How and Why Entrepreneurs Should Focus on Seniors in 2019 !

How and Why Entrepreneurs Should Focus on Seniors in 2019

Image credit: Halfpoint Images | Getty Images

“We see a lot of headlines about how our population is aging, but we don’t see what businesses are doing about it.”

By 2035, for the first time in American history, people aged 65 and older will outnumber those 18 and younger, and it’s time for entrepreneurs to take note. As someone who has worked in innovation in the senior space, for AARP and elsewhere, I can offer some predictions for what I see as the path forward, and what entrepreneurs — of any age — can do about it.

1. Understand your target audience.

Entrepreneurs make the mistake of thinking that all seniors are the same. How often do we see marketing material featuring little old ladies wearing straw hats, smiling meekly from the comfort of their gardens? Those stock photos are rampant because no one is taking the time to understand the phases of aging, nor are they recognizing that seniors are just as diverse as the rest of the population.

We’ve entered a time that I call the New Life Curve, where longevity has increased to the point that our generative years have extended by up to 30 years. That’s a long time! As health improves, adults 55 and up are working longer and have considerable more buying power than millennials, but many simply haven’t gotten the hint.

You can’t look only at age, though; you also have to look at “healthspan,” meaning how long we stay healthy. When I spent time in seniors’ homes for a client in the senior living industry, I saw a vast range of abilities. There was a man in his 50s who struggled with memory to the extent that he could no longer work or be on his own. But there was also a woman in her 80s who was chopping firewood in her backyard.

These diverse illustrations of aging should come as no surprise to anyone with senior parents or grandparents, but when people go about creating products and services for seniors, they often decide that one size fits all.

The only brand I’ve seen that breaks through is Viagra. Men and women in those ads are younger, more stylish. They’re enjoying life, they’re dancing, they’re out and about  — much like the seniors I have gotten to know through my work.

As I said in a book I co-authored earlier this year, you have to get curious about your audience, to do rapid research. Pilot your product. Start small and keep iterating. But if you think all seniors are identical, you’ve already lost.

2. Don’t assume all seniors are low tech.

While the Silent Generation isn’t known for its use of smartphones, the majority of boomers are tech friendly. According to this study from the Pew Research Center, 67 percent of boomers own smartphones, 52 percent own tablets and 57 percent use social media. Although millennials make up the bulk of Facebook users, there are still 26.5 million who are 55 to 64 years old, and 21.1 million who are 65 and above. These numbers are far from negligible.

One of the senior products I worked on, in fact, utilized tablets and smartphones. At the outset, advisors told us that seniors would never use a tablet, but experience showed otherwise. While some in our pilot study opted to use their desktop instead, plenty of our study group were delighted to have a tablet in their hands. A caregiver showed them how to use it, but they got the hang of it pretty quickly. One woman told me it was easier to use her tablet than her computer or phone!

So, don’t think seniors can’t do tech whatsoever, or that tech for seniors means gigantic buttons and a dumbed-down experience. When it comes to wearable technology, make something anyone would want to show off to their friends. No one wants a huge pendant around his or her neck announcing to the world, “I’m old!” If you’re designing for fall detection, make your product stylish. The Apple Watch Series 4 has FDA clearance to monitor health and detect falls, and while no product is perfect, this shouldn’t be the only one in the field.

It’s time for competitors to catch up. My only caveat? Design with accessibility in mind. That’s simply good UX.

3. Help seniors stay connected.

According to a survey conducted by AARP, the vast majority of seniors (91 percent in that particular study) use technology to stay connected to friends and family. We also know that aging in place, i.e., not moving to an assisted living facility, is something that nine of out ten seniors are planning on, which means that concerns about loneliness are on the rise. Why? Staying at home can mean coming into contact with fewer people than in a retirement community.

And it’s not only retirement we should be thinking about. With divorce on the rise for adults 50 and older, isolation can be an issue long before someone retires. So, we need products and services that draw people in and use the power of digital to open up lines of communication. Did you know that from 2013 to 2015, the use of online dating for those 55 to 64 years old doubled? That’s a pretty short time for such a major shift. Entrepreneurs, are you paying attention?

4. Don’t assume everyone is facing the same challenges.

You wouldn’t believe the number of conferences I attend where the so-called “innovation” for seniors is focused on canes and diapers. Yes, issues with mobility and incontinence can increase as we age, but they’re not the only issues we’ll face. And to reiterate my first point, “aging” is totally dependent on our individual state of health.

