90. So, you want to be your own boss...
... are you going to be a good one to yourself, though?
☕️ the main thing
More and more midlifers are getting bold enough to venture out of the corporate arena and start new businesses. A recent study showed that 46% of people who started small businesses in recent years were between the ages of 41 and 56.
Although the media tends to celebrate young entrepreneurs, this statistic actually isn’t so surprising.
Midlife is the time when many of us start feeling restless about our work and want to pursue other things. We've been at this one career most of our lives, and we're curious about what's next. We’ve earned our stripes in our respective fields, and we’ve got expertise and experiences we can parlay into other opportunities.
Midlife is also the time when many, unfortunately, feel pushed out of their current jobs. When that happens, a good number may view going into business for themselves as a better option than starting over somewhere new.
While everyone enters small business ownership due to their own unique circumstances, there are common themes in motivation. The plurality (29%) of small business owners surveyed decided to start their own business because they were ready to be their own boss, which remains from year to year, one of the most popular motivations. The number of people who went into small business due to their dissatisfaction with corporate America (17%) increased by 11% this year, possibly demonstrating the struggles employees are facing with corporate decisions during the pandemic including lay-offs. The third most common reason people started their own small business was the desire to pursue their passion, at 16%. Source
If you've ever dreamed of being your own boss, all this is great news. You won't be alone. There will be a community of midlife entrepreneurs for you to belong.
To no longer be ‘working for the man,’ to be able to follow our choices, to build on our dreams instead of following another's? It all sounds so glorious and empowering, doesn't it?
Here's the thing about being our own bosses, though.
We are not always the best bosses of ourselves.
We can be such taskmasters. Or infuriatingly wishy-washy. Or terribly judgmental about our work. In fact, we can be as maddening as the bosses that we love to hate.
It was a steep learning curve for me when I jumped into the crowded small business pool in 2014. I won't sugarcoat it—building my own business from scratch was one of the hardest things I've ever done in my whole life.1 That bit about having to wear multiple hats when you own your own business? It's dang true.
And of those hats, the trickiest to wear is being my own boss. Yes, it's glorious alright. But it's also challenging and demanding and, at times, downright frustrating.
Having been on my own for a few years now, I've learned a few truths about being your own boss. If starting a business on your own is on your midlife to-do list, I hope the list below helps set the right expectations.
#1. You have to figure out what you want to do.
For real. There's no one else around who will tell you what idea to pursue, what kind of business to create, or how you’ll want to serve your clients and customers.
Sure, you'll find plenty of role models and inspiration. Many business coaches will want to help you figure out your next step. There are also loads of books to guide you as you're making up your mind.
At the end of the day though, you'll have to be the one doing the choosing. If you end up with something that you're not exactly thrilled about, well, that would be on you. You would have been the one who chose and built it.2
#2. You have to know how to motivate yourself.
If you're used to having external validation, this may be a shock to the system. There isn't going to be anyone else who will pat you on the back, give you glowing performance evals, or promises of promotion.
Especially in the beginning stages — when you won't have loads of customers lining out the door — 100% of the motivation will have to come from within. You'll have to be in tune with your own triggers and know how to motivate yourself.
#3. You have to know how to prioritize all the things on your plate.
There will never be a day when you'll have nothing to do. Your to-do list will feel overwhelming at times. It comes with the territory of wearing multiple hats and being the Chief Of Everything.
No one else will be around to give you directions or to tell you which project has top priority and which ones to put on the back burner. So, you'll need to learn how to prioritize fast, or you'll end up killing yourself.
There will be things to which you'll say "Hell, yes!" and "Hell, no!" or even "Hmm, maybe." Guess what? You get to figure out which ones go into which bucket.
#4. You have to come up with the ideas yourself.
Do you remember when your boss handed down your team's annual goals? Or when the CEO announced the company's new strategic direction? Or when R&D came up with new product lines?
My friend, look in the mirror. You get to create the vision for your business and decide on your strategy. Perhaps you won't have to make the products yourself, but you'll need to make decisions about the products and services that you'd like to offer the market.
#5. You have to figure out how to execute those ideas.
The one thing you won't be lacking? Information.
There are books, courses and programs, and experts up the wazoo. The Internet will serve you hundreds of sources of useful (and useless) data — data that you'll have to sift through and understand to find the golden nuggets.
Ultimately, and hopefully armed with relevant information, you'll have to figure out how to execute. How to deliver to the world the thing that you want the world to see, or experience, or benefit from.
No, you won't have to do it all on Day 1. But at some point, you will.
"I don't have to do it all myself, do I?"
You may be thinking that you won't have to do it all yourself. And you’ll be right to think that. You can hire experts along the way to help you figure things out. You can outsource some tasks. A business partner may be a possibility so that you can share the responsibilities. But no matter what you might do to lighten the load, these five truths will remain in some form or fashion.
I don't want to discourage you.
Please don't think that I'm trying to sway you away from your dream. If starting a business and being your own boss is what you want, I'm over here waving my pom-poms for you.
It wasn't an easy transition for me, AND I'd still make the same choice given a chance of a do-over. I may just do it smartly in some areas 😉
Being your own boss can be the most rewarding career move you'll ever make. It's best to make this choice with eyes wide open so that you can be prepared and know what to expect of yourself.
🔗 pairings
“There are a plethora of hugely meaningful possibilities hiding for us in plain sight on account of one, perhaps surprising fact about the economy: a majority of businesses don’t love what they do.” Businesses For Love; Businesses For Money
“Retirement business ideas don’t have to be blockbusters. It doesn’t have to be big. It doesn’t need to be impressive. It just needs to fulfill that void that’s probably been inside of you for many years.” Retirement Business Ideas
👤 a midlifer in profile
“I have gone from doing and achieving what was expected of me to doing what I want to do. This includes taking the risks that I want to — even if it does not make sense to the people around me. A few life-altering experiences have knocked some sense into me and taught me that life is not about playing safe and walking on paved roads.”
💭 muse
“Bran thought about it. ‘Can a man still be brave if he's afraid?’
‘That is the only time a man can be brave,’ his father told him.”
— George R.R. Martin, A Game of Thrones
💬 last word
I know of a company that once announced its new name with much fanfare, only to reverse course and go back to its original name within a few days.
Fortunately, I received nothing but heartwarming emails and comments about the transition from Midlife Cues to We’re All Getting Older. Whatever doubts I might have had about the name change have all been snuffed out. Thank you.
Special thanks to WAGO reader
for giving me the “WAGO Wagon” phrase! Oooh, I can do so many things with that!Okidoki. Here’s to a joyful week ahead.
Cool Beans,
Lou Blaser
Even so, there isn't anything else I'd rather be doing (and that includes laying around on a beach somewhere in Fiji, downing drinks with umbrellas on them).
This is what literally happened to me.