Small Business Boomers

It is not the critic who counts, not the one who points out how the strong man stumbled or how the doer of deeds might have done them better.
The credit belongs to the one who is actually in the arena, whose face is marred with sweat and dust and blood; who strives valiantly; who errs and comes short again and again; who knows the great enthusiasms, the great devotions, and spends himself in a worthy cause.
Who, if he wins, knows the triumphs of high achievement; and who, if he fails, at least fails while daring greatly, so that his …read more

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I know I shouldn’t be surprised when someone poses this question, but I continue to be.  In of all places the WJS,  I saw it on Monday the 18th.  I paraphrase.  “Can you suggest a business that has good potential for growth with low risk?”    I hope this person is just suffering from naiveté about how markets work.  In business risk and reward always rise and fall together.
It’s the law of business.  So say it out loud.  In business risk and reward always rise and fall together.  Now, think about what that means.
If the return on an investment (stock, piece …read more

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“the great moderation” that is the term that economists have dubbed the current period of reduced economic volatility (Ahead of the Tape, The Wall Street Journal, 12/18/06, C1).  Apparently things are pretty stable in the US and around the world, economy wise.  The problem is none of the great economic minds around the world are quite sure.  They have theories from technology to good central bank planning to luck and back again.  What does that mean for entrepreneurs?
It means that it is a good time to start a business.  The level of general risk associated with the economy is stable …read more

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There was a very intriguing article in Investor’s Business Daily on Wednesday, December 13.  It was an interview with Shirley Ann Jackson, President of Rensselaer Polytechnic Institute, With Boomers Retiring, U.S. Tech Industry Faces ‘Quiet Crisis’; http://www.investors.com/editorial/IBDArticles.asp?rtsec=17&artnum=1&issue=20061213&rss=1 
The jest of the article was that the retirement of boomers from the sciences and engineering talent pool was going to limit the U. S. economy’s technological advancement over time.  Ms. Jackson makes an interesting point.  He point shows a need.   Her point offers an opportunity.There is a great deal of high value talent about to come onto the market.  Some of the retiring engineers and …read more

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For those of you Boomers that are US Military Veterans remember the Veterans Administration.  Healthcare and health insurance are among the largest ongoing expenses and worries for everyone.  The VA health system is a big advantage for those you considering going into business for yourselves.
The VA healthcare system is the largest and maybe the best in the country.  They lead in many areas of technology and patient care.  If you are looking for a great healthcare program go to the VA.  Here is the link.  http://www1.va.gov/health/

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I’m not against giving business associates gifts.  I just always felt that business gift giving for the holidays is a load of crap.  The bottle of booze or box of grapefruit for a client was cheesy. 
If you were a good vendor then you gave you clients the best service and the best deal you could.  If a gift was going to make or break your business relationship then you were skating of thin ice anyway.When I gave gifts I wanted to pick something out for the individual.  Rather than get all esoteric I’ll stick to the material and useful.  …read more

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Today’s (12/9/06) Wall Street Journal has an entire section on boomers and/or “retirees”.  It’s interesting and has a few cogent points.  The best one is that you need to know your financial situation.  That seems sort of obvious if you are planning to start or buy a business of your own.  The article provides a few insights on exactly how to approach that exercise.
The Wall Street also has a site devoted to small business called StartupJournal.com.  That’s not bad either.  The website is a recompilation of regular Journal articles along with a few extra links to standard “how to” web …read more

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The question is straight forward.  As a Boomer I’m likely to live for another 30 to 40 years.  What do I want to do with my time?  This is a very difficult question to face because the answer is not a statement, but a process.  Let me illustrate.
Several years ago my daughter, then 22, asked a similar question.  She and some friends were sitting at a campus bar in Stevens Point, WI discussing their major areas of study when someone said, “You know in eighteen months we’re going to have to get jobs working in our majors.”  To which my daughter, without a pause, said, …read more

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Now for a few words about the positive health affects of yoga.  Right at this point my wife rolls her eyes.  My enthusiasm over the health benefits I’ve gotten from it can be a bit overbearing.
First, let’s get rid of some misconceptions my wife and friends have about my personal practice of yoga.  I am in it for the exercise and the health benefits.  I’m not into the spiritualism or the chakras.  I will admit to an ohm or three, but that’s only to vibrate the sinuses.  I meditate, but it’s not much different than what I did during the …read more

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When you work with a client or a vendor think about who writes what language in the agreements and billing documents which will control your transactions.  This may seem like a small point, but it can have a major impact on how and when money changes hands in a business deal.  It may be easiest to illustrate by an example.
Friday a large retailer called me to tell me my bill was past due.  The caller said that per their letter to me so 60 days ago I had exceeded my 21 day payment period.  I looked at their bill to …read more

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