NEVER TOO OLD TO GET RICH The Entrepreneur’s Guide to Starting a Business Mid-Life KERRY HANNON Entrepreneurship and Personal Finance Expert for NextAvenue.org Never Too Old to Get Rich Never Too Old to Get Rich The Entrepreneur’s Guide to Starting a Business Mid-Life Kerry Hannon Cover design: Wiley Cover image: © spxChrome / iStock.com Copyright © 2019 by Kerry Hannon All rights reserved Published by John Wiley & Sons, Inc., Hoboken, New Jersey Published simultaneously in Canada Next Avenue is a registered trademark Portions of the material originally appeared in NextAvenue.org Reprinted with permission No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the 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business mid-life / Kerry Hannon Description: Hoboken, New Jersey : John Wiley & Sons, Inc., [2019] | Includes index | Identifiers: LCCN 2019015620 (print) | LCCN 2019017755 (ebook) | ISBN 9781119547945 (Adobe PDF) | ISBN 9781119547914 (ePub) | ISBN 9781119547907 (hardcover) Subjects: LCSH: New business enterprises | Career changes Classification: LCC HD62.5 (ebook) | LCC HD62.5 H367 2019 (print) | DDC 658.1/1 dc23 LC record available at https://lccn.loc.gov/2019015620 10 For Jack Contents Forewordix Acknowledgmentsxiii About the Author  xvii Introduction  Also by Kerry Hannon 13 Part I   Turning a Passion Into a Business Chapter Lights, Camera, Action 17 Chapter Money Maven 33 Chapter Military to Merlot 47 Chapter Cockpit to the Coffee Shop 65 Chapter Bejeweled73 Chapter Scooting Ahead 81 Chapter Write Stuff 91 Chapter Horsing Around 99 vii  Contents Part II   Building a Winning Senior–Junior Partnership Chapter Ginning Things Up 113 Chapter 10 The Whole Million-Dollar Package 125 Chapter 11 Cookie Contessas 135 Part III  The Path to Social Entrepreneurship Chapter 12 Girl Power  147 Chapter 13 Food, Glorious Food 157 Chapter 14 Hope in Harlem 167 Chapter 15 The Magic of Music 177 Part IV  Winning Strategies of Female Entrepreneurs Chapter 16 Health and Happiness 189 Chapter 17 Chilling Out 201 Chapter 18 Design from Within 211 Chapter 19 Nutty for Opera 221 Chapter 20 The Holistic Path 231 Afterword247 Index 249 viii The Holistic Path  Bonus Advice FOR Female Entrepreneurs FROM Two Experts I Respect Nathalie Molina Niño, CEO and founder of BRAVA Investments Molina Niño’s company invests in start-ups and supports businesses that can prove “they are creating a measurable economic benefit that puts more money in the wallets of women.” Molina Niño is on a mission to champion and grow female-owned businesses A skilled and successful serial entrepreneur, she’s especially fond of women risk takers with a vision Here are some tips she shared with me when I interviewed her for my Next Avenue column: B ecome a walking sandwich board “So you have a burning idea or a young business Who have you told? The answer should be: everyone Women have really good reason to be reticent to unveil things before they are fully baked, because the level of scrutiny that we are under is measurably more significant [than for men] Perfection is what is expected of us,” she told me “Start putting things out there and allow the collective to evolve your thinking Don’t rob yourself of the communitythink that helps your idea get better.” S tart a diverse “Mastermind” group with six to eight women “There is a trick to it You need to make a commitment,” Molina Niño says And you may need to add a person or two along the way to get the best results For her Mastermind group, she made a nine-month commitment to one special dinner with the other women each month “We had diversity in terms of ethnicity and industries Go outside your comfort zone for who you bring into the group,” she says Be sure you have an agenda for these dinners, advises Molina Niño At her dinners, “it is not loosey-goosey,” she told me “We go around the table, and we each have a moment to talk about how we did with our previous goals We are meant to come up with two or three concrete things we are going to each month These are not big, like ‘improve sales,’ but instead, ‘add three new customers’ or some measurable goal Then the first thing you say is how did you do.” Periodically, members need to push back “If something didn’t work, we ask each other: ‘What are you going to that’s different?’ So you have that accountability,” says Molina Niño Accountability is imperative in the initial stages of entrepreneurship because that’s a period full of unknowns, self-doubt, and in many unfortunate cases, loneliness, according to Molina Niño (Continued) 241 Never Too Old to Get Rich Bonus Advice FOR Female Entrepreneurs FROM Two Experts I Respect (Cont’d) When choosing the members of your Peer Circle, writes Molina Niño, “you can’t rely on serendipity to bring you a network or assume your lifelong best friend will know how to support you Use every tool available: Facebook, LinkedIn, your school, your mosque, your neighborhood bulletin boards, your chamber of commerce – these are all places to recruit.” You might also get help from an organization or business that connects and supports women entrepreneurs Three of Molina Niño’s favorites: Dreamers // Doers (www.dreamersdoers.me/), SheWorx (www sheworx.com/), and Black Female Founders (#BFF; www.blackfemalefounders.org/) L ook for resources at your day job Chances are you’re starting your business as a side hustle, she says Do you have resources where you work right now – “a source … of contacts, training, support, or clientele? Can you use it to build influence and reputation that pave the way to your new business? If your new business complements, rather than competes with, your employer’s, the customers and contacts you’ve dealt with could be a natural marketing or distribution partner down the road.” Value your work “It’s jarring to me the damage you to your own psychological well-being when you undervalue yourself,” Molina Niño told me “When you price yourself and your product and service in a way that values your time and contribution, there is this huge upside – more than to your bottom line, but a gain in your quality of life.” Just as in salary negotiation, however, women routinely ask for less from customers and clients than men, she pointed out There are plenty of reasons women can fall into this trap, Molina Niño says For example, you worry you won’t find customers who can afford you or that your existing customers will leave Take breaks “There is no two-week vacation when you’re an entrepreneur,” Molina Niño says matter-of-factly “There are no weekends.” For Molina Niño, one way to stay sane as an entrepreneur is to create daily rituals I agree with her If you’ve read other articles or books I’ve written, you may know that my Labrador retriever, Zena, is my road manager In fact, in my book Love Your Job, I note that everything I learned about loving my job, I learned from her So when I read the following words Molina Niño writes in her smart book Leapfrog: The New Revolution for Women Entrepreneurs, I became an even bigger fan of Molina Niño’s: 242 The Holistic Path  “There’s one thing in my life that keeps me from pushing it too far: my dog, Lila If it were just me, I probably wouldn’t protect those few moments of quiet that I need every day But she’s another stakeholder, and I’m never going to fail her She’s got to have her leisurely morning walk – preferably somewhere beautiful And so I’ll always have that time to recharge my batteries “I need my Chow Chow,” Molina Niño writes That’s a move I heartily endorse Fran Hauser, Start-Up Investor and Media Executive Fran Hauser, investor and author of the fine book The Myth of the Nice Girl: Achieving a Career You Love without Becoming a Person You Hate, also has sage advice for women 50+ who want to start a business or have done so To succeed, you can be pleasant and gritty; collaborative and firm; likable and competent In other words, you don’t have to quash your “niceness,” Hauser says I spoke with Hauser, 50, to hear more from her on how older women entrepreneurs can build self-confidence, deal with conflict, and balance being nice and being strong in