Baby Boom Entrepreneurs – Saturday Update – 1

This post is the first “Saturday Update” for Baby Boom Entrepreneurs. What I hope to accomplish with these updates is to inform you all about the comments and suggestions that I receive throughout the week.

This week’s update is concerning an article entitled, “The Boomers the Economy Forgot.” The stories, comments, and suggestions about this article have been amazing and have seemed to touch a nerve among Boomers all over the world. Watch the video and then leave your comment, suggestion, or story as a way of helping our fellow Boomers trapped by this tough global economy.

 

Please help by leaving your comments, suggestions, and stories!

Thanks,

Dave

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My 100th Post – What is a Successful Business?

Well ladies and gentlemen, boys and girls of all ages I want to welcome you to my 100th post at Doulos Marketing! In many respects it seems like I just started and in other ways it seems like I have bee doing this for ever. Now with 100 posts under my belt, I thought I would go back to my core thought and speak to it again.

What is a Successful Business?

 

What do you think? How do you define a successful business? Is there more to life than just money?

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For Boomers – One size does not fit all!

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As I have roamed around the boomer universe over the past few months, one thing has been mad abundantly clear: For Boomers – one size does not fit all! Boomers are not likely to all follow the same piper in just about any area. We are free thinkers and people who more readily as why not as why!

We grew up in a time when a question was always better than an answer, and innovation than the status quo. This said, is it really a surprise to anyone that there are just as many opinions concerning Boomers and retirement as their are about anything else?

Why is this so and what can a business whose purpose to reach Boomers do to capitalize on this diversity?

  1. This is so because our generation spans the most tumultuous 20 years in American history. WWII followed by Korea and Viet Nam made our generation weary of war, looking for peace, and wanting more than ever to succeed in life and not just in business. We came at these problems from all different angles and from across the sociopolitical spectrum, but no matter our starting point, our ends seemed to be the same. This upset the apple cart and challenged conventional wisdom.
  2. With such diversity of thought, businesses need to find a niche and the ways necessary to reach out to those in that niche. Older Boomers seem to want to retire like their parents did, mid-point Boomers want to be active and retire to new challenges and dream businesses, late arriving Boomers see that they may never know real “retirement” and are looking to find that dream business early so that all their lives can be given to living their dream. Aging issues, health and beauty, life-style opportunities seem to really turn the Boomers crank. Boomer businesses need to find a way to reach out to one segment of this aging but productive population.

Reading the paper today, Steve Jobs resigned from his position as CEO of Apple, but in his letter to the Board of Directors he asked to be able to stay on as “Chairman of the Board, Director, and an Apple employee.” For Steve continuing to be productive is more important than traditional retirement. I wish this most famous Boomer well as he pursues the dreams that lie ahead for him. Not only him, but I wish all Boomers well as they pursue the unique dream that will make their second act the best in their life’s performance!

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Building a Garage Empire

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As I talk to lots of people that are considering retirement and the possibility of a new career, what I am finding is that the “new” second career is most often a rewarming, and re-purposing of their current career.

Corporate executives choose to be corporate consultants, teachers retire only to take on contract work for the school district, real estate agents become real estate trainers. Now don’t get me wrong, these options are usually the simplest and often make the most sense from a practical point of view.

But what about that dream? You know, that nagging thing that has always filled the back of your mind only to make appearances in the quiet times. That “want” that has always taken a back seat to “necessity.” The novel, the painting, the skill you have always wanted to master. Is it possible that you could turn that dream into a viable retirement income, a “Garage Empire”?

Before you say YES and jump into the deep end, let’s consider a few things about building a Garage Empire:

  1. Don’t skimp on your research. What will it take to transform your dream into a successful business? There are many details that have to be considered in order to turn the dream into a business.
  2. Look at the resources that you currently have and research what else you will need. Decide what you can do and consider what you will need to outsource.
  3. Start slow and build! Remember that it will take time and effort to create a business from scratch. Starting before you retire is the best option, but if you haven’t or can’t, just understand that you will experience a growth and learning curve and that profits will follow that curve.

