenty of pearls of wisdom that come with being in business including opting for triads over partnerships and that there is no glass ceiling when you work for yourself.

1) “So I’ve done a LOT! I’ve worked for companies, I’ve owned companies. The best part about being an entrepreneur at age 53 is that I’m in control of my destiny. Many of my friends are worried about their retirement accounts, for me, being an entrepreneur is like early retirement with a cash faucet! I can work as much or as little as I want or need. I don’t plan to retire, I do what I love and plan to keep on doing it.”

- Karen Yankovch, 53, Owner, Social Media Brand Strategist

2) “The best part of being an entrepreneur in my 50s is that I’ve already made a WHOLE LOT OF mistakes. I also have learned that nothing is quite as good or quite as bad as it seems, so I’m less panicked and more stable in my thinking. I’m also much more focused on working smart not hard, but often still do some of both!

Many people require structure and need to be told what to do and have goals set for them. The biggest challenge with being an entrepreneur is time management and making sure I get the stuff done that I don’t like doing, before I get into the fun stuff. It’s a scheduling thing, but here again, I’ve been doing it for quite a while, so I know when I need to just hunker down and clear off the desk.

One last word of advice for entrepreneurs – think triads, not just partnerships. While partnering with like minded and complementary businesses is great, developing triads is even better. If I can get two people together that can help each other, it’s easy for me to tag along, because if it’s helpful, they both have a reason to include me where appropriate. Win-Win-Win is better than Win-Win.”

- John Schaefer, 59, Founder and President, Schaefer Recognition Group

3) “After receiving my MBA in Finance I worked on Wall Street for about 20 years as a fixed income trader and proprietary equity trader before leaving to open up a company that originated commercial mortgage loans and then sold them to banks who turned them into bonds. When Lehman Brothers failed and the market seized I had the opportunity to open a title insurance firm which I jumped on. Six years later and we are doing great.

The best thing about being an entrepreneur at 50+ is the autonomy it provides to do and run things the way that you think best. The issue with being an entrepreneur at 50+ is the fact that if for some unforeseen reason the business does not work out, prospects for getting hired in the conventional job market are dicey. For that reason I just have to make sure that we succeed!”

- Mike Haltman, 54, Owner, Hallmark Abstract Service

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Experts Weigh In: What I Love About Being an Entrepreneur (Part 2)

Experts Weigh In: What I Love About Being an Entrepreneur (Part 2)Last week, we asked 75 entrepreneurs to tell us what they loved about running their own businesses. The feedback we got was so overwhelming, today we have 76 more small business owners on deck telling us what drives and motivates them to be their own boss!

1. “I love being an entrepreneur because I am able to work from home and make money doing something incredibly fun for me. I get paid to drink tea, paint with watercolors, and watch Sherlock!”

- Anna White, Artist and Business Coach, 2dayIchoose

2. “What I love most about being an entrepreneur is being able to work every day with my wife. I know it sounds corny, especially at Valentine’s Day, but it’s true. My wife always says ‘I don’t want to be Batman, I like being Robin.’ When I was a kid, I was always Batman. That translates to an awesome working relationship. People ask us how we could stand being together all day at work and then at home again and we respond, we couldn’t stand to not be working together every day. We have a ton of fun working together and we wouldn’t have it any other way.”

- Buck Smolow, Co-Founder, JustPoppin.com

3. “My story-based content marketing company stems from my passion for creative writing, and a refusal to settle for anything less than success. While in university I had come to believe that I would never be hired by a company based merely on my writing skills. I was told that I must learn a variety of additional skills such as Photoshop, etc. Things that I had zero interest in. Rather than settling for an apparent reality I chose to create my own. Here’s to finding a passion and following it without fear. If you strive for excellence in your interest, the money will always follow. Believe me! #BeYourOwnBoss”

- Sarah Walker, CEO | Cursive Remedy Media

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