their working lives Here are four of my favorite strategies from Hauser: Be nice to people, and they will trust you “Trust allows you to build relationships, and being successful in business is all about relationships,” Hauser told me “If you’re an entrepreneur, relationships are critical There are relationships with investors and clients You might be building a team And that all comes back to relational intelligence If you are negotiating with an investor, or decision making, it all translates to trust “My mother, an Italian immigrant, launched a very successful tailoring business, and she showed me how to lead with kindness and strength She had that velvet glove She could be very kind, but she could also be very direct when she needed to be It is that balance of being kind, but at the same time not being wishy-washy It’s being very direct with what you want to get across without being a jerk You don’t want to burn bridges “Every situation you’re in as a business owner, approach it with the mindset that ‘I am going to be kind, but I am also 243 Never Too Old to Get Rich going to be strong If I have to make a tough call, I am going to make it.’ “I had to make decisions all the time when we were launching People.com and some of them were not popular One thing I would always is get input from others, which showed them that ‘I care about your opinion I am going to listen to you.’ But I had to stand in my own two shoes and make my own decision.” Form a mentor circle “I have a lot of friends who are over 50, had a big job, and are now transitioning and launching startups The thing that I hear the most is that ‘I am just so lonely I am in my house working on the concept of this business idea I have people working for me remotely We phone calls every once in a while, but I miss not having support around me.’ “I recommend trying to find other entrepreneurs – women and men – where you can get together “My friend Lesley Jane Seymour [the former editor of More magazine who launched CoveyClub.com for lifelong learners reinventing themselves] did this She brings together 10 to 15 entrepreneurs They rotate houses and get together once a month to work together Some people work in the living room, some in the kitchen They have speakers come in “I regularly host a mentor circle; it’s around 15 women and we will meet for about an hour in a coffee shop or a coworking space It’s very informal They end up getting to know each other and support each other.” Create a formal advisory board and a personal board of directors “If you’re starting a business, I recommend creating a formal advisory board of three or four people You give some equity to the professionals you ask to join It can be anywhere from ¼% up to 1%, and you have the person officially on board as an adviser That way they have some skin in the game “Be very intentional about the kind of support that you need If you’re building a product that is heavily dependent on technology, but you are a marketer, you probably need to bring a tech-type person on as an adviser “Even before you start fundraising, have advisers; you don’t even have to call it a board Be very clear with these advisers about where you need their help It could be opening doors It 244 The Holistic Path  could be helping you fundraise It could be a functional area like technology Having advisers gives you credibility when you are going out to fundraise “Your personal board of directors is a little bit different For me, it is my husband, my best friend, and my executive coach Those are the people who know me inside and out They know what drives me They know my values They are my sounding board They are the people I check in with when I am really unsure of what I should be doing.” Make time for self-care “Self-care is something a lot of us struggle with, especially when you are starting a business – which is so all-consuming For me, I know I better when I set smaller goals for myself “It is so good for me, for example, when I meditate I see the positive effect, but I don’t have 20 minutes in the morning