The good news is that comprehensive resources exist to help you navigate these shoals. Two excellent books aimed at the 50+ year old considering entrepreneurship are:
The Second Chance Revolution: Becoming Your Own Boss After 50 by Edward G. Rogoff, PhD and David L. Carroll. This book is filled with nuggets of practical wisdom, including a self-assessment tool to help you decide if entrepreneurship is the right path for you. (I think this is a rather gutsy thing to do, because, if you don’t pass chapter one, you could put the book right back on the shelf without turning another page and check in to the nearest employment center.) If you do pass, Dr. Rogoff offers valuable basics to help you choose the entrepreneurial profession that’s right for you. Then, too, once you’ve successfully navigated these critical hurdles, the book provides a hands-on, step-by-step guide to what you need to do and when to launch your new business. Dr. Rogoff candidly points out that you may not like hearing about some of these steps such as: legal issues, boards of directors, insurance and taxes but, like it or not, you must tackle these head-on to succeed. The point is that this book guides you through all the hurdles and risks before you ever invest a penny in that exhilarating business idea.
The second book, Boomerpreneurs: How Baby Boomers Can Start Their Own Business, Make Mondy and Enjoy Life, by M.B. Izard is an equally thorough and pragmatic tool. Izard also helps you determine if entrepreneurship is a good lifestyle fit for you, as well as assessing the marketplace for your business idea and how to mitigate your risks. The book has detailed action plans and is enriched by stories from Boomers who have launched new businesses. As Izard points out, there are lots of books about how to start businesses, but there are few indeed that address the unique needs and concerns of starting a business at 50+ years of age.
That being said, I also want to include a book aimed at entrepreneurs of any age. The Art of the Start: The Time-Tested, Battle-Hardened Guide for Anyone Starting Anything by Guy Kawasaki is one of the most enlightening and inspiring books I have read on this subject.
When you have a moment, please let us know your thoughts on the opportunities, challenges, pitfalls, and exhilaration of starting your own business after turning 50.