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6 Tips for Starting a Business After Age 50

U.S. News and World Report, 6/29/09

Abstract:

Starting a business is difficult at any age. Baby boomer entrepreneurs planning to retire soon need to be particularly careful that they don't gamble and lose their life savings. "You have more capital to invest, and at the same time, you have more to lose," cautions Dan Olszewski, director of the Weinert Center for Entrepreneurship at the business school at the University of Wisconsin-Madison. But baby boomer's accumulated knowledge and experience also put them in a better position than most to succeed. "Many of the most successful businesses are when the entrepreneur knows something about the industry and they are able to leverage that knowledge in some way and come up with a better solution," Olszewski says.

Here are some tips to help baby boomer start-ups boom:

Tap your network. A lifetime's worth of accumulated friends and acquaintances are essential to get a business off the ground...

Use your experience. Many baby boomers have accumulated expertise in an industry that gives their business a head start...

Find start - up funds. One of the greatest barriers to starting a business is coming up with the start-up capital...

Plan for longer hours. Just because you don't have a boss, don't assume you'll get to take long lunches and go home early...

Keep start - up costs low. Many small-business owners launch their companies on their own property.

Have a backup plan. Most small businesses don't succeed. Only about 44 percent of new businesses survive four years, according to the U.S. Small Business Administration.

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