and 20 minutes at night to meditate I my five minutes I have this great app, Meditation Studio, and I it in the morning “I don’t want to put pressure on myself and set unrealistic goals around self-care; then I end up feeling guilty and feel bad about myself I would rather set goals like five minutes a day With a more manageable goal, you are more likely to have a successful outcome.” Chapter Recap In this chapter, we learned how a holistic veterinarian started a business manufacturing and selling horse muzzles with an eye to a viable retirement business She saw a niche in her industry and went for it You also learned about the importance of getting certified as a woman-owned business Plus, you got a smattering of great advice from two entrepreneur experts besides me Your To-do List  •• Do some sleuthing to see if there is a need for a product or service in the field you work in now •• Consider getting certified as a woman-owned business •• Start a mentor circle •• Make time for yourself Start a meditation practice Walk your dog Take regular “you” breaks 245 Afterword I t takes a dream, a vision, a willingness to take risks It requires a determination that can’t be measured But being your own boss, and working at and for the things you love and believe in, is what matters in life These efforts make us rich Sometimes this is work that does in fact make us financially rich But importantly, there is the richness of the internal reward that, for all of the mid-life entrepreneurs I have featured in these pages, is far, far greater in the whole scheme of things Entrepreneurship means freedom It means love It means getting out of a comfort zone It means creativity It means destiny To me, all of these people’s journeys to entrepreneurship are inspiring, energizing, and hopeful Each person’s motivation, challenges, and rewards are wildly different Yet at the core of each one lies a heart My wish is that you have come to the end of this guide with a treasure chest of resources to help you successfully launch your own business The path to entrepreneurship is a process that rarely results in an overnight sensation, but rather is a steady accumulation of rich moments These rich moments – both personal and financial – make you smile and say, yes, I am doing just what I am supposed to be doing at this stage of my life This work matters It is rich 247 Index Page numbers followed by f refer to figures A AARP, 5, 58 ABC, 17, 20, 21 Abraham, Linda, 206 Accountants, 96–97 Advanced Leadership Initiative (ALI), 158 Advice, virtual, 58 Advising, financial, 33–36 Advisory boards, formal, 244–245 African Americans, See Black women entrepreneurs Age, 3, Age and High-Growth Entrepreneurship (Azoulay et al.), 2–4 Ageism, 7, 162, 186 Alboher, Marci, 29, 162, 164 Allan, Moira, 218–220 Alumni networks, 29 American Airlines, 65–66 American Express, 41–42, 185 Angel investors, 87, 88 Angelou, Maya, 187 Anne and Emmett (Cohen), 170 Apprenticing, 104 Association of Fundraising Professionals, 183 The Autobiography of Malcolm X, 173 Azoulay, Pierre, 2–4 B Baby boomers, 1–3, 130–133 Bailey-Clark, Leslie, 105 Banana Manna, 89 Bank accounts, business, 40 Banks, financing from, 88 Barnby, Robin, 137–138 Barnes-Hogg, Rebecca, 77–79 Bass, Amy, 91–93, 91f, 96 The Big Shift (Freedman), 23 Black Women Business StartUps (Gines), 41 Black women entrepreneurs, 41–45 See also Braxton, Lazetta Rainey A Blessed Life (Morris), 68 Blume Honey Water, 235, 239 BMO Wealth Management, 54 Board of advisers, 129 Board of directors, 244–245 Boston, Massachusetts, 131 Brand, promoting, 26 Braxton, Lazetta Rainey, 33–40, 33f Breaks, importance of, 242 Budgeting, 86 Burchfield, Michele Meloy, 235, 238–240 Burlingham, Bo, 141 Burns, Destiny, 47–57, 47f, 240 about, 47–49, 54 and business development, 56 interview with, 50–52 in male-dominated field, 49–50 Business bank account, 40 Business plan, 59, 76 C Career coach, 163, 196, 217 Carnegie, Dale, 68 Carolina Fun Machines, 81–83 Carr, Kris, 153 Case Foundation, 58 Cassiday, George, 114 Certifications, 29, 57, 