For example, look at surveillance. If you’re healthy and active in your 60s or 70s, having people suggest that you install cameras in your home would be offensive. But if you’re in your 90s, and susceptible to falls, cameras might be a comfort both for you and your family. Essentially, what’s appropriate to one part of the population is completely inappropriate for another; so you have to know whom you’re building for.

5. Focus on health.

We are in the midst of a health craze, and it’s much more top of mind for today’s seniors than in previous generations. According to a study reported in Forbes, today’s boomers are more concerned with well-being, while the Silent Generation struggles less with obesity. In fact, obesity among boomers is getting less attention than it should even though it affects one in three. There’s so much that could be explored to help seniors with their weight and their well-being.

All of this points to the same conclusion: We’ve reached a stage where personalization is important no matter what the age of the consumer. For seniors, age is sometimes only a number. You have to understand their health state and their goals. Some in their 80s are looking to break world records in pole vaulting, and others are trying to make it to their next family vacation. What I’ve found is that it’s an exciting time to develop products and services that truly satisfy and delight today’s seniors — in all their complexity.


 

Full article here: Entrepreneur

 

 

 

This Is Why You Need to Build a 7-Figure Business 

Going into this article I knew it was right up my ally. My dream is to one day have a business of my own where I do make multiple 6 figure or seven figure incomes. I have heard over and over that money doesn’t bring happiness, but in reality, it helps.

Just think of all the good that can be done. Charities, family and friend aide, being someone’s hero when they are in the slumps. Not only that, imagine the impact you can have on someone by telling them your story or about the journey you took to get there. It would be empowering to the right person. That is why I believe this article, written by Scott Oldford, is so powerful. Even meaningful.

After a few huge defeats, Scott pulled himself back up. With one single decision made, parked outside of a gas station, he changed his life. He was no longer going to experience the failure that made him feel less than he should have, knowing he was a meant for more. “Never again” as he said, would he let “this failure thing” get the best of him.

Learn through the experience of others.” – Anonymous


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Image credit: Westend61 | Getty Images

I often meet entrepreneurs who say something along the lines of “Once I get to six figures, I’ll be happy.”

But then they get there, and guess what? They’re as stressed and burnt out as ever.

I call this getting stuck in the “six-figure hamster wheel,” and it’s a vicious cycle I’ve lost myself in before. It’s hard to escape, and most people try to overcome it with even more hustle. After all, it was “hustle mode” that got them to six figures, so more will get you to seven figures … right?

Wrong!

Hustling to seven figures is not the answer.

And this is why I believe every single entrepreneur needs to build a seven-figure business if they are ever to fulfill their potential and live a life of freedom, abundance and happiness.

It’s not about the money! 

Most people don’t want to take the hard route. They’re driven by security and comfort, and they are afraid to take the necessary risk to achieve what they really want. Yet, the riskiest thing you can ever do is to not live up to your fullest potential!

Every entrepreneur should strive to have a profitable seven-figure business, and no, it’s not about the money. It’s not about the bragging rights. It’s not about the fame or status. It’s not even about the lifestyle that comes with it.

The reason you need a seven-figure business is simple: freedom.

With freedom, you can truly escape “hustle mode” forever. That isn’t to say you won’t have to work hard and put in the hours, but never again will you find yourself caught in the hamster wheel where every time you scale to a new level, it’s at the expense of your health and sanity.

A seven-figure business gives you the freedom to build a world-class team, invest in yourself (mindset, therapy, health), regain control of your time (so you have more time to do what you do best) and work “on” your business, rather than get stuck inside it.

At six figures, you cannot do any of this. I’ve tried it, and I’ve seen plenty of other people try, too. But it doesn’t happen. You can live a happy life at six figures, sure. But a life of true freedom? Nope!

The biggest obstacle between you and a seven-figure business is … 

You. Because although you may fear failure, chances are you fear success even more.

Freedom, for most, is scary. It forces you to tap into your fullest potential and live it, because you no longer have the excuse of hustling, a lack of money or not enough time. So, you ask yourself, Who will I become when I can truly be myself?

I remember the anxiety I felt when I asked this question on a random Thursday night. I almost had a panic attack, because I realized I didn’t know the answer. What happens now that I’m out of debt? I asked. Who will I become? What will I create? Will people care? How can I make an impact? What impact do I even want to make?  

