If you have been thinking about starting a business in retirement and are stuck in the ideation phase, don’t let yourself be carried away by fear. Starting a business is empowering and might be just what you need to have a fulfilling second act. Leverage your fear as an impulse to take a leap and try something new.
Fear is an emotion that will always be present, and it is perfectly normal to experience it at various stages in our lives. However, it is very important to learn how to overcome this emotion to achieve your goals.
Main concerns when starting a business in retirement
The main concern when starting a business in retirement is the fear of failure, but there are some other concerns someone faces when becoming an encore entrepreneur:
- “Do I have the necessary skills to get my business idea off the ground? Will I be able to find the support I need?”
- “Is my business idea financially sustainable? Will I make enough money from this venture?”
- “What will others think and say about my new business? Will I be able to handle negative comments and criticism?
- “What if health issues suddenly prevent me from managing my business? Do I have a strong plan in place?”
The first step to overcoming your fears is to become aware of them. Take the time to list them out one by one.
One very effective technique to overcoming fear is this fear-setting exercise created by Tim Ferriss, where you put your fears into words and face them by defining them.
Don’t put too much pressure on yourself. Knowing how to face your fears is something that you’ll learned along the way. Don’t worry if at any point you hesitate, the important thing is to get ahead, step by step.
How to overcome the fear of starting a business in retirement
There are always risks and unknowns involved when starting a business in retirement. But here are some good news: when you are launching a venture later in life, you have already accumulated valuable skills, experiences, networks, financial assets, and you hopefully have less debt; this should help ease the whole process.
Here are some tips that you can use, as a strategy, to face your fears and use them to your advantage when starting your encore business:
Find what motivates you
Spend some time to reflect on what motivates you. Passion always triumphs over fear. Identify a business idea that is in an area you are passionate about and that motivates you; that way you will be transforming fear into what fuels you to follow your passion and make your dreams come true.
Step out of your comfort zone
Although it is good to feel comfortable and safe, it is important to cultivate a growth mindset. People often give up on their goals because they think they don’t have the abilities. Retirement is a great time to improve your skills and knowledge, and take on a new challenge. Create opportunities for great things to happen by stepping out of our comfort zone.
Accept the risks that come with entrepreneurship
When starting a new business, there is the possibility of not reaching the expected results, especially at the beginning. Understand the risks involved in launching your venture and accept them as part of the game. While you can follow strategies to minimize financial risk, navigating uncertainty is part of any entrepreneur’s journey. Once you get comfortable with that idea, it will become much easier to enjoy the ride.
Trust your abilities and talents
You have decades of life experiences. You overcame many different challenges. Remind yourself of your past successes and focus on what you’re good at. When you trust your abilities and what you can achieve, you will be able to face day-to-day difficulties and fears with a greater sense of confidence.
Stay positive and visualize success
You cannot beat the fear away with negativity. Try to be positive and make the most of every situation. Keep your mind focused on your goal of starting a business in retirement. With positive thoughts, you will have a clearer view of the best outcomes of every situation and, as a result, become aware of every new opportunity that comes your way to enrich your business.
Remember, failure is part of the learning experience. If you are starting a business in retirement, the important thing is to learn from all the mistakes and improve along the way. If you want to achieve good things, you must start by visualizing them. Do not feed your fears, face them, and launch your first venture.
