Hey, 40- and 50-somethings…What do you Want to be When You Grow Up?

I meet with aspiring entrepreneurs every week who have big ideas about the type of business they want to own one day. It always amazes me how vastly different the business they launch is from the ideas they originally had. I've found that, as we age our priorities switch, and this switch can dramatically affect our career choices.

Switch #1: From Doing What You Love to Doing What Makes Sense
When we were young, we had time to dream about what we wanted to be when we grew up. We all had visions of living our lives doing what we love so that it doesn't feel like work. Once we reached a certain age, we realized that might not be practical. The economy and lifestyle trends play important roles in determining what types of businesses will survive. While it is still very important to find a business that aligns with your ideals, it’s also important that the business thrive.

Switch #2: From Seeing it as a Job to Seeing it as an Investment
Entrepreneurs who start a business in their 20s and 30s usually see it as a way to leave corporate America behind and venture out on their own. Fed up with their boss, the commute or possibly their career choice, they see business ownership as a way out of the monotony. On the other hand, entrepreneurs who start a business in their 40s and 50s see it as an investment in their future, and the future of their family. More concerned with building a lifestyle and a legacy, 40-somethings and 50-somethings will choose a business based on the earning potential, flexibility, equity build and exit strategy. The prospective longevity of the business is also critical since they’ll usually view this as an investment to pass on to their adult children one day.

Switch #3: From Creating a Life for Myself to Creating a Life for Others
Father Time also has a way of causing a shift in our focus from ourselves to others. Building a sense of community where we live becomes extremely important, and one way to do that is to get involved. If you’re not ready to retire and volunteer at the local food shelf, consider starting a business in your town. Take a look around and think about what might be missing close to home. If your neighbors are consistently driving far for a haircut or their favorite food chain, that might be the ideal business to start. Plus, you’ll be creating new jobs in your community and making your area a better place to live.

____________________________________________________________

Mike Welch is the President and Owner of FranNet Minnesota, a franchise consulting firm serving Minneapolis, St Paul, and the state at large. Mike has a proven track record of matching entrepreneurs with business ownership opportunities. To learn more about becoming your own boss, click on the Follow button above, visit www.franchisingminnesota.com, and follow Mike on Twitter and Facebook.