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What’s So Special about 50+ ?

50+ Enterprise Workshop 10 th March 2011 @ D-Hotel Drogheda Starting & Running a Business has nothing to do with Age ! Sean Mac Entee : Incubation Centre Manager. What’s So Special about 50+ ?. ‘Nest’ Nearly empty Mortgage almost paid (hopefully) A Little Wiser (We know what we don’t know)

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What’s So Special about 50+ ?

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  1. 50+ Enterprise Workshop10th March 2011@D-Hotel DroghedaStarting & Running a Business has nothing to do with Age !Sean Mac Entee : Incubation Centre Manager

  2. What’s So Special about 50+ ? • ‘Nest’ Nearly empty • Mortgage almost paid (hopefully) • A Little Wiser (We know what we don’t know) • Wide Network of Friends & Contacts • Health Still Good • More ‘Degrees of Freedom’ • A Determination not to waste a single day • A greater understanding of what’s important in Life

  3. The Freedom to Choose -More time for a hobby -Community Work -Develop a hidden Talent -Travel -Spend more time with Family - Start a Business !!!!

  4. What’s Needed to Start a Business • An Idea (need not be original)/Solve a problem • Customers willing to pay a price which yields you a profit • Resources (time ,£,space ) • Determination & Resilience • Ability to cope with multiple ‘stressors’/setbacks –good v bad pressure • Passion & Energy .’Ordinary’ no longer Ok. • An ability to Communicate & Sell (oneself) • A Balanced & committed Team (maybe one person to start with ,could be virtual ..)- pick people who are better than you !! • Business = Jockies & Horses

  5. Ideal Characteristics of a New Business/Product/Service • Customer pays cash up front • Repeat orders –Also can sell other complimentary products to existing customers • Sell via Internet • Few Staff needed/Low Fixed Costs/Low Breakeven • Does not require 24/7 attention • Low per unit value ( <Euro 50) • ‘Must have’ appeal • Limited Capex needed to start • Scope for innovation / improvements • Not a ‘fad’ • Ethical/ Fair Trade/Low Co2 • Leverages ‘Ireland’ Brand Image

  6. What Types of Business are attractive to 50+s ?-Two Examples • Internet Businesses • Partnering with son/daughter(see case studies later)

  7. Internet Businesses • Buying & Selling using paypal(for example) • Middleperson/Broker • Can be run from home • International sales • Ideally based on a hobby /expertise • Can use a ‘virtual’ Team

  8. Partner with a son /daughter • Need a son /daughter !! • Do not impose the idea • Let it happen naturally-success has ‘1000’ fathers • Invest heavily in the relationship (with ALL of your sons & daughters) • Start as Coach /Mentor • ‘Their Idea – they will hopefully be running the business when you are ‘retired’ (whatever that is ) • ‘Young Bull’ v ‘Old Bull’ (I will explain later) • Build a strong relationship with son-in law/daughter in law

  9. Where to Begin ?? • Do a personal audit of what you are good at ,what you like ,what you are not good at ,what you dislike . • Look for similar success stories in areas that interest you –e.g. fly-fishing ,stone collecting ,etc • Look at what people are buying more off(B2B,B2C,etc) • Learn about Social Media , Facebook ,etc • Do a course on web design/e-commerce • Research , RE-Search , RE-SEARCH !! • Decide on your investment limits -£, Time ,contingency • Ensure you have back-up plan for holidays ,sickness,etc • Sell to your better half • But your Plan together & discuss with trusted friend/Advisor/somebody who knows their stuff-and knows you

  10. CONTACT INFORMATION • Sean MacEntee, Incubation Centre Manager ,RDC,DkIT T: 042 9370400 W: www.rdc.ie

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