88, 235–238 Change, in networks, 28 Children, in family business, 120–121 The Chronicle of Philanthropy, 163 Clark, BC, 43–44 Clearways Consulting, 25 CLE Urban Winery, 47, 48–49 Client relationships, 118–119 Coaches, 163, 196, 217 Cohen, Janet Langhart, 170 Cohen, William S., 170 Collamer, Nancy, 29 Collins, Jim, 194 Communication, 118 249 Index social, 145 Entrepreneurial Operating System (EOS), 52 EQ•uipe, 106 Consulting, pro bono, 164 Corbett, Ginny, 189–194 Costs, of financing, 41 Courage, 198 Credit, 40–41, 88–89 Credit unions, 88 Crowdfunding, 57, 86, 88–89, 206–209 Crowdlending, 89 Cruz, Melissa, 223 Customers, listening to, 26–27 D F Daily Table, 158–159 Dancing with the Spirit, 177–180 DBE (Disadvantaged Business Enterprise), 237 De Carolis, Donna M., 206–207, 235–237 Deeds, David, 54, 187 Delegation, 39, 118 Detroit Free Press, 153–154 Diamond, Evvy, 91–95 Disadvantaged Business Enterprise (DBE), 237 Disney, 21 DiVecchio, Patricia, 69–72 Diversified Trust Company, 34 Donations, nonfinancial, 154 Downsizing, 53, 85, 202 Drucker, Peter, 158 E Earle, Jen, 206 Economic development programs, 88 Eddleston, Kimberly A., 186, 239 Education: for black women entrepreneurs, 44–45 Burns on, 50 on business basics, 25 for business promotion, 109 importance of, 163, 219 in industry, 57 investing in, 29 and partnerships, 118 Eisenberg, Richard, Elevator speech, 164 Empathy, 34–36 Employees, 57, 77–80 The E-Myth (Gerber), 38, 193–194 The E-Myth Revisited (Gerber), 141 Encore.org, 5, 7, 29, 148, 168,171, 218, 220 Enthusiasm (HOVER), 63 Entrepreneurs: baby boomers as, 1–3 best locations for, 130–133 black women, 41–45 female, See Female entrepreneurs Facebook, 28 Faith, 45 Family, 88, 119–122 Family businesses, 119–122 Familybusiness.org, 119 Farrell, Chris, 29 Fear, of success, 68–72 Federal certification, 238 Federal Reserve Bank of Kansas City, 41–42 Federal Trade Commission (FTC), 143 Fees, in crowdfunding, 208 Female entrepreneurs, 185–187, 195–199 black, 41–45 See also Braxton, Lazetta Rainey capital for, 239–240 certification for, 235–238 and crowdfunding, 206–209 and flexible workplaces, 226–227 midlife, 186–187 power of, 238–239 tips for, 241–243 Financial advising, 33–36 Financial Fountains, 33 Financially fit, 27, 53, 162 Financial rewards, views on: Burns, 50 Diamond, 95 Foster, 68 Giordani, 140 Harman, 233–234 Juntgen, 84 Kravinsky, 21–22 LaMagna, 215–216 Roth, 224 Swinand, 75 Tasner, 127 Financing, 40–41, 85–89 See also Crowdfunding; Funding Finkel, David, 52 Fitness program, 27 Flexibility, 38–39, 226–227 Flexible workplaces, 226–227 FlexJobs, 226 Florio, Linda, 223 Foley, Mary, 227–229 Formal advisory boards, 244–245 The 48 Laws of Power (Greene), 151 250 Index Foster, Mike, 65–72, 65f FosterHobbs, 66–67 Foundation Center, 183–184 401(k), 55 Franchising, 138, 142–144 Frank, Carl, 238 Freedman, Marc, 7, 23, 148, 168, 170–171 Freelancer.com, 60 Fried, Linda, 6–7 Friends, financing from, 88 From Good to Great (Collins), 194 FTC (Federal Trade Commission), 143 Funding, 57, 181 See also Crowdfunding; Financing Fundraising, 183–184 G Gay, Marvin, 142 General Dynamics, 47 Generating business, 227–229 Generosity, 199 Gen Xers, 1–3 Geographically Desirable (Kravinsky), 18–19 Gerber, Michael E., 38, 141, 193–194 Gines, Dell, 41–45 Giordani, Bergen, 135–142, 135f Global resources, 220 Goals, setting, 25 GoFundMe.com, 89 Govloans.gov, 57 Grants, 88 Greene, Robert, 151 Ground rules, in partnerships, 96 H Halvorsen, Cal J., Harman, Joyce, 231–235, 231f, 239 Harmany Muzzle, 232–233 Harnish, Verne, 52 Harvard Business Review, Hauser, Fran, 243–245 Health insurance, 55-56 Health Savings Account (HSA), 56 Hedgepeth, Jennifer, 106 Helloalice.com, 58 Help, seeking, 26, 57, 143, 195, 208 Hiring, 57, 78–80 Hobby, 196 Hoffman, Jeff, 52 Hoffman, Reid, 41 Home businesses, 107–109 Home equity loans, 87, 89 Hope (HOVER), 62 Hounsell, Cindy, 36 HOVER, 62 How to Win Friends and Influence People (Carnegie), 68 HSA (Health Savings Account), 56 I IBM, 81–82 Idealist, 174 iFundWomen, 206 Impact Repertory Theatre, 169–171 