Well, I’m here to tell you not to panic like I did. Because you’ll become the exact person you need to be in order to live out your vision and purpose.

“But, hold on, Scott,” I hear you say. “What if I don’t know my purpose?” 

This is the exact reason why you need to build a seven-figure business. Because once you reach this level, you remove all the excuses standing between you and your true potential, and gain the freedom you need to make this happen. When you have true freedom, you finally understand what you’re most passionate about and what impact you want to make in this world.

It’s impossible to truly know yourself when you’re stressing over the day-to-day, caught in “hustle mode.” How are you going to pay your bills? How is your business actually going to work? Is there enough money coming in? Are you charging enough?

It’s impossible to fulfill your potential if these questions consume you each day. It doesn’t matter how smart you are or how talented you may be; you cannot be your best self with this sort of stress. You must elevate to a higher level of understanding and thinking, and the best way to do this is to have a near-limitless level of freedom.

Having a profitable, seven-figure business gives you this!  

 


For the full article visit here:

Entrepreneur – This Is Why You Need to Build a 7-Figure Business   

How Being Stingy With Time Leads to More Money 

I have nothing more to add to this piece. For such a short article it is more powerful than it seems. Getting an inside view from business owner  on two important elements, time and money, that everyone should focus on is beyond beneficial. It’s profitable!


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Image credit: graphicstock

When I started my business, there were several concepts that were difficult for me to understand. One of those was how being stingy with time would lead to more money.

I truly could not see how setting better boundaries and saying no more often would help my bank account. This is probably because, as a culture, we’re conditioned to believe that the more we take on the more productive we are. If we’re more productive, then that leads to more money, right?

Or, maybe we think that we can’t set boundaries because then people won’t like us and won’t pay us. That’s also cultural conditioning that doesn’t really serve us.

Now that I’ve been self-employed for five years, I see how being stingy with time does lead to more money. I’m making more money than ever. I’m also less stressed and overworked than ever. Here is how being stingy with time helps my bank account.

I am perceived as more in-demand.

This is a big lesson I received from a fellow personal finance blogger. They told me how they were leaving money on the table because they were too available. Once they started being stingy with time — meaning they weren’t readily available all the time — they were able to command more money.

Here’s an example from my recent life. I had to tell a client that I could no longer continue doing a specific project for them. That’s because I honestly don’t have the time to be doing projects that don’t meet a certain payment threshold. I’ve got plenty of work as it is.

Granted, this doesn’t mean lie to people and tell them you’re busy when you’re not. The reality is that if we have our priorities straight, then we really don’t have the time to be available at all hours or for all projects.

For example, maybe you set a boundary to clock out every day by 5:30 p.m. so you can go workout. That’s still time that you are not available because of your priorities.

I am respected.

Being liked could get you paid, but it’s a 50/50 shot. Being respected almost always gets you paid.

I see a lot of business owners struggling with letting people walk all over them. They will put in endless hours on projects where they aren’t getting a fair exchange of monetary value in return. This tells people that they don’t respect themselves, therefore, they shouldn’t be respected.

This is when you leave the door open for crappy clients and people who are difficult to work with. On the other hand, if you respect yourself and people can sense that, they won’t even try you.

My time is perceived as more valuable.

Finally, the reason being stingy with time leads to more money is because your time is perceived as more valuable. Time is already our most valuable resource and it’s limited. Once you really grasp this and start acting accordingly, people will respond in kind by paying you more money.

Final thoughts

Being stingy with time is a sign of self-respect. Once you respect your own time, others begin to respect it as well. Often times, this leads to more money in the bank because you are perceived as being more valuable.

 


For the full article visit here:

Entrepreneur – How Being Stingy With Time Leads to More Money

5 Leadership Lessons from a Founder Who Built Her Empire from Nothing

I learned about an amazing woman this month by the name of Gail Corder Fischer. She began her commercial real estate career as a marketing director and from there onto becoming a leasing agent. She helped grow a once local real estate firm into the now renowned global strategic corporate real estate firm, Fischer & Company. She was named one of the Top 50 Women Nationally in Commercial Real Estate by Real Estate Forum. Currently the co-founder and executive vice chairman of Dallas-based Fischer & Company 

She has had many successes throughout her life. During her journey she discovered many things about herself. She was good at sales, building relationships and had great self-confidence. The skills that she had were sharpened and the skills she needed were developed. Years later she has a few great tips to share about being persistent with the things we want to accomplish. Below are her 5 Leadership Lessons from a great write up done by The Oracles. 


