Liz Elting
From Erin Flynn Jay, Next Avenue
Liz Elting was a 26-year-old graduate student in 1992 when she co-founded an organization in her dorm room, a language translation service that grew right into a $1.1 billion company called TransPerfect. She cashed in her share in 2018, but has no plans to retire — and doesn’t think you must, either.
Elting founded a charitable foundation (Elizabeth Elting Foundation) when she left TransPerfect, and he or she still looks for opportunities and says it’s never too late for older adults to begin something latest. “They have learned a lot when they are 50+, 60+, 70+,” she said in a telephone interview. “You are much wiser. You’ve been through a lot. They have great experiences.”
Elting added that older adults are prone to have the ability to pay attention higher because they’ve already practically focused on their careers. “They got married, they had kids, they’re now empty nesters and they get to decide what to do next with their time – not just what to do to pay the bills and what to do with it.” They take care of their children, look after them and are there for them,” she said.
She quoted the painter Grandma Moses for example of a legend that only blossomed in his 80s.
About a 12 months and a half ago, Elting read a book by Michael Clinton titled “Roar: Into the Second Half of Your Life (Before It’s Too Late).” Clinton writes in his book that there are about 90,000 people who find themselves 100 years old or older, but by 2050 there can be over 600,000 within the United States who’re 100 years old or older
“I think his point of view used to be that we might get into our 60s – 65 or whatever that is – and retire if we worked, and then face a gradual decline until we died,” Elting said .
Live longer, do more
Now the whole lot is totally different because people live for much longer; They are rather more energetic and rather more useful. Elting said 60 is the brand new 30.
Elting sold her company when she was 52 and now, at almost 58, she appears like she’s just getting began. She became one empty nesters recently. When her children were young, she focused on paying the bills and getting home from work at an affordable hour to see and look after them. Now Elting can concentrate on all of the things she all the time desired to do but couldn’t.
“For some it’s about business, for others it’s about other things, but I feel like the ’60s (or later) are often the best time to focus on starting a business or pursuing your passion,” said she.
Elting said if there are stuff you’ve all the time desired to do but have not been in a position to do, it’s price taking those risks. The only reason to not take them is the fear that in case you do and lose the whole lot, how will you retain a roof over your head or feed yourself or your family members?
“As long as you can make ends meet, it’s worth taking the risk if it doesn’t work out,” she said. “Because if the worst comes to the worst and it doesn’t work out, you’ve learned something, you’ve met some great people, you’ve got some stories to tell. And then it continues.”
What do you should start? Elting said you would like yourself, your relationships, “which you should always work on continuously for a variety of reasons – for your happiness, to live a longer, healthier life. And then those relationships will pay off in business.”
“Unlike years ago, you don’t need a separate office,” she said. “It’s of course nice to have a quiet place at home, but then of course you also need the equipment (the computer, the technology).”
Start small and versatile
The drive to start and revel in it’s paramount. “You don’t have to invent something completely new to be wildly successful,” she said. “It’s more about an idea of something that might have already been done, but a way to do it a little differently and better.”
You also don’t need an in depth marketing strategy, but moderately an idea of what you need to do, a niche you need to fill, a goal for what you need to achieve (how big you wish the business to be).
Give yourself a deadline after which break it down into smaller chunks. “And then you break that down into smaller goals — annual goals, quarterly goals, monthly goals and then of course the actions you need to take to get there,” Elting said.
Discipline is essential. “Many people who have wonderful ideas don’t follow through on certain actions they will take every day to ensure they achieve their dreams,” she said.
Elting doesn’t consider in external financing in case you can avoid it, because “you then are more careful along with your money or the cash you’re employed with. You do not have to spend quite a bit; It’s more about your individual actions each day.”
Where opportunities lie
What kinds of businesses do you’re thinking that older adults are seeing? Professional services businesses – coaching or consulting services, writing, editing, graphic design, technology solutions.
The solution to avoid health problems is usually to pursue a goal. “The purpose is related to being an entrepreneur and starting your own business, because probably what you focus on is interacting with people,” Elting concluded. “A lot of it involves mental or intellectual stimulation. These things are so important for a long, healthy life.”
Socializing is essential, but so is continuously learning latest things. And once you start a brand new business and are an entrepreneur, you are continuously doing stuff you’ve never done before, and that is wonderful to your health.