Indiegogo, 88–89 Industry groups, 60–61 Insurance, 55, 107 Intern programs, 154 Investors, 87–88, 129 IRS, 107–108, 174 Irving, Paul, Isele, Elizabeth, ix, 87, 117, 118, 220 J Jonathan Livingston Seagull, 173 Jones, Benjamin, 2–3 Jones, Beverly, 24–27 Joseph, Jamal, 167–173, 167f Juntgen, Tim, 81–85, 81f K Kauffman Foundation, 4–5, 58, 187 Kickstarter, 88–89, 206, 208 Kim, J Daniel, 2–3 Kim, Phillip H., 104 Kiva, 208 Kravinsky, Mike, 17–24, 17f Kroning, Melissa, 113 L Labor 2030, Lachenauer, Rob, 119–122 LaMagna, Linda, 211–218, 211f Laughter, 199 The Launch Book (Siang), 197 Laura Tanner Jewelry, 73–75 Lawyers, 96–97 Leap of Reason (Morino), 151 LendingTree, 130–131 Licenses, 55 Life coaches, 163, 196 Lindsey-Peake, Chancey M., 89 LinkedIn, 28, 60 Lippmann, Stephen, 104 Loans, home equity, 87, 89 Locations, for entrepreneurs, 130–133 Lockett, Kim, 223 Longest, Kyle C., 104 251 Index Next Avenue, 3, 77, 119, 185, 196, 225, 241 The Nextnik (Kravinsky), 18–19 Nextnik Films, LLC, 17 Niño, Nathalie Molina, 185, 241–243 Nonfinancial donations, 154 Nonprofits, 61, 158–160, 174, 180, 182–184 Northrup Grumman, 47 Nota Bene, 91–92 Nothing to Do (Kravinsky), 18–19 Notre Dame, 163 Nutrition Life Strategies, 240 NWBOC (National Association of Women Business Owners), 236–236 Lowe, Michael, 113–117, 113f Luck, 197 M MacDonald, Molly, 152–154 Male-dominated fields, 49–50, 240 Market analysis, 129 Marriott, 34 Mastermind groups, 241–242 Mazzone, Dave, 56–57 McFadden, Kali, 130, 132 Meister, Sarah, 206–207 Mentors: for black women entrepreneurs, 44 connecting with, 28 finding, 198, 219, 244 for home businesses, 107-109 and partnerships, 119 Merchandise, selling, 106 Mickelson, Belle, 177–182, 177f Micro businesses, 43 Mid-career entrepreneurs, tips for, 24–27 See also Older entrepreneurs Mid-life women, 186–187 Miller, Mark, Mindsets, creating proper, 196 Miranda, Javier, Mistal, Maggie, 104 Morino, Mario, 151 Morris, Robert, 68 Motivation, creating, 27 N O Older entrepreneurs: future of, 6–7 in global settings, statistics of, 4–5 Older parents, in family business, 122 Olivari, Elena, 126–127 Olney Winery, 48 One Hot Cookie, 135–138 OperaNuts, 221–223 Optimism (HOVER), 62–63 Orlando, Florida, 131 P NAHU (National Association of Health Underwriters), 56 Nash, Carol, 147–151, 147f Nashville, Tennessee, 131 National Association of Health Underwriters (NAHU), 56 National Association of Women Business Owners (NWBOC), 236–237 Naysayers, 197 Negotiations, salary, 36 Nepotism, 121 Networks See also Partnerships alumni, 29 building, 25–26, 154 business promotion through, 60 connecting with, 171 financing from, 88 shaping, 28–30 A New Earth (Tolle), 151 New Columbia Distillers, 113–114 New Orleans, Louisiana, 131 Paperwork, 55 Parks, Rosa, 69 Partnerships, 95–97, 111, 118–119 Passion, 15–16, 104–105, 174, 247 Patience, 118 Peer Circle, 241–242 Permits, 55, 107 Physically fit, 27 Pink Fund, 152–154 Pitch, 129 PivotPlanet, 28 Pop Craft, 201–203 Population aging, Positivity, 26 Prep work, views on, 56 Burns, 50, 56 Diamond, 94 Early, 25 Foster, 67 Giordani, 140 Joseph, 172–173 Juntgen, 83 Kravinsky, 19 LaMagna, 211 Nash, 150 Roth, 225 252 Index Sadler, 103 Tasner, 127 Uselton, 116–117 Prince-Eason, Pamela, 237 Pro bono consulting, 164 Promoting business, 59–61, 109, 153–154 PulpWorks, 125–127 Purpose, finding, 162–164 R Rauch, Doug, 157–162, 157f Reamer, Morgen Giordani, 135–142, 135f Reflections, 162–163 Religious beliefs, 45 Resilience (HOVER), 64 Resources: Allan on, 220 for black women entrepreneurs, 44 Braxton on, 38 Burns on, 52 Corbett on, 193–194 finding, 242 Foster on, 68 Giordani on, 141 global, 220 Harman on, 235 Joseph on, 173 Kravinsky on, 23 LaMagna on, 217 Nash on, 151 Rauch on, 161 Retirement, 53–55, 89 Revenue, 42, 227–229 Revenue Generative Activities (RGAs), 228 Rewards See also Financial rewards, views on Rewards, views on: Allan, 219 Giordani, 141 Harman, 234 Joseph, 173 LaMagna, 217 Lowe, 116–117 Mickelson, 181 Nash, 151 Rauch, 161–162 Roth, 225 Sadler, 103 Tasner, 127 Tortorice, 205 RGAs (Revenue Generative