This day is the last day of Larina Kase’s Blog Tour for The Confident Leader.  I’m excited that Larina chose to halt by Small Business Boomers today.  Larina did an interview for my new book The Complete Guide to Working for Yourself, and I found her to be gracious and motivational.  She was a joy to interview.  In this interview, Dr. Kase speaks about baby boomers and leadership.

So, before today’s interview, a little bit about Larina:

Larina Kase, PsyD, MBA is a professional speaker, author, and recognized expert in peak performance, anxiety and stress management, leadership, and entrepreneurship.  She has a doctorate in psychology and masters in business administration, and her one-of-a-kind approach is regularly seen in media such as Inc., Entrepreneur, SELF and on national TV and radio. She’s the author or coauthor of 7 books including The New York Times bestseller The Confident Speaker. She has helped hundreds of entrepreneurs and executives from companies such as Verizon, Intel, Morgan Stanley, & Ernst & Young…. and me, of course.

Let’s get to the interview:

 Q: Dr. Kase, how can baby boomers who are considering their next career move bring their previous experience into new leadership situations?

A: It’s interesting because a lot of the most important skills to be an exceptional leader are not the skills that most people think of as leadership per se. Instead, they’re characteristics of emotional intelligence, things like empathy, listening skills, organizational awareness (understanding the huge picture and vision of the organization as well as politics), confidence, and emotional regulation (keeping appropriately calm or energized no matter what the situation.

I encourage leaders to take inventory of their experience with aspects such as these. Ideally they not only write down their own views but gain feedback from others, either with 360-degree feedback or other forms of collecting data (ideally, anonymously for maximum honesty).

In taking your own inventory, first become aware of your strengths. Do this by writing down your key accomplishments and accolades in your career. Then take note of what underlying characteristic the achievement exemplified or built.

For example, “In my sales role, I achieved the highest sales in our region.” This achievement was due to natural strengths in listening to people and understanding where they’re coming from (empathy and influence). This accomplishment developed my self-awareness and emotional regulation by dealing with high-pressure sales situations.

Most emotional intelligence skills can be learned. We’re all stronger in some areas than others and we want to capitalize on our strengths as well as develop the areas that are important in our leadership roles.

Q: Why do we know what we need (and even want to do) but we don’t do it?

We high-achieving types are great consumers of knowledge. We always want to learn more and be our best, but most of the time we struggle with turning our knowledge into action. There are lots of reasons for this, including:

• The timing isn’t right
• We don’t have the right support or other resources
• We aren’t committed to making the change
• We don’t yet have the skills to successfully take action

These reasons can be legitimate and important to take into account and manage, or they can be excuses. The #1 reason that we don’t take action is fear. We doubt ourselves and get paralyzed with indecision. When fear is active, these reasons all feel very legitimate, when in reality they’re not important.

The key, then, is to critically evaluate your readiness to take action when you’re not feeling particularly anxious about the change. If you need to address these factors, do so, and while you have momentum, start taking action!

Q: What are the keys to making difficult decisions?

A: There are essentially two processes at our disposal for making decisions. The first is rational (based on our thoughts), and the second is emotive (based on our feelings). The second includes the feelings that you’re aware of (excited, interested, skeptical, unsure, afraid, etc.) as well as your intuition or gut feeling.

We owe it to ourselves to use both of these processes when faced with a difficult decision. First, assess your gut reaction. What feels right? Then go through a logical analysis, weighing the pros and cons. Then assess your emotional reaction again. Has it changed?

Bear in mind that much of the research on decision making shows that people are happier with their decisions when they go with their gut reaction or follow their heart. This may be because we try to rationalize our decisions based on what we think we “should” do, but it’s sometimes difficult to change our feelings based on reason.

Our feelings are most helpful in making a decision when they are positive ones. Positive feelings (happiness, liking, interest) compel us toward something while negative feelings (fear, sorrow, jealousy) compel us away from something. For example, if you’re nervous your feelings may tell you to avoid taking action when in reality this isn’t the ideal choice.

