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  Lerone Graham
Lerone Graham
  Lerone Graham

Starting A Small Business When You're 50-plus

There are several reasons that people decline well into their golden years, but a big part of it revolves around fear. People get it into their heads that it is too late, their best years are behind them, or that they don't have the energy or vitality to do something different and ambitious.

In this regard, one of the most rewarding endeavors that you can look into in your golden years is to start a business.

We have so many resources in front of us, and the way we look at work and business has shifted so much, that there's really no reason for you to sit on ideas no matter your age and no matter the reason. If you'd like to start a business after the age of 50, you might have some factors that make it more difficult, but you also have a lot in your favor.

To learn more about how to make this happen, read on and consider the tips below.

#1: Know Your Strengths and Weaknesses

The best thing you can do is know yourself before jumping into entrepreneurship.

Believe it or not, this is the most important key to entrepreneurship.

Owning your own business is a 24-hour commitment because you are putting your entire livelihood into this operation. While you get to clock in and clock out with a 9 to 5, you never get this luxury when running your own company. This is especially important if you have employees working under you.

The success of your business dictates whether or not they can feed their families and whether or not everyone can give their families a prosperous Christmas and Thanksgiving. Because of this, you need to be completely honest about your strengths and weaknesses so that you're able to seamlessly avoid missteps without ego getting in the way.

First and foremost, consider what makes you want to jump into this endeavor. Once you know why you do what you do and what gets you out of bed every morning, it is easier for you to develop the routines that count. This will also inform your process and give you the drive and tenacity that you need to see everything through to the finish.

One of the best things you can do for yourself is to take an animal assessment. This animal assessment breaks down your personality type so that you have a better idea of how you learn and achieve success. There is no right or wrong type, but understanding your personality nuances allows you to play toward your strength and shore up your weaknesses.

The deeper you explore your own psyche and processes, the easier it will be to hit the ground running with your company. It becomes easier for you to set goals and objectives and stick to them for the long run. By understanding who you are and finding something bigger than yourself, it is much easier to stick to your entrepreneurial dream and allow your company to thrive. It informs the rest of the process and allows you to find true fulfillment from this endeavor.

#2: Start Now, Even if Just Baby Steps

Since you are starting a business later in life, and in general, this always comes with plenty of fear and doubt. Bear in mind that this is part of the process and should not be considered something that deters you from your dreams.

The best way to not get overwhelmed is to handle things one at a time, piece by piece. Most people get caught up with the paralysis of analysis, and think and plan their way into doing absolutely nothing. Instead, set small goals and knock them out one by one. This way, you not only get things done, you can also build momentum and confidence in the process.

This confidence and momentum propels you toward bigger and loftier goals, and before you know it, you are a thriving entrepreneur that is getting everything that you've ever wanted out of life.

Create a mix of big goals and little goals and check them off every step of the way.

For instance, today might be more about running errands than saving the world. Setting up phone service or getting your LLC is far more productive than mapping out five year plans that leave you more enthralled by dreaming than doing. Knock out these little annoying to-do's on your list also lets you reshape and focus on your work.

#3: Surround Yourself With People Going Where You Want to Go

Steel sharpens steel and iron sharpens iron.

This is no cliche -- it's a simple matter of fact, and one that you would do well to internalize. When you surround yourself with people that teach, inspire and motivate you, you'll always keep your head in the game and will be able to get the most out of your entrepreneurship.

There is a rule of thumb that many people use when it comes to business, entrepreneurship and life in general. According to this rule of thumb, there are three types of people that you need to keep in your life -- someone who is far ahead of you that you can push toward, someone that is on your level that you can check in and exchange notes with, and someone behind where you are that you can teach and allow yourself to be motivated by.

By keeping these people in your life, it's easier for you to get what you want out of your life and your career, and will always have the information and inspiration that you need.

Aside from this, always read, watch inspiring and informational videos, take courses and go to seminars that put you in a better position to succeed.

As you can see, there are so many different things working in your favor when it comes to learning how to start your own business. The sky is the limit in terms of your potential, and you will find a lot of fulfillment out of taking this step. Consider these strategies so that you are in good hands learning the ins and outs of business and entrepreneurship, no matter your age.

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