Baby Boomers and Technology
“Adults 50-59 are more likely to do banking activities and watch video on their smartphones than those who are over 60. However, smartphone users age 60-69 are leading the way in using their phone to manage medical care.”
The bad news …”Many older adults don’t take proactive steps to protect themselves. Overall, just 58% of respondents say they use a passcode to lock their tablets and 59% use one on their smartphones. And changing passwords every few months? Just 45 percent of adults 50 and over take that security precaution.”
“There’s this idea that young people are just more likely to have more valuable ideas,” says Benjamin Jones, a professor of strategy at the Kellogg School. “If you look at age and great achievement in the sciences in general, it doesn’t peak in the twenties,” he says. “It’s more middle-aged.” – Kellog Insight
“These findings strongly reject common hypotheses that emphasize youth as a key trait of successful entrepreneurs,” write the authors of the study. “The view that young people produce the highest-growth companies is in part a rejection of the role of experience.” — Outsideonline
Older Americans increasingly are the #startup entrepreneurial class. Go in with forethought and a process for both the business and the personal finances.
“A 2016 Kauffman Foundation report showed adults who are 55 to 64 years old account for a rising share of Americans starting their own businesses. As people live longer and wait longer to collect Social Security benefits, they also want to work longer.
“People turn around in their 50s and go, ‘So is this what it’s all about? Is this what I want to do?'” said Kerry Hannon, a jobs expert at AARP and author of “Great Jobs for Everyone 50+.” “So they do some soul-searching. It’s a time to really pursue a dream and something that they always wanted to do.”
Older people also have more capital with which to pursue their passion projects. However, Lisa A.K. Kirchenbauer, who advises entrepreneurs at Omega Wealth Management, said that would-be entrepreneurs underestimate what is involved in starting a business. Taxes, benefits and uneven cash flow are all tricky factors to consider.”
“Have a plan for starting your business. Don’t just start it,” Ms. Kirchenbauer said. “And from an emotional standpoint, think about whether you’re built and ready to be an entrepreneur.” — Sarah Min, Investment News
“Today’s best senior housing is permeable to the community and this is definitely an improvement.” – Senior Living Innovation Forum
“Building and growing businesses today is not just a young person’s game.” – Gary Vee
Deming’s Red Bead Lesson for Entrepreneurs
I had an entrepreneurial client unhappy with past commercial loan staff in his branch of a major national (interstate) bank. He was expressing relief that this particular loan officer was gone. But for some reason he still felt some loyalty to the bank. Despite five years of bad treatment.
This is a little clip of a cautionary tale from one of my heroes, the famed W. Edwards Deming. Deming had a simple experiment to illustrate that outcomes are the result of the process than the people performing the process. If you’re an entrepreneur and have never watched Deming’s “Red Bead Experiment,” you need to do so.
As an entrepreneur, remember it’s not a business until it’s a process that works regardless of who is turning the crank or sitting in particular slots. Business model design in a lean startup is to think about all nine building blocks of a successful process. A product, even a unique value proposition, doesn’t make it a business. Process does. Otherwise, you’re going to be cranking out red beads.
I advised the client to shop for banks with better processes. Institutions with bad processes do not return the favor of customer loyalty.
https://youtu.be/JeWTD-0BRS4 A shorter version performed by Mayo Clinic