So, when in doubt, or if you’re stuck, go with your feelings, especially if they’re positive ones.

Q: What are the top 5 mistakes that people make when confronting an important change?

A: When faced with an important decision or change most people make one of the following common mistakes:

• They avoid the opportunity. They choose to settle for the status quo rather than going after an astounding change because they fear failure and humiliation.

• They go after the opportunity before they are ready. They plunge right in (knowing that if they don’t take action, they never will). The problem is that they haven’t adequately prepared. They haven’t lined up the resources and support that they need. They haven’t created a plan. They may be successful, but it is more due to luck than strategy.

• They dilute their responsibility. They go after the opportunity, but choose to be a follower rather than a leader. This way, if it doesn’t work, they aren’t to blame, but if it does, they can claim partial victory.

• They rely on old crutches. They go for it, but do so with their old crutches and habits which hold them back from truly pursuing the opportunity.

• They retreat at the first sign of failure. Unfortunately many people escape from uncomfortable situations too early—before they have a opportunity to get used to the anxiety and achieve their goals.

You see, avoidance is the number one killer of confidence and high-achievement. All five of the mistakes above entail some form of avoidance. The solution is to make a choice and stick to it 100%.

Q: How can Baby Boomers in businesses find out more about becoming confident leaders?

A: My new book The Confident Leader: How the Most Successful People Go from Effective to Exceptional provides a 6-step formula for taking on key challenges, making difficult decisions, and navigating outside your comfort zone.

The second half applies the formula to key business areas such as staying focused and motivated, marketing yourself, standing out, and dealing with difficult people. It includes interviews with business leaders such as Seth Godin, Tim Sanders, and Joe Vitale. Learn more and get bonus offerings for business owners at  The Confident Leader.

Thanks, Larina, for including Small Business Boomers in your blog tour.

Images from Performance and Success Coaching - used with permission

Tags: Larina Kase, The Confident Leader

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My parents never put their money under a mattress, but I do know some people of that generation who did.  They lived through the Great Depression and lost money in bank failures.  So they were not about to trust a bank.

Today we don’t have the same concern about banks -the FDIC states it will protect money in bank accounts, but many people are still nervous.  And nervous people do strange things.

The sale of safes is booming, as people look around and decide that they can’t risk their money in the market, and the interest rate on bank and money market accounts is non-existent.

One huge reason for the safes: people are buying gold and silver as their prices rise.   The price of gold is on the rise (you can watch a live gold price site to see minute-by-minute changes).

You might also want to purchase a safe if you’ve valuable papers and you don’t want them in a safe deposit box.  My husband says the “fire proof” label doesn’t really protect you in case of a fire.  But the safe deposit box at the bank might be shut when you need that passport or certificate.

Would you consider buying a safe?

How about putting a bow on it and calling it a Christmas present?

Tags: baby boomers, booming businesses, sale of safes

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In the midst of all these bailouts - investment banks, insurance companies, and possibly automakers - I ran across this quote from Lee Iacocca:

There ain’t no free lunches in this country. And don’t go spending your whole life commiserating that you got raw deals. You’ve got to say, ‘I think that if I keep working at this and want it bad enough I can have it.’

Wait a minute!  Isn’t Lee Iacocca the same guy who engineered the  “bailout” of Chrysler back in 1979?  So, Lee, have you forgotten that you received the proverbial “free lunch”?  Or, did you?

One of my favorite economic concepts is the principle of TANSTAAFL - There Ain’t No Such Thing as a Free Lunch.  In other words, you might think it’s free, but you will pay for it, one way or another.  This works for large companies who think they’re getting a bailout, but everything (especially “handouts” from the federal government) comes with strings.  Look out for those strings.

