Last week, I did an audio interview with Angela Raspass, an Australia-based entrepreneur and the host for the 2015 Second Act Success Summit. I am one of 16 speakers for this year’s summit, an online event for women seeking to start a new life journey.
Among Angela’s questions was this one: What does the second act concept mean to you?
To me, a second act is something you do later in life after years spent on something else. Unlike some first careers, the second go-around isn’t about meeting someone else’s expectations or going to work just to earn a paycheck. It’s about dedicating yourself to an endeavor that brings gratification and a sense of purpose.
For the late bloomer whose second-act aspiration is to become an entrepreneur, here’s the big question: How do you create a business that provides personal fulfillment and profits?
Thorough research is needed to find an answer. So is self-introspection and an understanding of what matters to you. Here are six places to start looking for your business idea:
1) A vexing problem in your life – Ever wished that one of your everyday products worked better? Grace Welch, a mother of four, invented the Patemm diaper changing pad after she became frustrated with the traditional pad she was using to change her baby.
2) A personal cause – John D’Eri, whose youngest son is autistic, opened the Rising Tide Car Wash with his older son, Tom, to help people with autism find employment.
3) Your hobbies – John Olson turned his pastime of carving stone fountains into Graystone Industries, a pond and fountain supplies distributor/retailer.
4) Your skills – An aptitude for accounting, tutoring or organizing can lead to a business. Just be sure to choose a service you enjoy providing so you don’t find yourself in a rut.
5) Your network – Consider a brainstorming session with friends, family, a personal coach and/or professional contacts. Giorgio Armani’s success might not have happened if his partner hadn’t seen his gift for fashion design.
6) A childhood dream – At age five, Rory Kelly longed to drive a shiny, elegant limousine. That dream became a reality when he founded Prestige Limousine in his late 40s.
Speaking of Rory, here’s his motto: “Be profitable and have fun doing it.” Why not go for a second act that lets you do the same?