Small Business Boomers

I’ve just spent a morning reading a series of articles from the likes of Money, Fortune, Smart Money and a number of other places about Boomers who have started their own businesses or bought one or picked up a franchise.  Several things stood out.

First, none of the stories was about about someone who had failed in their start-up.  The stories were only up-beat about people who had struggled, but achieved some level of success.  Nobody wrote about a college friend of mine who lost every penny he had and then his wife.  I’ve never seen the story about the guy who’s working a crappy job at a hardware store because he lost his 401k when his coffee shop folded.  You never hear those stories.

Second, the people in these stories are actually down shifting into an entrepreneurial situation.  The woman who worked 80 hours a week in the corporate world has no problem working 60 in here new craft store.  A trader on the Merk finds the stress of a franchise pizza parlor liberating.

Third, and most telling, these stories were about people who did not risk it all.  Yes, they risked a good chunk of their wealth.  It would have hurt to loose it, but they’re kids weren’t going to be eating free meals at school if the business went under.

Nobody likes negative stories in business publications unless you’re the WSJ.  People like to read stories about success because they want to believe that they will be successful.  Remember to believe half of what you read and none of what you hear.  That sentiment goes double for the Internet.

First rule about starting your own business: Be brutally honest with yourself.  Your business is your life.  At your age, at your stage of life, in your family situation; what will you do if your business goes up in flames?  

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