We have forgotten about good old hard work and ethics and all the things we Baby Boomers learned in school and taught our kids.  Maybe we all need to go back to school, or at least we ought to spend some time working in a homeless shelter or soup kitchen.

Tags: bailout, Chrysler, Lee Iacocca

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Now that I have heard over and over how we Baby Boomers caused the financial collapse by our profligate spending and our financial irresponsibility, maybe we should just take over and fix the whole mess.

Miranda Marquit (from Yielding Wealth) and other “ordinary” Americans were asked their opinions on how to mend the economy.  Miranda has a sound bite of these interviews from NPR.

What do you think of these ideas?  Got any of your own?  If we all got together, all 70+ million of us, and we actually did something, we could rule the world.

Well, maybe it’s superior not to get what  you wish for….

Tags: Baby Boomer investors, fixing the economy, Yielding Wealth

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My husband and I have a favorite restaurant.  We go there at least once a week, usually more.  We just realized last weekend that we haven’t been there in two weeks.  The reason - we decided to eat out less.  And it appears that many other Baby Boomers are doing the same thing.

When we were children, my husband and I remember, eating out was a rare treat.  When we traveled in the summer with my father (a service representative who traveled each week), we thought it was cool to go to Howard Johnson’s for every meal.  But at home, we rarely ate out.  Same thing with my husband’s family.

It was only when we were in college that we started eating out more. Now, we consider it a rare treat to stay home and cook.  Well, up until a month or so ago.  Now, we plan our meals to eat in more and out less.  We want to be sure we don’t have to cash out any of our retirement funds.

I just hope our favorite restaurant, a local place that’s been around for more than 30 years, stays around a lot more.  As soon as we have the ability to, we’ll begin going back regularly again.  Fried chicken, anyone?

How about you?  Are you eating out less?  Take my poll or comment on this page.

Tags: baby boomers, recession, retirement planning, saving money

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Many Baby Boomers are considering leaving a full-time job and starting another job. A 2004 study by American Association of Retired Persons (AARP) revealed that 79 percent of people who responded to the survey were planning to work after retirement and 17 percent were planning to begin new businesses. So, many Baby Boomers are planning to work beyond the point of retirement.

You have heard about “Colonel Sanders” who started a business in his 70s. That’s actually not true, but he was middle-aged before he started KFC. And you might know other people who have retired and started new businesses. But there’s no way you’re going to jeopardize your precious retirement income to start a business.

What do you need to start a business after retirement? I’ll tell you what my husband and I’ve decided:

• Retirement Savings? Using your retirement savings isn’t an option. If you have money that was given to you from another source, that might be good money to use. Otherwise, start slowly and with as tiny money as possible.
• Monthly Expenses? Do you’ve a way to pay your bills without relying on your business? If you don’t, will you’ve to take out money from savings to pay monthly bills? In this case, you probably should not start that business.
• Health and Energy? How is your health? Do you keep fit? Even a part-time business takes a lot of time and energy. If your health is not good, you might not have the energy to keep up a business, even a part-time one.
• Insurance? Do you’ve health insurance? If not, can your business pay for your health insurance? You may not be able to take money from your business to get health insurance, so you should have another source to pay for this important coverage.
• Support? Does your spouse support your new business idea? How about your family? Do you have people you can rely on if you need help? An supportive spouse and family can mean the difference between success and failure in a new business.

While you can use your new business to keep busy and to increase your income, don’t get into this business unless you have enough personal and financial support and personal resources (financial and internal) to get through the rough times that’ll invariably come along.

Tags: baby boomers in businesses, Starting a business after retirement

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Where are you on the range of World wide web users? The Pew Internet and American Life Project has studied World wide web users and created a user survey. They have categorized nternet users into several categories

Do you use the Internet, cell phone, and other technology frequently? If so, you are probably an “Elite Tech” (34 percent of American adults). If you use a cell phone but you don’t use the World wide web much, you’re probably a “Middle of the Road Tech” User (29% of American adults). And if you use cell phones and the World wide web only infrequently, you are probably in the “Few Tech Assets” category (49% of American adults).