I personally think that a lot of incredible skills and innovation can unleashed by the Boomer generation if we will just choose to live our dreams!

What do you think? Tell us your story!

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Frustrated by Follow-up?

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If you are like me and have ever worked exclusively in a sales/marketing position, you have be constantly reminded that “the fortune is in the follow-up.” The problem with that statement is that the people you are trying to follow-up with often don’t make following up with them easy. You may even ask, “Do you mind if I give you a call to set up a time we can meet?” And after the “yes” you set this new potential client/customer up in your follow-up system and find that the great majority of them don’t really want to talk with you.

Now I know that sales is a “numbers game.” (Or at least I’m told it is!) I am also aware that in order to get people to be willing to buy from you, you have to be willing to make your product/service valuable in the eyes of your customers/clients. However, I am not sure that our follow-up programs should be designed to simply outlast your prospect’s resistance.

Let me make three quick suggestions that will help your follow-up system be more successful:

  1. Follow-up when you have information valuable to an individual prospect. Just sending out generic emails is like throwing mud at the wall just to see what will stick. I don’t know about you, but my time is valuable and to wade through a bunch of stuff that means nothing to me makes me pretty cranky. By the time you send out something I might be interested in, I am probably going to pass it up without looking based on all the stuff you sent that I didn’t care about.
  2. Remember more about the potential client than what information is available on his/her business card. This really gets back to the idea of personalizing your follow-up. If your client is married with kids or single, likes golf but not tennis, is politically conservative or liberal, you need to address them from their life’s perspective. This concern to personalize your follow-up will be noticed and appreciated. When you then make a purchase suggestion, they will be more willing to listen.
  3. Use multiple methods to get your follow-up message in front of your customer. Send cards, emails, make phone calls, even stop by to drop something off every now and again. By varying your follow-up methods you will have more chance to make yourself valuable to the prospect. That value will translate into more sales with fewer rejections (something every business/salesman appreciates).

 

In the end, remember that you have to make a positive impression on the prospect. He/she needs to see you as a valuable asset to them and someone that they should spend time getting to know and doing business with. If you are frustrated by follow-up it may be because you are throwing mud at the wall!

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Middle-Income Boomers and Retirement

I just read a great article by Alyssa Gerace about the number of middle-income Boomers and their plans for retirement. You can read the whole article at Reverse Mortgage Daily.

The question that these Boomers need to ask is, “Do I want to stay in my current industry/job or are my “retirement” years the time that I should go for that dream career that I always said I would do if the situation were right?” The reason for asking this question is because more than 80% of Boomers say that they don’t like their current job and would change it if they thought they could. Well, your retirement years might just be the time.

How can a Boomer thinking about a work oriented retirement decide how to spend it? Here are a few thoughts:

  1. Do your research. If you are thinking about starting your own business, make sure you know what it is going to take to get it up and running. Don’t go into a business blindly, it can be devastating!
  2. After you have done your research, you can begin slowly, working at your dream career very part-time at first. As you get more comfortable with what you are doing and how to market, generate sales, and learn to do customer service, you can move forward and make the full-time change at just the right time.
  3. Become a student of your niche. Even if you enter a niche that you have an advanced amateur skill-set, turning that skill-set into a successful business requires that you keep learning, growing, and adapting.
  4. Be patient and don’t quit at the first sign of trouble. Starting a business is not easy task and no matter how prepared you think you are, there will be a learning curve. Patience and passion will help you make it through the inevitable hard times.

Middle-income Boomers having to come to terms with this new “working retirement”  should not feel cheated, but rather see this circumstance as an opportunity to do what we always wanted to do and in the end to create a legacy business that we can pass on to our family.

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Creating a Legacy Business

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In the midst of an extremely turbulent worldwide economy and in a generation of people who are more and more concerned with the social impact of both governments and businesses, it is important for current and prospective business owners to consider creating a “legacy” business. This is the kind of business that considers more than just the bottom line of profit. (Although profit is a good place to start.) It looks at products, services, suppliers, and even customers in ways that relate to social impact and the “greater good.”