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Image credit: Michael Weschler 

 

  1. Double down on due diligence.

Before getting on the phone, Corder Fischer stresses the importance of researching everything about the company you’re calling, their decision-making process, and the person you’re speaking to. She learned this the hard way after cold-calling an important prospect when starting out. “I immediately jumped into my pitch,” says Corder Fischer. “He interjected, ‘Young lady, if you’d bothered researching us, you’d know we just started building new headquarters,’ and hung up. I was mortified.” 

Gathering intelligence and building a relationship with a prospect can take time. Be patient. Aim to become their personal, indispensable thought leader who consistently provides meaningful value. Forward useful articles with highlighted passages of interest, and your thoughts or ideas. Send them a handwritten note or thoughtful gift. You could even offer to work for free and say, “If you like my work, just pay whatever you think it’s worth.” These are all “hooks” to entice someone to give you a face-to-face appointment with the decision maker. Corder Fischer recommends having three hooks. 

Another hook could be a personal connection like the same alma mater, hometown, country club, vacation spot, hobby, or even your spouses’ common interests. Your unique approach to solving the prospect’s current challenge is also a hook; maybe you have proprietary software that drastically reduces the prospect’s costs beyond what they thought possible. 

“Meeting someone who can’t approve your proposal isn’t a great use of anyone’s time,” says Corder Fischer. “But if you offer uncommon value through well-positioned hooks, people will want to hear what you have to say.” 

  1. Nurture your company like a child.

Corder Fischer shares that building a business is like raising a child. “The first 10 years are the hardest,” she says. “I slept on a couch after my first-born and kept a baby bed in a spare office. 

“When starting out, a relentless work ethic is critical. You’re not only competing with entrenched industry behemoths, but also every other tenacious entrepreneur, Ivy Leaguer or better-funded startup on a mission to disrupt your industry.” 

For Corder Fischer, the great equalizer is time. “God gives everybody 24 hours in a day,” she says. “You must be prepared to outperform your competition by working longer hours. It’s tough, yet fun; you’re building something and will be rewarded eventually—when clients see you as indispensable.” 

  1. Conserve your cash.

Cash management is the key to scaling. “If you can do something yourself, don’t hire someone for it,” says Corder Fischer. “In the beginning, you’re the accounting department, the marketing department, the envoy—everyone. Only when you start having consistent success do you make your first hire, then the second.” But hire cautiously. Corder Fischer recommends keeping an eye on your margins, so you don’t scale too quickly. 

She also advises using technology to help, but make sure to keep it simple. “There are billion-dollar companies that run on QuickBooks. You don’t need an expensive or complicated accounting system,” she shares. 

  1. Stand firm in your opinions (use your ‘big girl’ voice).

As your company grows and you assume a greater leadership role, be firm in your ideas and opinions; Corder Fischer stresses this is especially crucial for women in male-dominated fields. 

“If you’re the only woman in the room—and you have an opinion—be confident in your delivery,” she says. “A meek or deferential communication style is ineffective. Use your ‘big girl’ voice. Don’t be swayed from what you know is true. The person who speaks the first and loudest usually wins.” 

  1. Never take ‘no’ for an answer.

Although tenacity is a must-have trait, Corder Fischer suggests matching it with manners. “When you’re persistent, be equally polite to the gatekeeper.” To do so, Corder Fischer suggests using phrases like, “With all due respect, Sir,” or, “I understand you don’t want to focus on this, but in our experience, beginning this process six to 12 months in advance helps.” 

Ultimately, Corder Fischer insists people respect hard work and persistence. “They’ll eventually come around. I don’t care how angry they get; don’t stop calling. If they say “No,” it could mean, ‘No, not now,’ or ‘No, I’m too busy to consider your request right now,’ or, ‘No, you haven’t asked me enough questions or politely bugged me enough to believe you really want this.’” 

 


For the full article visit here:

Entrepreneur – 5 Leadership Lessons from a Founder Who Built Her Empire from Nothing 

5 Steps to Conquering the Impossible!

Secrets from Ben Nemtin’s Powerful Commencement Address 

Ben Nemtin, the star of the MTV show The Buried Life, gave a very inspirational commencement speech to the 2018 graduates at the University of Utah. Listening to it touched me in a way where I would never forget it. His words were powerful and true to heart.  