I was surprised that so many American adults are in the lowest Internet usage category, but maybe you’re not. I figure if you are reading this blog you’re probably in one of hte top two categories. Take the World wide web Typology Test and let me know what category you are in.

Tags: Baby Boomers on the internet, Internet Typology, Pew Internet and American Life Project

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Sarah Palin confesses she shops at consignment stores.  And many other smart shoppers are doing the same.  With the downturn in the economy, consignment shops are booming.  Lots of people are looking for bargains in clothing, furniture, toys, you-name-it.

What’s the difference between a consignment store, a resale store, and a thrift shop?  According to the National Association of Retail and Thrift Shops (NARTS), a retail store purchases outright and resells, while a consignment shop takes merchandise and only pays the consignor when the merchandise sells.  A thrift shop is usually a non-profit that accepts donations and re-sells them.

What does it take to begin a consignment shop?  You will need to find a location, do some advertising and promotion to get people to bring in things, select carefully, and get software to keep track of your inventory.  Oh, yes, and you will need to decide if you want to be re-sale or consigment.  Re-sale leaves you with inventory you might have to mark down to get rid of, but consignment has more paperwork to it, and consigners usually want a bigger share of the sales price. Oh, yes, and setting up a website.  Check out some NARTS member websites to get ideas.

If you are a savvy shopper, and know pretty well how much what will sell and how much it will sell for, you can do well in the consignment business.

Tags: baby boomer businesses, consignment shops, NARTS

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A few days ago I talked about Baby Boomers getting back into the job market and some possible networking resources, if you decide to begin a new business or to go back into the work world full-time or part-time.   So how do you make contact with people at networking events and expand your network of possibilities?  Here are some tips for networking:

•  Attend local networking events.  It’s been stated that 90% of success is just showing up.  That’s true with networking.  Showing up gets you talking to the right people.  Some possible networking events/meetings: Local chamber of commerce meetings, Business Network International (BNI) get-togethers, Toastmasters International meetings, other local networking organizations like the one in New York City (Boomer Biz Events).
• Come prepared to network.  Dress professionally, have your business cards ready, and prepare your “elevator speech” (a one-minute statement about your business).
• Plan your strategy.  What do you want to accomplish at this meeting?  How many people do you want to contact? What kinds of people do you want to meet? This is one instance where “failing to plan is planning to fail” is true.
• Focus on others, not on yourself. Everyone is there for networking, so focusing on what the other person wants to tell you gets you more than just speaking about yourself and your business.  Follow the 25/75 rule - 25% self-promotion, 75% listening.
• Keep moving.  You’re there to meet lots of people, so don’t get drawn into a long conversation with just one person.  Exchange cards and concur to meet later.
• Ask for referrals.  At a networking event, people expect to be networking, not just chit-chatting.  Don’t be afraid to ask people to help you by giving you the name of a possible contact.  Get in the habit of asking and it won’t seem so intimidating.
• Categorize contacts and follow up.  Immediately after the event, categorize the contacts you made into (a) people you really want to talk to about business possibilities, (b) people who can put you in touch with others, and (c) nice people who probably can’t help you right now.  But you never know, so keep their business cards.  Then follow up within a day or two with the people in groups A and B.

Bottom line:  When you are starting back into the business world, go to networking events with a plan and work that plan.  Don’t just trust to fate.

Tags: baby boomer businesses

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After my blog about pet sitting as a great business for baby boomers, I decided to explore this idea more.  I contacted Pet Sitters International and talked to Beth Stultz.  Here is what I learned about the pet sitting business:

Q: First, the massive question. With the terrible economy right now, is this a good time to begin a pet sitting business?

