5 Strengths Boomers Need To Start a Business in Retirement, According to Robert Kiyosaki
Written by
Gabrielle Olya
Edited by
Molly Sullivan
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There are a number of reasons you might want to start a business after retiring from your 9-to-5 job. Perhaps you need the extra financial cushion to supplement your retirement savings (or lack thereof), or maybe you’re looking for a productive way to fill your newfound free time — or it could be a combination of both.
Whatever the reason, know that your age is often an asset. According to a 2022 Forbes report, while the average age of a startup founder is 42, “the likelihood of success as a founder increases with age until the age of 60. A 50-year-old founder is twice as likely to build a thriving enterprise that has either an IPO or a successful acquisition as a 30-year-old founder.”
Before you set off on your entrepreneurial journey, “Rich Dad, Poor Dad” author and money expert Robert Kiyosaki recommended that boomers work on honing five specific strengths first.
Grow a Thick Skin
Be ready to deal with naysayers and rejection.
“Not everyone will love your idea or product, and they won’t be afraid to tell you,” Kiyosaki wrote in a recent blog post. “I’m not saying you shouldn’t listen to criticism, but you have to be able to take the punches and not take everything personally.”
Get Used To Being ‘On’ All the Time
When you work for someone else, you can leave the office at 5 o’clock and not worry about anything until the next day. This isn’t the case when you work for yourself.
“As an entrepreneur, there really isn’t such a thing as ‘disconnecting’ from the world — not in the beginning anyway,” Kiyosaki wrote. “You’ll be living and breathing your new company while trying to educate everyone about your business. You’ll be constantly thinking about how to improve things, reduce costs and sell more. There is no such thing as a 9-to-5 work schedule when you’re an entrepreneur.”
Don’t Expect Constant Praise
“If you’re an employee, you’re probably used to getting constant feedback about your performance, tasks and project completion,” Kiyosaki wrote. “A lot of employees are even used to their bosses telling them how great they are — even if they know they aren’t.”
This simply doesn’t happen when you are an entrepreneur.
“You won’t hear any of that unless you tell yourself,” Kiyosaki wrote. “Your praise comes in the form of making money. And it’s going to be a while before you really get the praise you’re looking for.”
Find Your ‘Why’
Kiyosaki believes that you need to be self-motivated to succeed as an entrepreneur.
“Similar to needing praise, if you need external motivation, you shouldn’t be an entrepreneur,” he wrote. “When you wake up in the morning as an entrepreneur, there isn’t someone standing in your kitchen ready to give you that day’s tasks. It’s all on you. Get comfortable with being the person who motivates you to keep going each morning.”
Be Ready To Take On Different Roles
Being an entrepreneur requires wearing many hats, Kiyosaki said.
“There are people I know that are only comfortable being an accountant, or a writer, or an event planner,” he wrote. “These people are only comfortable doing one thing and, as such, should never be an entrepreneur. As an entrepreneur, especially a solopreneur, you are often putting on different hats [and] making a multitude of decisions, and you need to be confident in doing so.”
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