subject: Entrepreneurs Redefine Retirement Their Way [print this page] Someone once said, "If you don't know where you're going, any road will take you there." If you don't have a vision for what the next stage of your life looks like, then it is hard to motivate yourself to make the changes necessary to achieve a better future.
Many business owners plan to die with their boots on. For some, that's because they love what they do. For others, it's because they haven't imagined the next phase of their journey. A future that is different than the present may seem scary or uncertain. They may have lost their ability to dream. Let's try a little exercise to get you dreaming. Let's look into the future. Just imagine: It's five years from now. You're sitting in your favourite chair, in your favourite spot, relaxed and contemplative. You're reflecting on what you've accomplished in the past five years and you are feeling satisfied with the way you've set up the next chapter of your life. Take a deep breath. It's been hard work, but you've made a serious life transition and you're proud of yourself.
What's different? What activities are you now engaged in? If you were to redefine "retirement" as doing only those activities that you like, how would retirement look for you? It probably includes many of the things you're currently doing. It doesn't necessarily mean that you stop working. Lots of entrepreneurs continue to enjoy their work well into their seventies. As you look forward, transitioning your business doesn't mean you have to walk away from what you enjoy.
So, imagine that tomorrow you start to retire: What would you stop doing? There may be activities in your business, which you have always done or that you feel obligated or responsible for, that could be done by someone else or could be dropped entirely. What saps your energy? Many entrepreneurs aren't great people managers. Dealing with performance issues, administering regular employee reviews, or letting people go could all be activities that drain your energy and leave you exhausted. These functions are important and necessary, someone has to do it, but does it have to be you?
We're not suggesting you abdicate your responsibilities, but you might be able to delegate them. Also consider whether there are activities outside of your work that weaken you. The weekly bridge party may have become a chore rather than a treat. You may have lost your passion for serving on a particular board of directors. What have you been telling yourself you "should" do, versus what you like to do? Would there be minor or major consequences for stopping? What would you continue to do? What parts of your life, whether work, hobbies, community or family activities, are fun?
Look for ways to enhance, expand or incorporate more of these into your daily life. What would you like to start doing? What are some of the activities you wish you had more time for? What are the things you've always wanted to do, but haven't yet gotten around to? If you retired tomorrow, what would be on that list? If you haven't done so, make that list now.
It is interesting that many of the entrepreneurs I have interviewed report that after they have sold their businesses they have gone on to start new ones. They seem to be 'serial entrepreneurs' who can't just sit still and retire in the traditional sense of the word. To them, running a new business that they have started from scratch, using all the wisdom and experience they have gained, is a great new challenge. In some cases they are only interested in doing some consulting or coaching with other entrepreneurs, enjoying the flexibility and independence and enabling them to use their hard-earned success to help others.
Transitioning your business is a reflection of transitioning yourself. In order to grow personally, you have to let some things go and accept that some things must end before others begin. The same is true for how you operate your business. To make room for others to grow in your business, you must let go of some of the responsibilities that were yours alone. Begin to focus on what you like to do, are good at and that give you energy. Let go of those obligations that you don't like, aren't good at, or sap your energy. If you start with a vision of what you would really like to be doing, you can begin to retire today.
by: Wayne Vanwyck
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