A:  Pet related businesses are pretty stable, despite economic conditions.  In 2007 in the U.S., people spent $41 billion on their pets, and 63 percent of U.S. households own a pet.  For many people, their pets are their kids, and they aren’t hesitant about spending money on them. So the demand for pet-sitters is pretty stable.  Our Pet Sitters International membership is growing; it shows no signs of slowing down.

Q:  I saw that with my experience at the big pet store a few weeks ago.  It doesn’t look like there’s a recession in the pet-sitting business.

Q:  What kind of people have pet sitting businesses?
A:  Our members are from a variety of backgrounds and ages.  The typical pet sitting business owner is a woman Baby Boomer.  Women make up 84 percent of pet sitters, and 60 percent are between 41 and 60.  Most have completed some college, and for most this is a second career or a supplemental career.  Most run their businesses as sole proprietorships, not corporations.  The common factor with pet sitters is their love of animals.

Most of our members have been in business between 3 and 5 years, but we have many members who have been in business between 10 and 15 years.  Some of our members combine pet sitting with house-sitting, staying in a home to take care of both the home and the pet.

Q:  What does it take to begin a pet sitting business?  How long does it take to get established?

A:  Setup of a pet sitting business is really quite easy.  You can run the business from your home, so all you need is a vehicle to get to your clients and marketing expenses.  You also might want to get pet sitting business software to better manage your client base.

Depending on the area where you want to have your business, it usually takes a couple of months to several years to get your business established.

Q: What about startup costs?

A:  Startup costs in the pet sitting business are low.  You will need liability coverage and you should be bonded.  You might want to purchase the pet sitter software, and you’ll need to spend money on marketing.  That’s about it.

Q: What’s the most difficult part of the pet sitting business?

A:  It is difficult to maintain a client base.  People leave or move away and you’ve to keep replacing them.  Just like any other business, marketing is something that has to be done constantly.  We encourage members to do community events, contact local businesses, and do partnerships.  Of course, word of mouth is still the ideal way to get new clients.

Q:  How much does a typical pet sitting business owner make?  How much is it possible to make?

A:  It is difficult to talk about averages, because you can run a pet sitting business part-time or full-time.  Some pet sitting business owners make over $1 million a year.

Q:  Wow!  They have to have massive operations with lots of employees!
A:  Yes, one pet sitting business owner has 30 employees.

Q:  Tell me more about Pet Sitters International.  How do you serve your members?

A:  Pet Sitters International currently has 8,000 member businesses.  Our members serve an average of 19 clients each, and they collectively perform more than 17.4 pet sitting engagements a year.  We offer a variety of services.  We encourage people to establish themselves as professionals, to set themselves apart from the hobbyist, the non-professional pet sitter, and we help them run their businesses as professionals.

We help with marketing, and we have an on the internet store where members can purchase promotional materials and flyers, and they can personalize these products for their business.  We also have software (called “Power Petsitter”) that members can purchase to better manage their client list and stay in contact, and we have newsletters they have the ability to personalize and send out to their mailing list.  We also give members the chance to purchase liability insurance through Business Insurers of the Carolinas.

Q: What about the liability issue?  Do pet sitters need liability coverage?

A:  Yes, they do.  Of course, like other business owners they need an overall business liability policy, but they also need special coverage for “care, custody, and control.”  This special coverage specifically covers the pet, in case something happens to it.  The amount of this coverage depends on the level of coverage they want to purchase and the size of the business.  Policies begin at about $250 a year and up.

Q: What makes pet sitting so attractive to people?

A:  First, as I stated, they love animals and this gives them an chance to be with them.  Second, pet sitting can be a wonderful career, and you can tailor it to what you want it to be.  You can run the business part-time by yourself, or you can run it as your career, your livelihood.

I would encourage your readers to go to our Pet Sitters International website and read some of the pet sitting business success stories.

Thanks, Beth.

Tags: businesses for baby boomers, pet sitters, pet sitters international, pet sitting

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