It is entirely possible that some major shifts in the workforce could happen in this country within two years, with as many as 27 million Americans abandoning their traditional jobs in favor of self-employment by the year 2020. In addition to this, more than 60% of all self employed baby boomers have indicated they will work right through retirement, which is a much larger percentage than either millennials at 45%, or Gen-Xers at 47%.
The interesting aspect of this is that Boomer entrepreneurs may find it difficult or at least challenging to adapt their personalities to the changing demands of the workforce, in order to remain relevant. The five qualities which most boomer entrepreneurs possess, and which will help them adapt to this new situation, are identified below.
A Thick Skin
Anybody who has been through decades of hard work and hard times will have undergone a number of rejections and disapprovals, and this is especially true of Boomer entrepreneurs. To succeed in the marketplace today, it’s necessary to have a thick skin, and not let rejection destroy you or even slow you down. Boomer entrepreneurs will not dwell on a lack of immediate success, but will understand that it’s all part of the process of working toward ultimate approval.
Everyone notices when you’re enthusiastic about what you’re doing, because it seems to bounce right off you and onto everyone who’s in your immediate circle. Boomer entrepreneurs generally initiate a business with the idea of pursuing an interest they are really passionate about, as opposed to trying to make big profits. That’s the kind of passion that is necessary for leadership, because it shows the world that you’re committed to your ideas, and that you’re committed to accomplishing your goals. A positive nature is very infectious, and it will draw in the people around you, as well as customers who want to buy into that positive feeling.
One of the keys to being successful in business is to be completely focused on your objectives and how to achieve them. Boomer entrepreneurs are well aware that the focus of a young person will be necessary in order to succeed in today’s business world, and that means they’re going to need to stay hungry and sharp as a tack in order to be successful. It may not be necessary to hit a home run every time you step up to the plate, but you need to take some good swings every time, and to make solid contact with the ball.
Willingness to take risks
Very few entrepreneurs get where they are by avoiding all risks and playing it safe, and this goes double for Boomer entrepreneurs. Anyone who is serious about embarking in the business world of today should be prepared to go all in at some point when it becomes necessary, as well as to take risks when there is a significant opportunity for reward to your business.
All the years of experience that Boomer entrepreneurs have gained working through many roles in the past, have taught them to be thoughtful and creative in the pursuit of their goals. With these individuals now taking on leadership roles, they will have to be even more creative and more strategic in their thinking. Boomer entrepreneurs will have to find a happy medium between thinking out of the box and plain old good strategy.
If you have started a business or are considering it, Business Partner Alliance is here for you. We provide targeted coaching, consulting and business advisory services to help small and medium sized business owners achieve new heights. We put our passion and experience to work to help business people achieve their goals. Let’s meet for coffee to see how we can work together.