Tips For The New “Age” Entrepreneur

Personal
Now is the time to build on what you have learned professionally and personally. Think about how you can transfer your years of experience into another endeavor. For example, if you have had a long career as an attorney, think about how your analytical, negotiating and research expertise might translate to a new profession. Pick an industry that plays to your strengths and your desires ... and is reasonable.

Starting a business later in life takes a real commitment, so be sure you choose something you truly love -- something that you would enjoy doing every day whether you got paid or not. Also, consider whether there truly is a need for the products or services you plan to provide. You do want customers, so choose a business where there is a clear need. Think about how your business will be different and who your ideal clients will be.

Research/Technology
The Internet is an entrepreneur's best friend. Only a decade ago, compiling information on a given topic would take hours spent at the library. Not any more.

The business you are considering may be new to you, but not to others. The Internet is a great resource to help you find everything you possibly can about a chosen field. Try searching for information on both successful and failed business ventures in the same or similar field you are considering. Any piece of information you get moves you one step further toward making an informed decision on how or if to pursue becoming an entrepreneur.
Other technological advancements also provide great resources for entrepreneurs. It used to be the first steps in starting a new business were renting an office and hiring a staff. Computers, cell phones (especially those with the capability to retrieve emails!) and voice-mail have made working from home, from a small office or from a variety of locales (think snow-bird or rain-bird!) viable, respected options and starting a business less expensive and easier.