50+ Enterprise Workshop10th 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 emptyMortgage almost paid (hopefully)A Little Wiser (We know what we don’t know)Wide Network of Friends & ContactsHealth Still GoodMore ‘Degrees of Freedom’A Determination not to waste a single dayA greater understanding of what’s important in Life

The Freedom to Choose

-More time for a hobby-Community Work-Develop a hidden Talent-Travel-Spend more time with Family

- Start a Business !!!!

What’s Needed to Start a Business An Idea (need not be original)/Solve a problemCustomers willing to pay a price which yields you a profitResources (time ,£,space )Determination & ResilienceAbility to cope with multiple ‘stressors’/setbacks –good v bad pressurePassion & 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

Ideal Characteristics of a New Business/Product/Service

Customer pays cash up frontRepeat orders –Also can sell other complimentary products to existing customersSell via InternetFew Staff needed/Low Fixed Costs/Low BreakevenDoes not require 24/7 attentionLow per unit value ( <Euro 50)‘Must have’ appealLimited Capex needed to startScope for innovation / improvementsNot a ‘fad’Ethical/ Fair Trade/Low Co2Leverages ‘Ireland’ Brand Image

What Types of Business are attractive to 50+s ?

-Two Examples

Internet BusinessesPartnering with son/daughter(see case studies later)

Internet Businesses

Buying & Selling using paypal(for example)Middleperson/BrokerCan be run from homeInternational salesIdeally based on a hobby /expertiseCan use a ‘virtual’ Team

Partner with a son /daughterNeed a son /daughter !!Do not impose the ideaLet it happen naturally-success has ‘1000’ fathersInvest 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

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 ,etcLook at what people are buying more off(B2B,B2C,etc)Learn about Social Media , Facebook ,etcDo a course on web design/e-commerceResearch , RE-Search , RE-SEARCH !!Decide on your investment limits -£, Time ,contingencyEnsure you have back-up plan for holidays ,sickness,etcSell to your better half But your Plan together & discuss with trusted friend/Advisor/somebody who knows their stuff-and knows you

CONTACT INFORMATION

Sean MacEntee, Incubation Centre Manager ,RDC,DkIT

T: 042 9370400 W: www.rdc.ie