Activities), 228 Roach, Eileen, 221–223 ROBS (rollovers as business start-ups), 87 Rodgers, Barbara, 240 Rogoff, Edward, 86–87 Rollovers as business start-ups (ROBS), 87 Rotary Club, 29 Roth, Rachel, 221–225, 221f S Sacramento, California, 131 Sadler, Joan, 99–103 Salary negotiations, 36 Salúd Juicery, 189–192 San Francisco, California, 131 San Jose, California, 130–131 Savings, 87 SBA, see U.S Small Business Administration SBA-guaranteed loans, 88 Scale (Hoffman and Finkel), 52 Scaling Up (Harnish), 52 SCORE, 29–30, 44, 86, 133, 186 Scott, Martin, 204 Second-guessing, experience with: Braxton, 37 Burns, 50 Corbett, 192 Diamond, 94 Giordani, 139 Harman, 233 Joseph, 172 Kravinsky, 20 LaMagna, 215 Lowe, 116 Mickelson, 181 Nash, 149 Rauch, 160 Roth, 224 Sadler, 102 Swinand, 76 Tasner, 127 Self-analysis, 143 Self-care, 245 Self-learning, for black women entrepreneurs, 44 Senior-junior partnerships, 111, 118–119 Senior Planet, 223 SEP-IRA, 54 Setbacks, 30 Seymour, Lesley Jane, 244 SHRM (Society for Human Resource Management), Siang, Sanyin, 186–187, 197–199 Siblings, in family business, 121 Side businesses, for black entrepreneurs, 43 SIMPLE 401(k), 55 SIMPLE IRA, 55 Sinek, Simon, 52 Small business credit card, 40–41 253 Index Small Giants (Burlingham), 141 Social entrepreneurship, 145 Social media, 26, 60, 67, 108, 154, 207 Society for Human Resource Management (SHRM), Soft-launch, 40 Solo 401(k), 55 Speakers, 153 Spiritually fit, 27 Stanford University, 163 Stanley, Andy, 151 StartupNation.com, 29 Start with Why (Sinek), 52 State certification, 238 State of Women-Owned Business (2018), 41–42 Success, views on: age predicting, Braxton, 37 Burns, 50 Corbett, 193 Diamond, 94 and fear, 68–72 Foster, 68 Giordani, 139–140 Harman, 233 Joseph, 172 Juntgen, 84 Kravinsky, 21 Lachenauer, 120 LaMagna, 215 Lowe, 116 Mickelson, 181 Moira Allan, 218–220 Nash, 148–149 Rauch, 160–161 Roth, 224 Sadler, 102 Swinand, 75 Tasner, 127 Successful entrepreneurs, characteristics of, Support teams, 196 Sutton, Sara, 226 Swinand, Laura Tanner, 75–77, 73f T TaskRabbit, 60 Tasner, Paul, 125–129, 125f Taxes, 107 Teaching, 105–106 Teams, assembling, 57–58, 196 see also Employees 341 Interior Design, 211–220 Tolle, Eckhart, 151 “The Tortoise versus the Hare” (Kim, Longest, and Lippmann), 104 Tortorice, Donna, 201–205, 201f Traction (Wickman), 52 Trader Joe’s, 157 Training, see Education Trust, 243–244 Truth tellers, 197 U University of Connecticut, 163 University of Minnesota, 163 University of Texas, 163 Upwork, 40 U.S Bureau of Labor Statistics, U.S Department of Health and Human Services, 35 U.S Small Business Administration (SBA), 30, 58, 87, 144, 195, 236–237 Uselton, John, 1133–117, 113f V Value (HOVER), 62 Values, understanding, 197 Venture capital firms, 88 Virtual advice, 57 VirtualVocations.com, 60 Vision, 153, 218, 247 Visioneering (Stanley), 151 Volunteer, 29, 152, 164 Vulnerability, 198 W Wachovia Asset Management, 34 WBENC (Women’s Business Enterprise National Council), 235–237 Websites, 60–62 See also Social media Wickman, Gino, 52 Williams, Jeff, 28 WISER, 35 Women, see Female entrepreneurs Women-Owned Small Business (WOSB), 237 Women’s Business Enterprise National Council (WBENC), 235–237 Woodworking, 99–102 Work experience, importance of, Work plan, creating a, 108 WOSB (Women-Owned Small Business), 237 Y Year one, struggles in, 187 YouTube, 23 254 WILEY END USER LICENSE AGREEMENT Go to www.wiley.com/go/eula to access Wiley’s ebook EULA ... Rogoff, Maggie Mistal, Rob Lachenauer, Kali McFadden, Bonnie Riggs, Marci Alboher, Kim Eddleston, Linda Abraham, Donna De Carolis, Moira Allen, Sara ­Sutton, Mary Foley, Pamela Prince-Eason, Nathalie... who have started their own businesses mid-life, Never Too Old to Get Rich is an exciting road map for anyone looking to be their own boss and make their next act building their dream business The. .. Never Too Old to Get Rich Never Too Old to Get Rich The Entrepreneur’s Guide to Starting a Business Mid-Life Kerry Hannon Cover design: Wiley Cover image: © spxChrome / iStock.com Copyright