Now before you start to panic or find yourself in need of smelling salts, I am advocating nothing more than an idea that many of the great industrial capitalists of the late 1800′s and early 1900′s. One (Andrew Carnegie) has been widely quoted as saying that you should spend the first half of your life making money and the second half giving it away! If more companies looked at life with this kind of vision, the more they could argue for government to be strong, but limited (I think that idea was expressed in the founding documents of the USA.)

The antithesis of this kind of “legacy” business is the “greed” oriented business that sees only profits and dollars earned as the sole interest of the corporate structure. Another of the industrial giants of the same era of Andrew Carnegie (name withheld on purpose) was reported to say when asked how much money is enough, “One dollar more than I have.” In his mind the only thing a business was to provide was profit to the owners.

I think that there are three essentials to creating a legacy business:

  1. Start with your legacy in mind. The longer you wait to begin to support your legacy position, the harder it will be to act.
  2. Make your legacy position known. Don’t be a closet do-gooder, be active and vocal in the things that you support.
  3. Train your employees in the facts and benefits of your legacy choices. Don’t have people ask your employees about your choices without their understanding your choice and your why!

I think that if you are going going to have long-term success in our current economic condition, the “legacy” business model is right choice. To do otherwise is to throw your lot in with those seen by so many as greedy profiteers whose only goal is to get more in order to get more. It’s time to choose. Where will you and your business stand?

In what ways are you acting as a legacy business? How can budding entrepreneurs learn from you to start right and stay on the right path?

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Baby Boomers – Rebels Again!

I am a “mid-point” boomer (born in 1955). In my young years, I was able to “Rock around the clock,” witness the aftermath of the deaths of John Kennedy and Martin Luther King, and play in the yard from sun up till sun down without worrying about someone hurting me! I was raised in a conservative household but am a hippie at heart.

By the time I got to High School (1969-1973) things were changing. Our country was going through a battle for its soul. We boomers were a rebellious lot. We were looking for something bigger than ourselves. We wanted to “give peace a chance.” We questioned authority and chose to make our own decisions. We became innovators and inventors who traveled the globe looking beyond ourselves.

Oh, we had our problems and we made our share of mistakes. However, our curiosity drove us to explore space, create the home computer, and consider our place in the grand scheme of the universe.

Now we are considered to be the “greedy” generation and even those in government have begun saying that the countries economic problems are the result of our generation. (As I said before we have made our share of mistakes.)

But what made our generation great was that we were curious explorers of everything that struck us in just “that way.” We were rebels who didn’t just accept the status quo, and who also saw that we were not isolated in the world, but were given a place of leadership. In many ways we took our desires for personal freedom too far, but we do believe that people have the right to be free. We are a great generation and we did really change our world.

As we struggle now with the forces that again have set out to destroy our world, our life, and our families, it is time for another rebellion from our generation. This time we need to rebel against closed minded greed. We need to take up causes bigger than ourselves. We need to learn from the past so that we are not doomed to repeat it. We need to be a people of grace, of honor, and of principle. Where we agree we are strengthened and were we do not we can show mutual respect. When others of our generation are hurting and need help we need to step in. We need to prepare our children and grandchildren for the future by being the powerful free-spirits that we were in our youth.

Time to rise up my boomer friends. Rise up and be counted. Rise up and be responsible. Rise up and be productive. Rise up and bring a new revolution to the streets of our country. Not one of “sex, drugs, and rock and roll” but one of love, courage, and passion. World changing is in our blood! Now is the time – Baby boomers let’s rebel again!

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I have been inspired!

I want to take a minute and thank all of you who have commented on my last post: The Boomers the Economy Forgot. Whether you posted comments on the blog or in the chat groups around the net, I was overwhelmed by your stories.

If you have not had a chance to read the comments left, please take time to do so and if you have anything to add, do that as well.

As a result of what you all said a plan has been conceived in my Boomer brain and I already begun working on the basics of that plan. I am going to try to keep you apprised of the details of the plan as they become more clear. Keep watching and I will keep you up to date!

Again, thanks need to be given to all you who were willing to share with us your stories. What they did was to inspire me and I know that they did the same for others who read them as well.

More later … but for now bye!

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