Wayne Hauschild, the owner GameDaySigns wrote:
I represent a small but growing segment of American small business, the Senior Entrepreneur. Later this year I will be 61 years old and am very excited about my new career. My company, GameDaySigns, produces licensed College spirit merchandise. Over the past several years I’ve encountered many does and don’ts for someone my age considering self employment. I would be honored if you chose to print them in your publication.
Wayne’s essay appears after the jump.
Entrepreneurial Whiz… or Just Another Crazy Old Man
by Wayne Hauschild
Since raising my family gobbled up what little extra money I had early in my life, I never had the resources to learn to play golf very well; plus my lack of patience with a worm and a hook left me a pretty mediocre fisherman so when I retired at age 58, I decided I was going to do what I knew how to do best: continue working.
According to a resent survey done by AARP (American Association of Retired People) in 2000, this seems to be an increasing trend among baby boomers. It states that 80 percent planned to work beyond retirement age, and 17 percent of these planned to start their own business.
So in 2003, I retired and formed GameDaySigns, a company manufacturing and marketing licensed, lighted, College logo, spirit signs through the on-line store, www.gamedaysigns.com and also through other virtual and brick and mortar stores scattered around the country. I knew that my one-of-a-kind idea would fit in nicely with the college sports tailgating and watch party phenomenon now spreading across the country. I just needed to get my products out in front of people. I was VERY excited. But the reality of being 60 years old and not 30 changed the rules for my entrepreneurial game somewhat. Here’s what I learned:
First of all, I had to overcome an age-old belief that “Senior Entrepreneurship� was an oxymoron. It was recently indicated, “ …although self-employment was falling for almost every other age group …it was expanding among those 55 and up.� The wealth and variety of experiences an older person brings to the table can’t be measured strictly in college degrees or income statements, it takes a punch or two of reality square on the chin to know how to cope with start-up set backs.
I chose a business that is passion driven; passions are perpetual motivators. My company, having been my hobby as well as part-time business for nearly ten years prior to my retirement, provided me a pretty fair idea from the git-go what I was going to do and how I wanted to get it done.
I have learned to pace myself when I work. My mind wants to tell me that I am only thirty years old but my body ALWAYS tells me the truth. Good health is a must in running a successful business. “Slow but steady must be one’s mantra. In my sign business, I’m pretty much everything: marketer, machine operator, painter, assembler, general laborer, and janitor. And I can assure you that each of these require time and much energy. Patience, perseverance, and often times, resignation will ultimately pay off.
I have better results when I address one problem at a time, resolve that problem and move on to the next. I try to solve each one to a point that allows the business to function. If need be, I keep going back and honing them further until things are running the way I want. If you try tackling all your problems at once they become overwhelming and self-defeating.
Next, I don’t direct all of my attention to the completion of my start-up. I like to look back occasionally and take pride in what I have already accomplished. It’s refreshing and helps to prepare me for the future. Remember, as senior, it is even more important that the “ride� be as much if not more fun than arriving at the final destination.
I also try to maintain a good sense of humor. This applies not only to my business but also to every aspect of my life. I laugh at myself. I laugh at other people. I like to have other people laugh at me. I just relax and, being a senior, know I have an excuse to do funny things. Besides, a good since of humor is good for the digestion and helps you sleep better.
Additionally, I try to use the resources available to me most of which are free! The SBA and SBDC (Small Business Development Centers) offer seminars and literature upon request. I know that without the SBDC’s help in developing my business plan; I don’t think I would have ever been able to find funding for my company. A wealth of inexpensive information also lies as close as your keyboard.
If you have a partner, make sure they are ALWAYS on the same line with you and are totally aware of your intentions. In my case, I’ve lived with my partner for 35 years and know her pretty well by now: she’s my wife. Even though I work alone most of the time, we consult regularly on all major decisions. She’s as close as my telephone. She also shares all of my highs and helps me through my lows.
A retrospective understanding of where one is in life allows the entrepreneur to rationalize and better handle the financial, emotional, and intellectual experiences of starting a business. Age provides this opportunity. And when I turn in at night I smile and think, “there’s always room in this old world for one more successful, “crazy old man�! Oops, gotta go, there’s the phone ringing again.
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