Top 5 Skills Every Retiree Must Get Before Starting A Business
Top 5 Skills Every Retiree Must Get Before Starting A Business
Retirement is a total different life from working period, and you need a new set of skills to succeed as a retiree in business. Many of these skills are those you would have acquired during your working years, and they will be beneficial for you in retirement. You don’t necessarily need to have a lot of money before retirement, but there are skills that are very essential that you must strive to acquire. Most retirees just want to take things easy. In their opinion, they have worked hard all these years and now is the time to rest, but even rest can be boring when it gets too much.
Other retirees are of the opinion that they can get through anything in the business world, because they were the best staff of the year for several years in their places of work. Unfortunately, it doesn’t work that way. This is a totally different game and you must bring in the right set of skills to be able to play, win and stay in the game for a long time. It is not surprising that many retirees get down with serious diseases and sickness right after retirement, this is because they were not able to properly navigate the retirement years and what it entails.
The same way every business needs some skills to succeed, you also need to have some specific skills you must have before starting a business.
- A knack for dealing with uncertainty
You have been used to a certain stream of income from your paycheck, and now you want to c=go for a change. It is not automatic that you will develop this certainty since you’ve not been used to it over the years. To succeed in any business as a retiree, you need to develop this skill for dealing with uncertainty. You don’t know the future, or whether you’ll have enough money for the future, so here is the potential of getting scared. However, you need to know how to deal with uncertainty to successfully start and continue a business. It is okay to feel stress, but you must know that it is a normal thing and you can overcome it. You should learn to be comfortable with taking calculated risks, you just have to know the right way to go about it.
- Mastery of Cash Flow
As a retiree, you will need to know how to manage and control money per time. Most salary workers just spend money as it comes, and have no plan or budget for spending. But, now that you’re retired and want to go into a business, you cannot just spend money anyhow. You need to have a mastery of cash flow and a diligence to monitor your budget regularly and be ready to make adjustments where necessary. Know what you’re spending money on and things you need to cut off or reduce. You cannot acquire everything you want; you need to be able to prioritize in your spending. Plan for things carefully, and be sure not to just squander money away. You might have had plans of travelling around the world after retirement, but if it is not necessary at the present moment, you might consider cutting it off for later.
Top 5 Skills Every Retiree Must Get Before Starting A Business
- Ability to stay motivated
As a salary earner, you might have had your boss motivate you countless times to work. There might have been incentives that motivated you to do your best at all times. But, here is a different scheme as there won’t be anyone to motivate you except yourself. So, you need to know how to do that often if you want to succeed in any business. Retirement is the first time of your life that you have a complete control of your affairs and schedule. And you have to be careful so that you don’t get idle and lazy all the way. Most retirees do not know what to do or even have the motivation to do it. Experts say that it is essential that you find something you love doing and truly do it. Develop new routines, set new goals and achievements for each day.
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Capacity to have a purpose and follow through
Retirement is your best time to be who you have wanted to be, and to do the things you have always wanted to do. Most retirees have no plans for retirement, they do not have what it takes to have a purpose and follow through with it. Without a plan, you will feel unfulfilled and restless. With all your years of service and experience, you should be able to sit down and develop a purpose. You know what you have passion for, and that will most likely be an area that you’ll succeed in business. Starting a business after retirement does not always mean it has to be a big stuff or a vague thing, but just something you have passion for, something you can do without stress. You can write a retirement manifesto, or hire a retirement coach that can help you prepare for your retirement years.
Top 5 Skills Every Retiree Must Get Before Starting A Business
- Resilience
You will face some very tough situations after you retire, and you must have the ability to be resilient. You should be able to recover quickly from difficulties when they come, as you will face a lot of them as you go on. There’s no doubt that you will get frustrated with things, it’s a new way of life that you’re not used to and you have to adapt on time. Study shows that the factors that make someone resilient are a positive attitude, optimism, ability to regulate emotions, and the ability to see failure as a form of positive feedback. You should imbibe these skills in yourself before starting a business as a retiree. If you’ve never been in business before, you might not be familiar with customer services, and customers can be very difficult to please, but they are still the sole reason for starting a business.
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(B.Agric, MBA)
08105636015, 08076359735
Serial Entrepreneur - International Business Planning Consultant - Speaker - Trainer - Author - Blogger - Network Marketing professional.
- 2018 SME Business Trainer and Coaching Advisor at GIZ for SME Loop.
- 2018 YALI RLC Online Cohort 9
- 2017 Fellow, Inspire Africa Train-the-Trainer Entrepreneurship programme sponsored by US Consulate Lagos and the Dickey Center, U.S.A.
- 2016 Fellow, Tony Elumelu Foundation Entrepreneurship Programme
- 2015 Top 50 Innovative Entrepreneurs, BET5 by Diamond Bank and EDC, PAU.
He is an alumnus of Enterprise Development Centre (EDC) of the Lagos Business School (LBS), Pan-Atlantic University (PAU). Through his training, mentoring, speaking and coaching programmes, he has empowered many young people over the years to start and grow their own business, build wealth, create multiple streams of income and achieve financial independence.
- He is a Certified Trainer in Design Thinking by the U.S Consulate, Lagos and the inspire Africa Entrepreneurship Institute.
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