Encore Tampa Bay Connecting Boomers to their Encore Careers

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BABY BOOMERS CONTINUE TO FLOCK TOWARDS THE ENTREPRENEUR LIFE!

images-7I continue to see countless articles and surveys that reinforce the new reality of the “Silver Tsunami” landing in the world of entrepreneurship!   Kaufman Foundation found that entrepreneurs aged 55-64 have increased 23.4% last year. (up from 14% in 1996).  SBA statistics show that startup by adults 65 and older now have the highest rate of self employment of any age group.

It seems that boomers and beyond, are moving towards self employment primarily because of a frustrating job market mixed with a bit of that boomer individualism.  Dane Stangler of Kaufman explains that it has increasingly become easier technologically and geographically for this generation to start their own business.   This is also a highly educated and talented generation with a life long experience of hard knocks and real world business experience that equals greater long term success rates for start up businesses.

Older entrepreneurs find that they really enjoy being their own boss and working on something that matters. 

They are creating their own legacy with their business, which often leads to an opportunity for younger generations of the family to join in!  A recent New York Times article highlights the growing trend of the young and the older members of the family joining together on their entrepreneur journey.  “Many seniors are creating legacy businesses alongside a younger member of their family,” said Elizabeth Isele, co-founder of Senior Entrepreneurship Works, a nonprofit that helps workers over 50 start businesses. “It’s a winning formula for both generations.”  If you look at the very high unemployment rate for millenials with boomers not far behind, this is a win-win formula for both generations.  Michael Lowe and his son-in-law have joined together to launch a very successful micro-distillery in their home town.  Their number one piece of advice to others; both parties must have a clear idea of what they individually bring to the business and leverage that.

I am excited by the emergence of this exciting trend. It is truly a win-win for both the boomer entrepreneurs who are finding their passion and a paycheck and for our economy as a whole! 

If you consider 80 million boomers entering the “retirement years” and choosing to create new business opportunities, there will be less of a drain on our social security payouts as well as new tax revenues generated in our communities!

Stay tuned for more articles and blog posts on the rise of the “Encore Entrepreneur”.

Let me know what you are seeing in your community as it relates to older entrepreneurs.   Don’t forget to like us on Facebook at Encore Tampa Bay!

Bevan Rogel

encoretampabay@gmail.com

 

 

ENCORE CAREERS- THEY ARE GOOD FOR EVERYONE

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I’m sure you’ve heard these numbers before, but they are worth mentioning again to set the stage for the huge potential that is at our doorstep.  There are over 80 million Americans born between 1945 and 1964 with over 40 million reaching retirement age.  That means over 10,000 baby boomers are turning 65 every day!  There seems to be a lot of hand wringing and concern about the impact that this onslaught of retirees are going to have on our economy and society as a whole.  I would like to offer an alternative perspective.

 

PBS Newshour recently did a great TV segment called,  “Reinventing Old Age: The Good We Do When We Work Forever” which highlighted people working well into their 70s and 80s.  PBS news anchor Paul Solomon, interviewed Marc Freedman, founder and CEO of Encore.org prior to the TV segment.  Marc talked about the opportunity that our society has to recognize the full potential of this population and to use it in a way that benefits everyone.  Marc sees this group of 50-70 year olds as an enormous economic engine of productivity and innovation that will turn the dependency ratio into an abundance ratio.

 

The Economic Benefit

PBS pointed out two examples of economic benefits which occur as a result of people choosing to work longer (whether it is within a company or sole entrepreneur) One, they are less likely to draw down on social security benefits.  Another example is a longer more continuous influx of income tax revenue as result of more people generating income for longer periods of time.

 

A Legion of Problem Solvers

In a recent interview Marci Alboher (author of  Encore Career Handbook)  talks about Encore Careers as a second or third act that provides meaning and purpose along with social impact.  She talks about this same age group as a tremendous resource, rather than a problem, a legion of problem solvers.

 

Jane Pauley shared an example of problem solving. Ken Wood, a retired well-driller helped his church solve a problem it was working on in a village in Ghana.  Ken jumped into this project and flew to Ghana to help educate and assist the village people in drilling more than 1,000 wells to find safe drinking water. Pauley cited another example of Jenny Brown, the mother of a 2-year-old orphan from China who was not able to talk or walk when the child was adopted.  Jenny decided to use her skills and experience to set up an agency that recruits and trains nannies in China to nurture orphans and prepare them for adoption. Encore Careers utilize people’s skills and experiences while at the same time tapping into something that is important or meaningful for them.  The real bonus is when that career or project has a positive impact on society!

 

The Cleveland Foundation recognizes this potential and has launched a new program that will encourage the 50+ community to get involved and help solve pressing issues in Cleveland, such as poverty and education.  The program will model some of the elements of the Encore Fellows paid intern program and encourage Baby Boomers to utilize their skills and experience.

 

What about Tampa Bay?

I believe it is time for Baby Boomers to get out of the house, step out of your comfort zone, pay attention to that small voice in your head.  What are some ideas you have for your second act?  What skills, talents, and experiences are you willing to tap into to make this community a better to place to live?  Maybe it is time to start thinking about your Encore Career: it will be good for you and for everyone!!   It was 227 years ago this week that our founding fathers made a similar decision-   a choice between liberty and bondage.   Today, you have the freedom to choose what kind of life you want to live in the second half!

 

Call to Action: I want to hear some local, inspiring, personal Encore Career stories. Once a month I will be featuring people in our community who are living their Encore Career.  Please email me at encoretampabay@gmail.com to share a story about you or someone you know.

 

If you liked this blog- send it on to other friends and folks who might be ready for their Encore! 

 

 

Happy Fourth of July!

