Pick something you know: Becoming an entrepreneur later in life is not the time to be learning whole new industries. Instead, pick an industry that plays to your strength – your experience.Pick something you love: As with any new entrepreneurial endeavor, picking a business you love – something you would enjoy doing every day – is one key ingredient to staying interested and motivated.
Pick something needed: This is a bit trickier, but maybe the most important success ingredient of them all. You need customers, so choose a business where there is a clear need. Starting a business after 50 is not the time to be too innovative.
Bone-up on technology: Technology has transformed small business – forever and for better. So make sure you are up to speed on all of the technological opportunities available to help you run your new business.
Don’t bet the bank: All of this new computer/Internet technology also means that there are numerous businesses that you can start that do not cost a lot of money. Selling items on eBay for instance is easy, inexpensive, and potentially lucrative.
a crash course in entrepreneurship » Tips for Older Entrepreneurs on March 20th, 2006 at 7:51 am
[...] Via Business Opportunities Weblog from USA Today: Pick something you know: Becoming an entrepreneur later in life is not the time to be learning whole new industries. Instead, pick an industry that plays to your strength – your experience. [...]