“While the pandemic has certainly hurt the majority of small businesses, it has also pushed many to be more innovative by looking for new revenue streams and ways to reach customers,” said Kimberly A. Eddleston, a professor of entrepreneurship and innovation at Northeastern University.
And I had this aha moment — it was women over 50 saying they wanted to do their own thing. They wanted to live their own life. They were feeling invisible, instead of invincible.
“An intergenerational team brings more diversity in thoughts and strengths that can help a small business reach a larger audience more effectively,” says Kimberly A. Eddleston, a Northeastern University entrepreneurship professor and a senior editor on the EIX Editorial Board of the Schulze School of Entrepreneurship at the University of St. Thomas in Minneapolis.
“In the initial stages of entrepreneurship, it’s imperative [to have a support group] because that’s a period full of unknowns, self-doubt and in many unfortunate cases, loneliness,” Nathalie Molina Niño, author of “Leapfrog: The New Revolution for Women Entrepreneurs” and chief executive of O³, a privately held investment company, told me.
“They told me, ‘You know three white women tried before you and failed,’” she recalled. “‘Don’t you think it’s going to be hard you being a black female?’ And I said, ‘Nope.’”
The pain and uncertainty of the impact of the coronavirus on small business owners is staggering and likely to be substantial. Entrepreneurs are being forced to take drastic steps to continue operating and many are fearful about their futures.
Women are starting businesses out of necessity, because they can’t find decent jobs, or are unemployed, according to Amex. Some are launching their own businesses because workforce rules aren’t flexible to adapt to their caregiving duties for aging relatives or children, or they want more power over their working lives.
Kerry Hannon provides action steps, insights, and resources from her new book, Never Too Old to Get Rich: Starting a Business at Mid-Life. She will discuss the rewards and challenges for those starting businesses from their passion and hobbies to senior-junior partnerships to start-ups by social entrepreneurs and women-led ventures.
In my new book, “Never Too Old to Get Rich: The Entrepreneur’s Guide to Starting a Business Mid-Life”, I profile 20 entrepreneurs, who have started businesses either from a passion or hobby, are social entrepreneurs, have launched senior-junior partnerships, or are female entrepreneurs — the fastest-growing demographic globally.
If you’re thinking about starting a business, a great way to learn how to do it is by speaking with women entrepreneurs who’ve done so successfully. I just had an opportunity to do just that, talking with three I saw at the What’s Next Boomer Business Summit in New Orleans