I was taught a valuable lesson, ‘Never Stop Dreaming.‘ We all have dreams and wishes that we would like to see become a reality. Our dreams are unique in their own special way to each and every one of us. Whether it is a bigger home, functioning vehicle, better health or a cleaner Earth we each have something to aim for. I know that one day I would like to have a pilot’s license and own a plane. When it happens, it will be one of the biggest accomplishments in my life. So, let’s take Nemtin’s words to heart and start to dream again by making our own bucket list. 

Peter Economy, author of several titles like Managing for Dummies and Build the Right Product, summarized Nemtin’s speech as simply as possible. He has gathered and listed the 5 steps to conquering the impossible. 


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  1. Write down your dream

No longer is your dream just a thought – writing it down makes it tangible and gives it life. Nemtin emphasizes that studies show people who write down their goals are 40 percent more likely to succeed. “That’s an easy 40 percent,” he says. “Take it.” 

  1. Talk about your dreams

Although Nemtin asks that we remember we can do anything, he does make it a point to remind us that accomplishing things all by yourself is impossible. As he says, help shows up in the most unexpected ways, and “if you don’t talk about your dreams, no one can help you.” 

  1. Persist

In a world where you fail because you give up, increase your odds of success by persisting. In fact, “success depends on consistency of effort as much as it does on the quality of work.” 

  1. Take moonshots

If “99 percent of the world does not believe they can do great things” then 99 percent of people are shooting for mediocre goals. Not only does a big dream give you purpose and attract the right people to you, but when you shoot for unrealistic goals and for the stars, you will face less competition! 

  1. Give

When you give, others will see you in the world helping other people, and they will want to help you as well. But beyond that, giving back will bring you a greater sense of fulfillment.  

 


 For the full article visit here:

Inc – 5 Steps to Conquering the Impossible: Secrets From Ben Nemtin’s Powerful Commencement Address

4 Steps People Who Weren’t Born Rich Can Take to Get Rich 

In this world we are either born into wealth or not. We are lucky to come across some form of big funds or forced to work multiple jobs. We either live comfortably in our beds or on a bed mat trying to survive. We have all seen or been in one of these situations. If you feel as if you have drawn the short stick then there is good news. If you are willing to change your situation then it does not have to last forever. For those of us who are willing to work for our dreams, Entrepreneur guest writer Toby Russell has four simple steps to help us along our journey towards a better life.  

“The path to wealth for most people is more nuanced, complicated, riddled with hurdles and unique to personal circumstances.” … “We have to make smart decisions with the money we do have and build wealth over time. Here is the swiftest way to do it:” – Toby Russell  

 


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Image credit: Akira Sakamoto | Getty Images

  1. Pay down high interest debt.

The first step to wealth is to settle outstanding debt. Holding significant debt inhibits people’s ability to make new investments and buy assets. Start with high interest loans and work backwards. Low cost debt can be okay — think under 3 percent — but high-interest loans, with rates between 5-20+ percent, should get paid off as fast as possible. In order to sustainably gain control of your finances, pay down debt until you have paid off all loans with higher interest rates. 

  1. Spend less than you make.

This step is perhaps the easiest to say and hardest to do. Get a handle on what your monthly expenses are and look to get that amount to be less than your monthly income. The key is lowering spending to less than your income so you can build a savings cushion. Start slow by putting away a certain amount every month that allows you to keep enough money on hand to pay bills, pay off debt and live somewhat comfortably. 

  1. Build a savings cushion.

You never know what could happen to your income. Maintaining a savings cushion to cover three to sixth months of expenses in savings is an important contingency plan. Small business owners take a similar approach. Many work to build a three to six month liquidity cushion so they can stay afloat while establishing their businesses and scaling their operations to meet growing consumer demand. 

  1. Become an owner.

Start investing after your savings cushion is built. We have all been told “work hard and you will be rewarded,” but that doesn’t mean you will be wealthy. Wealth comes from ownership. Take savings above your cushion and buy a diversified portfolio of stocks, bonds and other assets that will grow. Monitor the progress of your investments, and keep expanding your portfolio. 

People don’t build wealth just by working hard. They build a nest egg by owning things that become more valuable over time and investing responsibly. In order to become an owner, you need to pay down debt, spend less than you earn, save enough to live for three to six months without an income — just in case — and invest in attainable assets.  

 


For the full article visit here: 

https://www.entrepreneur.com/article/287241