 

Bevan Rogel

Encore Tampa BayE

BOOMER ENTREPRENEURS ON THE RISE

Growth Of Baby Boomer Entrepreneurs

What usually comes to mind when you hear the word entrepreneur?

Young, just out-of-business-school Gen Y’er?  Well surprise again – the Baby Boomers are actually starting companies at a faster pace than ever before!  In 2011, the Kaufman Foundation did a major research study on entrepreneurs.  They found that 21% of all start up businesses in the US were done by people from the age of 55-64, which was up  14% since 2007.  They also found that an additional 28% of those start ups were done by those age 45-54. (So do the math on that-  49%!)   Another study done in 2013 by Monster found that 41% of Boomers consider themselves entrepreneurs.

FACTORS INFLUENCING THIS TREND

There are a number of reasons why those numbers are on the rise such as increase in age longevity, health, shrinking retirement money,  people losing jobs or being forced into retirement.  Self employment gives Boomers once again the opportunity to define their lives on their terms!   An interesting article in the Washington Post talks about Boomers embracing social media, and focusing on healthcare as a possible focus for business startups.

ARE YOU READY TO BE AN ENTREPRENEUR?

Marci Alboher, in her “Encore Career Handbook” devotes an entire chapter to the Encore Entrepreneur.  www.encore.org   She talks about the idea of “Social Entrepreneurship”, where entrepreneurial techniques are used to achieve social change.  This can include starting a business with a social mission or one that addresses a social or community problem.  She includes a great list of questions for self reflection; Do you have what it takes?  She also talks about the traits of an Encore Entrepreneur such as a sense of urgency, a desire to improve the work, or simply bringing together your various skills, talents and experience in a meaningful way.

How do you decide if this is the avenue to take?
From my own personal experience, I started by focusing on what was important to me, what were some burning issues that I saw were not being addressed or services provided.  What were the trends?  Where were potential collaborators or even where were the competitors?

I truly believe that boomers can achieve even greater levels of happiness as entrepreneurs.

They are redefining the marketplace and bringing a wealth of experience, talent and passion towards this effort. There are no guarantees with business start ups, but with a little financial planning , coaching and training in social media and entrepreneurial basics, along with embracing intergenerational thinking there is a good chance that THIS is truly a recipe for success- for the boomers and our economy!

I would love to hear some of your Encore entrepreneurial start up stories!  I will be starting some Q and A interviews with Boomer entrepreneurs!

Bevan Rogel

Encore Tampa Bay

 

 

 

 

TECHNOLOGY AND CONNECTIONS IN POSITIVE AGING

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On March 1, the Institute for The Ages held its fourth annual Winter Forum in Sarasota.  The Institute for the Ages is a non-profit think and “do” tank in Sarasota that generates new ways of thinking and positive solutions for positive aging.  One of their key goals is to create a mecca of creativity and innovation by providing input and test markets for new products and services that promote positive aging. 

This year’s Winter Forum focused on “Technology and Connections in Positive Aging”. At the forum, national speakers talked about how new technology is improving the lives of older adults. Here are a few nuggets from some of these presentations:

  • Steve Agritelley, Director of Research and Innovation at Intel Labs spoke about  “Understanding Needs- Locally  and Globally”.  Intel did a global research project, (see PDF), that was focused on identifying the technology needs of the older population (age 60+).  The project identified 8 set of common concerns and values for this population.  Two big ones were enabling social connections and having a useful and meaningful life.  Intel is creating technologies that meet those specific needs.
  • Richard Adler- from the Institute for the Future talked about “The Technology of Empowerment and the Future of Aging”. His primary job explores the intersection of people and technology. He sees two major types of emerging technologies; 1) Assisted technology (i.e. enhanced hearing, vision, health monitors etc., 2) Technology of Empowerment- physical fitness, cognitive fitness, social networks, health support networks and caregiver network.  He talked about how technology can be an equalizer and a key support tool for this age group.
  • Paul Barker from Hallmark Digital spoke about ways that people and companies can bring emotional authenticity into technology. They are looking at how their products and services can help people move into the technology world through three different points of entry: head, heart and hand. Hallmark’s philosophy is to respect the older audience and adapt to their changing needs.
  • Several companies shared their innovative products such as:  1) an in-home cellular hub and activity sensors that helps connect with those concerned about their loved ones. 2) The “Lively-Gram” that helps to create personalized mailers to grandparents using apps and the internet to create pictures and personal messages. 3) Jeff Hazelton, CEO of Lucid Global (local Sarasota start up company) showed us 3D Medical videos that enhance the way doctors communicate with their patients,

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It was a great day of learning about so many different ways that technology is changing the way that we live our lives and connect with each other.

I walked away with a few key take-ways from the conference. First, it is good to see so many companies that are focusing on the Baby Boomer plus age group and their specific needs. Several presenters emphasized they were creating technology that would adapt to their preferences/ comfort zone.  I also believe one of the biggest challenges and opportunities are around  finding coaches, programs and resources to help the older generation take advantage of these new technologies!

What are your thoughts and ideas? 

What have been some examples of new innovative products or technologies that address the needs of the new Baby Boomer generation?  I would love to hear from you.

Bevan Rogel

Encore Tampa Bay

Institute For The Ages Winter Forum- March 1

There is an exciting event happening this week – The Institute for the Ages- Winter Forum on Friday March 1 in Sarasota.  Attached is the invite.  This Winter Forum  has been an extremely successful annual event,  bringing in national leaders in the area of aging.  This year the focus is  on technology and how technology can be a powerful tool for connecting, teaching and enhancing the quality of our lives.  Please consider attending this ground breaking thought event.

http://www.institutefortheages.org

I will be blogging about the event next week- stay tuned!!!

Winter Forum Invite

Bevan Gray Rogel