When you retire, your income drops considerably and you may be considering ways to make extra money. I am always open to making more money, as are most people, but to actually do it, you need to have certain skills and personality traits. You need to be creative, a good problem-solver, be resilient, adaptable, passionate about something, and have some leadership skills.
If that sounds like you, then you also have to have a clear vision of what your goals are and be willing to learn from mistakes. You will also need to develop, if you don't already have this, a network of support and resources to use in this endeavor.
Here is a short Y/N quiz to help you decide if you have entrepreneurial potential:
- Do do you enjoy taking calculated risks?
- Are you passionate about an idea or product?
- Are you comfortable with uncertainty?
- Do you have strong problem-solving skills?
- Are you a self-starter?
- Are you comfortable with networking and building relationships?
- Are you willing to work long hours?
- Do you have a strong work ethic?
- Do you have a good understanding of your industry?
- Are you willing to learn new skills?
- Do you have a strong support system?
- Do you have experience in business or management?
- Are you comfortable with technology?
- Are you willing to take on multiple roles?
- Do you have access to funding or resources
- Are you able to adapt to changing market conditions?
- Do you have a clear business plan?
- Are you able to handle rejection or failure?
- Are you willing to make sacrifices for your business?
- Are you able to persevere through challenges?
If you take this quiz and have more Y answers than N answers, then you are definitely entrepreneur material. Entrepreneurship requires a combination of skills and traits, to be successful.
If you have more N answers than Y answers, no sweat. It just means that you may not want to be an entrepreneur until you acquire some of these things. Learning more about business and management is available both online and in person, so you will have no problem getting the information you need. However, having the information is only part of the puzzle.
You will also have to find something to be passionate about because you will be working hard on this one thing and it will help if you feel strongly about it.
Entrepreneurship is not for everyone, as it requires a significant investment of time, effort, and resources. That said, for those with the right skills and mindset it can be a rewarding and fulfilling path.
If entrepreneurship does not make you light up, maybe you need to consider some type of side business that you don't have to start up yourself. There are so many avenues to side businesses and you can find many opportunities online. I would like you to consider, when thinking about side businesses, all of your own expertise that you have acquired over your lifetime. Somewhere in there is a seed for a good side business that you will and can thrive in.
I hope this has been helpful and has helped you decide how you want to proceed in your search for ways to expand your income in retirement.
